Want to buy a lifetime of vacations? You might be surprised to learn it’s easier than you think. By buying a timeshare, you unlock the opportunity to travel to exciting destinations year after year. Plus, you’ll stay at luxurious resorts with a lot to love! While this all may sound appealing, there are some important things you’ll want to know. Timeshare companies, maintenance fees, and how timeshares work are all important factors to consider. Does this seem like a lot? No worries, we’re here to help! From purchase price to maintenance fees, to timeshare contracts, we’ll cover everything you need to know about becoming a timeshare owner. Here’s what you should know about how to buy a timeshare.
So, What Exactly Is a Timeshare?
To put it simply, timeshares are a form of vacation ownership where you own the right to stay at a specific property or group of properties for a certain period of time. Currently, there are two types of timeshares: points-based and weeks-based timeshares. Both forms of ownership have their own pros and cons, so let’s take a look at them in a bit more detail.
Points-Based Timeshares
Most of the best vacation clubs today offer a points-based system. With timeshare points, owners receive an annual allotment of points every year. Points can be considered your “vacation currency” that can be spent, banked, or borrowed. The amount of points you receive often depends on which resort you choose as your home resort, which makes this an important decision to consider. Owners can then use their points to make reservations at any of the resorts in their brand’s portfolio. As long as you have enough points, you can travel whenever you want, wherever you want! Points-Based timeshares offer timeshare owners unmatched levels of freedom.
Weeks-Based Timeshares
On the other hand, if you would prefer the “classic” style of timeshare ownership, weeks-based timeshares might be a better fit. There are two types of weeks-based timeshares. Fixed week timeshares let you visit the same timeshare units each year at the same time. Meanwhile, floating week timeshares allow you to reserve a week during a specific season. Like a fixed week, you’ll visit the same place, but when you do so can vary slightly, giving you more freedom overall. While these timeshares aren’t as flexible as points-based ownership, they’re very consistent. With weeks-based timeshares, you won’t have to worry as much about planning or booking your stay ahead of time; you know exactly when and where you’ll be staying every year.
The most important thing to keep in mind when you purchase a timeshare is that it is a commitment. Ownership lasts over many years or even an entire lifetime. There are also annual fees and dues that must be paid in order to use your ownership. If you don’t keep up with your timeshare maintenance fees, you could default on your timeshare, and it will hurt your credit.
Is Buying a Timeshare Worth It?
Naturally, “Is buying a timeshare worth it?” is a pretty common question. Ultimately, the answer is: It depends! There are a few factors you’ll want to consider when deciding if ownership is right for you. Keep in mind that timeshares are not investments, so you should not buy one if you hope to sell it one day for more than what you paid for. If you plan to vacation year after year for more than a decade, deciding to purchase a timeshare is an excellent choice. On the other hand, if you travel very rarely, renting a timeshare might be a better fit for you.
Vacation Exchange
A smart timeshare owner is someone who can take advantage of all the great opportunities that come with a timeshare purchase, and one of the best is a vacation exchange membership. Vacation exchange is a type of program many timeshare owners can join, where they can exchange their timeshare points or weeks for a stay at one of thousands of other resorts around the world. Needless to say, the amount of additional options these memberships open up increases the value of certain timeshares. RCI and Interval International are the two most popular timeshare trading platforms. If you’re planning on buying a timeshare, check to see if the timeshare company you have in mind is affiliated with one of these programs. If it is, you’ll have thousands of future vacations available to you around the world.
How to Buy a Timeshare
Before you buy a timeshare, make sure that it’s the best decision for you. As we mentioned before, timeshares are a lifelong commitment in most cases. You should thoroughly research the club you are joining or the resort that you will be owning at. With that said, here are the ways you can buy a timeshare.
Attend a Timeshare Tour
Some families will buy a timeshare while they’re on vacation at a timeshare resort and attend a timeshare presentation or tour of what vacation ownership is like. If you do intend on purchasing the timeshare beforehand, a tour can give you better insight into how the club works, and you can ask the sales representatives more questions before signing on the dotted line. To attend one of these tours, you can do so while staying at a timeshare resort or inquiring for more information online. Vacation clubs like Disney also have kiosks at their theme parks or shopping centers where visitors can sign up to attend.
Buy a Timeshare on the Resale Market
There is another option to buy a timeshare other than calling the developer or attending a 90-minute (or longer) presentation. The timeshare resale market can help you score a great deal on some of the top-rated timeshare resorts out there. You can even browse our timeshares for sale now and search by brand, resort, or destination that you’re interested in.
Why Buy a Timeshare Resale?
One of the biggest benefits of making a timeshare purchase on the resale market is that it helps you save money. In fact, many timeshare owners will add to their existing ownership this way. Between the extra convenience of doing everything from your home and the lower price, it’s easy to see why so many owners opt for the resale market.
Making an Offer
If you find an ad you want to purchase on the resale market, the next step is making an offer. When you browse the secondary market on Timeshares Only, all you have to do is fill out an offer form on any of the timeshares posted for sale. For immediate assistance, you can also call us at 1-800-610-2734. We’re open Monday – Friday from 9 AM – 9 PM EST.
A licensed real estate agent from our Preferred Real Estate Brokerage, Fidelity Real Estate, can assist with finalizing the details and offer their services to close. You do not have to use Fidelity to close on the sale, but we highly recommend using a trusted service, as closing services can be a lengthy and complicated process.
Timeshare Closing Costs
When you are making an offer on a timeshare for sale, don’t forget about the closing costs that are also on the table. Buying a timeshare is similar, but not exactly like, buying real estate. You will need to pay an escrow deposit at the time of signing contracts, which a trusted title company can hold for you. Don’t worry though, because an agent at Fidelity can facilitate between all parties of a transaction. There are also deed recording fees, title tax fees, transfer fees, as well as commissions to pay.
Normally, a buyer will pay closing costs, but it all depends on negotiation points at the time of the sale.
How Much Do Timeshares Cost?
The price of a timeshare can vary depending on the developer, resort popularity, how many points you buy, or which week number you are purchasing. According to the American Resort Development Association (ARDA), the average cost of a timeshare is a little over $23k when purchased directly from the developer. Besides the initial upfront cost, there are also annual maintenance fees and dues every year. On average, these can cost approximately $1,000 per year or more. Again, depending on your club, resort, or how many points you own. It’s important to pay annual maintenance fees, as they’re critical to keeping your vacation property in the best condition possible.
Secure Financing to Buy a Timeshare
If the upfront cost of a timeshare is what’s holding you back, timeshare financing is an option. Most resorts will offer in-house financing when you purchase directly through them. It’s okay to use their financing services. However, you may be able to secure a better rate from a third-party lender. Our friends at Vacation Club Loans offer timeshare loans for most major brands. All you need is a minimum 600 FICO credit score to get fast loan approval.
Vacation Club Loans interest rates start as low as 11.9 percent APR, and you can finance up to 90 percent of the purchase. There are also no prepayment penalties or hidden fees. You can start by getting pre-approved now or when you make an offer on one of the timeshares posted for sale on our site. There’s even a convenient Monthly Payment Calculator on every posting, so you can visualize just what you’ll pay each month when you purchase.
Calculate the Cost of a Timeshare with the Monthly Payment Calculator
If you are browsing the secondary market, you can easily determine the cost of a timeshare with the convenient Monthly Payment Calculator. On every timeshare for sale posted on our marketplace, you can find the estimated cost per month when you finance a purchase with Vacation Club Loans.
Top Rated Timeshare Clubs to Join
At Sunset Cove
Main Street Station
At the Crane
If you’re completely new to vacation ownership, there are a plethora of vacation clubs and top brands to choose from. Each of the best vacation clubs offers its own incentives and visions. Some of the most popular travel clubs include Marriott Vacation Club, Club Wyndham, Hilton Grand Vacations Club, Holiday Inn Club, Hyatt Residence Club, Bluegreen, and more!
Many owners prefer a specific hospitality brand over the other, which is why they end up joining the timeshare club! Top brands like Marriott, Hilton, and Hyatt also have loyalty programs to help owners achieve exclusive discounts or benefits.
The Timeshares Only Advantage
While there’s a lot to love about the timeshare resale market, it’s important to make sure you’re working with a trustworthy group. At Timeshares Only, we help people just like you buy timeshares. We have been in the timeshare industry for over 20 years, and we have an A+ rating with the Better Business Bureau. Plus, as a member of the American Resort Development Association, we follow a strict set of standards that help keep everyone in the industry safe. We’re experienced, reliable, and ready to help you enjoy the vacation of a lifetime.
Ready to get started? You can browse our timeshares for sale. These listings include several top brands like Disney Vacation Club, Wyndham Destinations, Marriott, and more. When you find a timeshare available to buy that you like, simply make an offer online. A licensed real estate agent from our Preferred Real Estate Brokerage will contact you to verify the details and offer their services to close the sale.
Still on the Fence About Buying a Timeshare?
If you’re still on the fence about buying a timeshare owner, consider renting a timeshare instead. Timeshare rentals are pre-booked vacations that allow you to visit a luxurious resort without making a timeshare purchase. You’ll get to enjoy the stellar amenities and spacious accommodations that make timeshares great without having to worry about things like maintenance fees or committing to a timeshare contract. Interested? Then click the link below! If you have any questions, please give us a call at 1-800-610-2734 or email us at [email protected]. We’re always happy to help!
