Trying to decide if a timeshare is for you? Everyone hears the horror stories of people being beaten down by unsavory timeshare salesman and stuck with an over-priced flea infested rat trap. Does it happen? Yes. But on the flip side a tremendous amount of people are happy timeshare owners who find owning a wonderful way to vacation. It really is up to you to determine if owning is for you.
Here are some facts to assist you in that decision.
Timeshare ownership is not for everyone. You need to either be a compulsive planner and able to plan your vacations out months (and sometimes over a year) in advance or have incredible flexibility to make a choice within weeks of travel. Do you like to have suite-like rooms and don’t care about daily maid service? If any of these situations sound like you then continue to read.
If you rarely plan even 4-5 months ahead of time and like to vacation at peak times at popular destinations and little flexibility, you will more than likely be unhappy with timeshares. If you are perfectly happy in a hotel room and live for daily maid service, timeshares may not be for you.
We actually enjoy not having housekeeping, when we stay in regular hotels, I actually get annoyed at the daily intrusion. We love the fact we can throw our towels in the wash before we head out for the day, but for some people that is not their idea of fun. We also love 1400+ square feet versus the shoe box of a hotel room and save money by eating breakfast and lunch in the room. It is also fun to bake cookies for the crew or pop popcorn. Our timeshares literally are our second homes.
For my family, timeshares allow us to stop doing commando vacations and actually slow down and enjoy the trip. We bring family and friends with us to share the fun. Most of the time it is great and when it is not, well that is why we have a two bedroom villa!
It also forces us to vacation. Before we owned timeshares I could always justify not vacationing. The costs add up. Now we can really budget all year long and much of the stress is gone.
So, if after all of these warnings you still think timeshares may be for you then let’s discuss costs.
There is an original buy in cost as well as yearly maintenance. Here is a good rule of thumb. Review the cost for a hotel room in the destination your are interested in and time you usually like to vacation and determine the cost. Chart out how long it will take until you break even and see if that number works for you. Also make sure that the maintenance fees are not outrageous. A good rule of thumb is to look at what other owners are renting their unit for, if your maintenance fees are higher than the rental rate that is not a good buy.
Many people get nervous about purchasing a timeshare, there are horror stories of manipulation and lies and some of them are true. Many more are exaggerated. My recommendation is for you to do research prior to going to any presentation. I highly suggest TUG – Timeshare Users Group. This group has the best information on all of the timeshares available and the members are friendly and will assist you in your decisions.
Usually resale is the best route to purchase, many timeshares can be purchased for a fraction of the cost from the timeshare company so be informed before you buy. In our case, our last purchase was straight through Marriott Vacation Club, we researched the available options on the resale market and in the end the timeshare company had a better deal.
There are many rules of thought on what to purchase. Many people say buy a “trader” and then trade in to where you want to stay. This works for many people and many times can be very affordable. If you go that route it is imperative that you buy a property with enough property “muscle” to get good trades. Don’t buy a cheap property in a ski destination that gives you a week in May and assume you can trade for Maui. You may get lucky, but more than likely you will be disappointed.
We believe in the mantra “buy where you do not mind staying.” This way if you cannot get a trade you want, you still have a great vacation scheduled. We own at Disney Vacation Club’s Hilton Head and Bay Lake Towers at Contemporary Resort as well as Marriott Vacation Club’s Marriott’s Aruba Surf Club and Marriott St. Kitts Royal Beach Resort & Spa. I really don’t mind staying ANY of those places!
Whatever you choose, it is important to make an informed, logical deal and not an impulsive emotional purchase. Do your homework and make your own choice. Do not let anyone make the decision for you. We are so happy to be Disney and Marriott Vacation Club owners and do not regret our purchase but that does not mean they are for everyone.