Have you ever thought about renting a timeshare unit instead of a vacation rental or hotel room? There have been some amazing, almost too-good-to-be-true offers for timeshare rentals in recent years, which got me thinking: Is it worth investing in a timeshare? Who are timeshares good for? I will break down my findings for you in this article, but let’s start with the question:
What is a timeshare?
A timeshare is a property (usually a unit at a resort) which is shared by several owners. Each owner holds rights to use the property and is allotted a certain period of time in which they can use the property. Ownership is either deeded, like traditional real estate, or it is sold as Right to Use for a fixed period (for instance, 50 years). Timeshares are condominium units within a bigger complex that is taken care of by the timeshare developer selling and maintaining the units. Typically, owners get to use their unit between one and two weeks every year, or sometimes every other year. The attractive aspects of a timeshare are the guaranteed vacations, that the units are maintained while you’re not using it, and that you can gift your stay to somebody else if you can’t use it (a family member, for example). In addition to the unit they own, timeshare owners can take advantage of the additional features the complex has, which range from indoor/outdoor swimming pools and hot tubs, spas, fitness facilities, family game rooms, and golf courses.
There are different kinds of timeshares: in some cases, you buy the timeshare for a specific week per year (Fixed Week), or you can choose a certain week within a given period, for example fall or spring (Floating). There are also Points-based programs, which allow you to use your allocation of Points like vacation currency to book at resorts within your ownership’s network or club.
Timeshares are not only offered by independent developers, by the way, but many major hotel chains have their own timeshare brands, for example: Marriott Vacation Club, Hyatt Residence Club, Worldmark by Windham or Starwood Vacation Ownership. And for Disney lovers there’s the Disney Vacation Club. So, if you have a preferred hotel brand, you might want to look into their timeshare division. The benefit of these timeshare brands is that you can usually become a member of a worldwide or nationwide program rather than investing in one single property and returning to the same place over and over again.
Timeshare vs hotel
The great thing about timeshares are that they are almost always luxury accommodations and basically a fully functioning apartment with top-notch appliances, whereas, if you are staying at a hotel, you only get one room and no kitchen. If you prefer a more ‘home-y’ feel, enjoy preparing your own meals and having more than just one room, timeshares are for you.
Another benefit of staying in a timeshare is the community aspect, which is particularly interesting for couples who like to socialize but don’t have anyone to go on vacation with. At your timeshare, you’ll likely meet the same people every year and can form long-lasting friendships.
Who are timeshares for?
Timeshares are for people who enjoy spending a week or two each year in their favorite place. People from the Midwest for example often enjoy a desert getaway to Arizona or Palm Springs, people from the Northeast love an escape to Florida – especially during the colder months.
But timeshares aren’t just located in sunny or tropical locations (the Caribbean islands, Hawaii and Mexico are popular timeshare destinations) you can also find them in many big cities around the world: New York, London, Berlin – just to name a few! So, if you love one of these places and enjoy returning there year after year, it makes sense to look into buying a timeshare. Not only do you know where you’ll be staying every time you visit, but it’s also much cheaper than renting a place and it saves you the hassle of researching accommodation and finding one you’d like to rent.
How to buy a timeshare
The most important thing when buying a timeshare: don’t go through the timeshare developers but go through a timeshare marketplace like SellMyTimeShareNow.com. A website like SMTN acts as an intermediary for timeshare sellers and buyers and offers considerably better deals than the developers. Resales only cost you the fraction of what you’d pay if you buy from a developer, and the intermediary helps you during every step along the way.
When is a timeshare worth it?
If you are looking on the resale market, it is not unusual to find timeshares for less than $10,000 these days, and a timeshare that cheap can pay off within ten years. Which means after that, you’ll be almost staying for free (I am saying almost because there are still maintenance fees to be paid, however, you will still pay considerably less than what a week’s accommodation in a hotel of a comparable standard would cost you).
It’s worth purchasing a timeshare if you plan to actually use it. It’s a luxury item, so you need to use it to get the benefit from it. However, if you plan to vacation for at least one week annually and you know how you want to vacation (same place every year versus a new location every year), working with a timeshare resale company can be a great way to find the perfect timeshare to fit your lifestyle at a great discount as well.
You don’t have to buy a timeshare, by the way! You can also rent one for a week to spend your vacation in these amazing resorts. In the same way that you can buy a timeshare on the secondary market (which just means you are purchasing from a current owner rather than directly from the timeshare developer), you can also rent timeshares on the secondary market. Many owners will offer amazing last minute deals, which are much cheaper than hotels at a comparable standard; take a look here:
SellMyTimeshareNow.com – how does it work?
SellMyTimeshareNow.com is a company that serves as an aggregator of available resale timeshares all over the U.S. and beyond and is the global leader in connecting timeshare sellers, buyers and renters. The properties offered on SellMyTimeshareNow.com are often up to 70% cheaper than the retail purchase price, because you don’t have to pay for the high marketing expenses that timeshare developers face. In addition, because the units are being sold by the owner for whatever reason, these owners are often willing to accept a lower offer in order to close a deal quickly.
On SellMyTimeshareNow.com, you can find the most reputable timeshare brands and you can easily filter timeshares by selecting the timeshare resort of your choice, which is shown in each listing:
Alternatively, you can filter timeshares by destination, if the brand is of secondary importance, but you know where in the world you’d like to own a unit.
Once you find a timeshare you are interested in and click on it, you get a detailed description of the property, including amenities of the unit and amenities of the property as well as nearby amenities. You’ll also find important information such as the maintenance fees, the type of ownership, and how often you can use the unit.
If it meets all your requirements, you can simply send off an inquiry and you’ll hear back from the owner to begin the negotiation process. If you’d rather have SellMyTimeshareNow act as a go-between with an owner, you can simply call their 800 number to get things started.
The same goes for timeshare rentals – if you are looking for an inexpensive getaway, for example in Mexico, just select the region of your choice and it will show you all the destinations in the regions that have available timeshare rentals:
Things to consider when buying a timeshare
First of all: a timeshare is a long-term commitment. Most timeshare ownerships are lifelong. So, take your time when looking to buy a unit, don’t rush into a purchase. If you’re not 100% sure about a purchase, keep looking.
It is also a good idea to check out the property in person before buying it. If you are unsure about buying a unit, spend a week in a timeshare rental, then decide if you want to commit to spending time there every year for the next two or three decades. While staying in the rental, you can also visit several other timeshare properties in the area to make sure you are choosing the best ownership in your desired destination. Do your research before your visit and come prepared.
Make sure your purchase is being run through a licensed, bonded, insured title agency and that all money is held in escrow until the timeshare ownership is legally transferred into your name. It’s also not a bad idea to have a legal professional review the contract for you before you sign anything.
Can you sell your timeshare?
Yes, you can sell your timeshare. It is quite common that timeshare owners can’t use their unit anymore for whatever reason. Since you’re still stuck with maintenance fees, no matter if you’re using the unit or not, most owners in that situation decide to sell their timeshare.
SellMyTimeshareNow.com also handle the sales of timeshares, and you can even find out your timeshare’s value easily on the site:
If you want to sell your timeshare, SellMyTimeshareNow.com is the perfect marketplace to advertise your unit, and you’ll be assisted from start to finish in selling your timeshare including affiliated closing and transfer services.
Rent your timeshare
Alternatively, you can use SellMyTimeshareNow.com as a platform to rent your timeshare if you cannot use it yourself. That way, you cover your maintenance fees and don’t end up losing money. This is also a great way to secure a potential buyer as the traveler may like the unit and resort so much they decide they want to purchase as well.