When it comes to vacationing, everyone has their preferences.
Some crave the thrill of new destinations every year, others find comfort in returning to a beloved spot year after year. Some are fine with hostels and roadside motels, others crave the comfort of the most luxurious resorts.
Owning a timeshare comes with specific commitments that will benefit certain types of travelers more than others. Before diving into a timeshare, it is important to understand what those commitments are, and if the benefits appeal to the type of traveler you are.
Let’s break it down:
The Desire and Commitment to Travel
The single biggest question is: Do you travel regular? It’s one thing to dream about sandy beaches or snowy slopes, but another to commit your time annually to doing it. More than anything, timeshare ownership is a commitment to travel, at least a week (likely more) every year, or at least every few years.
Life is unpredictable, and what seems like a perfect plan now might not fit into your lifestyle a few years down the road. Consider your past travel habits. If you’ve consistently taken a week-long vacation every year, you’re potentially a good candidate for a timeshare. If your travel plans are sporadic or driven by last-minute decisions, there can be opportunities, but you might find yourself like a lot of people that end up paying for something you rarely use.
Commitment to Annual Spending on Travel
Timeshares represent an ongoing financial commitment. Owning a timeshare means you’re committing to spending money on travel every year. This commitment, in the form of maintenance fees, can range from $1,000 to $3,000+ annually, depending on your ‘home resort’ or ‘resort system’. Think of these fees as a subscription to your vacation spot. But it’s a lot like a gym membership. You will be paying it every year, and it will increase each year, whether you use it or not. Make sure you have the financial means to commit to this level of expenditure.
(There are ways to off set these costs, or subsidize it years when you don’t travel, but generally speaking, plan to spend the maintenance fees, and any transportation costs, activity costs, dining costs, each year to utilize it)
Location, Location, Location
Historically, a timeshare meant you were buying a specific week in a specific resort and were expected to go there each year at the same time. The model has largely changed to offer more flexibility, but this consistency can still exist.
Generally, though, most resort systems (especially the major ones) offer flexibility and the ability to book across their entire system. If you own weeks, they are typically tied to seasons (High Season, known as Red Weeks, Low Seasons, etc). If you own points, you can pretty much stay anywhere, anytime, the costs or amount of points needed are just tied to the specific room at specific resort at the specific time of year.
This is great flexibility on paper, but where you can go, will depend on whether the resort system, or the exchange it is connected to (more on this later) has properties.
While there are timeshares across the country and globe. They aren’t everywhere. You’ll find ample offerings in prime vacation spots with high densities of timeshares like Orlando, Las Vegas, and Hawaii, but less so in random cities
Conclusion
Owning a timeshare is a commitment. Most importantly, it is a commitment of time and it is a commitment of money. Every year. Every person happy with their timeshare understands this as the baseline expectation. Every person unhappy with their timeshare largely struggles to live up to this commitment.
Deciding if a timeshare is right for you boils down to a few key considerations:
- Travel Habits: Are you committed to vacationing every year?
- Annual Costs: Can you comfortably afford the recurring fees ranging from $1,000 to $3,000+?
- Preferred Destinations: Are you going off the beaten path or hitting major destinations?
If the answers align with the benefits of a timeshare, it could be a fantastic way to secure memorable vacations for years to come. However, if your travel habits are more fluid and your destination preferences diverse, you might find more value in traditional booking methods.
Ultimately, timeshares can offer a slice of paradise, but like any significant investment, they require careful consideration and a clear understanding of your travel desires and financial commitments. So, before signing on the dotted line, take a moment to reflect on your vacation dreams and realities.
