Looking to save money on vacations? We get it. Traveling can be expensive. However, with vacation ownership, you can save thousands of dollars on years worth of vacations. Not to mention, vacation ownership allows you to take a vacation, if not more, each year. But what is vacation ownership, exactly? And what does it entail? In this blog, we’ll discuss just that. Read on to learn the details and see whether vacation ownership is right for you.
Defining Vacation Ownership
Vacation ownership is a term referring to owning a timeshare. Like a house, a timeshare is (usually) a deeded ownership. When you sign a timeshare contract, you purchase either a deeded week at your home resort, known as a fixed-week timeshare, or vacation points from your chosen vacation club. Deeded weeks are typically sold in weekly increments, but they can also be converted into points that you can use for stays at resorts all over the world. In short, vacation ownership allows families to take affordable vacations each year without sacrificing luxury.
“Timeshare Ownership”
Timeshare ownership is another common term for vacation ownership. It means a person owns time at a resort of their choice with a brand of their choice, such as Hilton, Marriott, Westgate, and more.
How Does Timeshare and Vacation Ownership Work?
Simply put, timeshare ownership means you own a portion of a resort in the form of points or a deeded week. Timeshare or vacation owners are also called “members” of a vacation club brand, where each member is allotted a specific amount of time or rights to the unit, as well as added perks and benefits.
There are vacation exchange networks that are used by resorts to allow their members to travel all over the world, such as II and RCI. Vacation ownerships are located in some of the most luxurious destinations, allowing members to take trips to coveted holiday spots with resort-style treatment.
Types of Vacation Ownership
There are a few different types of timeshare ownerships, including points-based and deeded-weeks timeshare ownership. There are also different forms of owning, such as right-to-use, leasehold (meaning the ownership returns back to the brand, such as DVC, at some date), and deeded timeshares (meaning it is owned in perpetuity).
Points-Based Ownership
So, what is vacation ownership with a points-based system? The points-based system of ownership is on the rise due to the flexibility and vacation options it offers owners. Many people no longer desire to spend the same week at the same resort for a number of years. What makes the points-based system so appealing is owners are able to disperse their points to be used for stays at different resorts throughout the year or pooled together for one large vacation.
Owners can buy as many points as they like, whenever they like. These points are used as vacation currency to purchase stays at resorts within their vacation club’s portfolio. Additionally, the amount of points you have directly determines which resort you can stay at and when. Some resorts are more expensive than others and require more points. Factors include the resort, unit size, the season, etc.
Fixed-Week Ownership, Floating Week, and Fractional Ownership
Alternatively, the fixed-week ownership is a deeded timeshare property. Like the deed to a house, once you sign timeshare contracts, you own a piece of real estate. As such, it is difficult, if not impossible, to get out of your deeded timeshare unless you sell the property ownership on the resale market or back to the resort developer. With a one-week deeded interest, you visit your home resort for the same week each year. As mentioned previously, you can use a timeshare exchange program to exchange your specified week for a stay at another resort, but more on that later.
Conversely, you may decide to purchase a floating week timeshare. With this type of timeshare, you may stay at your home resort for a week within a certain season. The week is interchangeable, but this type of ownership requires planning in advance to make sure you get the week you want. Certain seasons book quickly, and there’s always the risk you may not get the week you need.
Finally, fractional ownership properties include far less owners than the typical 52-week timeshare. With a fractional ownership, multiple owners may purchase multiple weeks at their home resort. This type of ownership typically includes six to twelve owners with around five or more weeks per owner per year.
Benefits of Vacation Ownership
There’s so much to love about owning a timeshare. Who doesn’t love an annual vacation? (Or two, or three.) In fact, over 85 percent of owners are happy with their timeshare. Here are a few of the benefits of vacation ownership.
Vacation Your Way
When you purchase a timeshare using the point system, you can vacation where you want, when you want, and how you want. Timeshare owners prefer this flexibility, as it adds excitement and adventure to their annual vacation. Moreover, owners with fixed weeks can also exchange their vacation ownership yearly with either RCI or II, which you’ll read more about below. With timeshare ownership, you’re free to travel to highly sought-after destinations at pristine resorts around the world.
Say Goodbye to the Hotel Room
What is vacation ownership without lavish accommodations? When you purchase an ownership interest at a timeshare resort, the difference is clear. On average, a timeshare unit is three times the size of the average hotel room. So, no more cramped stays in teeny-tiny rooms. Enjoy separate bedrooms, spacious living and dining areas, and full kitchens in the majority of villas and suites at timeshare resorts. Not to mention, amenities at a timeshare resort trump the amenities at any normal hotel. You’re sure to find luxurious pools, hot tubs, on-site dining, and more at a timeshare property.
Vacation Exchange
Another perk of having an ownership interest is vacation exchange. The two main companies that offer vacation exchange (aka timeshare exchange) are RCI and Interval International. With vacation exchange memberships, you can visit resorts outside your brand’s network. Membership with RCI and II typically requires a membership fee and exchange fees. However, II’s network includes 2,900 resorts in destinations worldwide, and RCI offers over 4,200 resorts across the globe. So, many would agree it’s worth the money.
Is Becoming a Timeshare Owner Worth it?
If you’re wondering whether owning a timeshare is worth it, you have to consider what is important to you. What is vacation ownership to you? Is taking a vacation every year a goal of yours? Are you looking to travel the world and stay at spectacular resorts? If traveling is important to you, then ownership is definitely worth the timeshare costs. Timeshare properties bring you far and wide to destinations you have only dreamt about.
It’s important to note that timeshares are not a financial investment; they do not typically increase in worth. However, a timeshare is an investment for the soul, and it definitely requires a free, adventurous lifestyle. Learn more about the associated costs of vacation ownership below.
The Cost of Vacation Ownership
There’s a lot to consider when deciding whether becoming a timeshare owner is right for you. To start, buying a vacation ownership right off the timeshare market, directly from the resort developer, can be very expensive. According to the American Resort Development Association (ARDA), the average timeshare cost is around $23,940. This does not include the ongoing costs of timeshare maintenance fees, which average around $1,120 annually. Of course, these numbers are entirely dependent on the specific property, unit size, amount of vacations taken, and other factors.
However, if you plan on budgeting for vacations every year, purchasing a timeshare is an effective way to secure years of vacations at once. Many vacation clubs, such as Club Wyndham, Hilton Grand Vacations, Marriott Vacation Club, and Disney Vacation Club, provide a variety of resorts and destinations when it comes to yearly travel. While you will have to pay annual maintenance fees on your vacation property, you could essentially equate these to what you could be paying in time and money to find a new hotel every year.
Consider Timeshare Resale
Purchasing a timeshare can be a huge sum of money. And we know that’s important to consider. There is an extensive market for timeshare resale that can allow you to own your vacations for a lot less than buying retail. If timeshare ownership sounds like something you’d like to try, we recommend checking the resale market first. Your perfect resort may be waiting for you at a fraction of the cost.
Not to mention, most timeshare companies use high-pressure sales tactics to pressure you into timeshare agreements. But with timeshare resale companies like Timeshares Only, you’re buying directly from the property owner. The owner sets the price, not the timeshare company, so negotiation is always an option, as well.
You can search based on size, location, brand, and resale price. And, unlike homes, timeshares do not appreciate over time, but timeshare units themselves are well-kept. So, just because it’s “second-hand” does not mean it will be second-rate. Brands like Club Wyndham and Marriott treat all units the same regardless of whether they were bought for resale or retail. As a result, timeshare resale is a great option for anyone who wants to enjoy timeshare ownership without breaking the bank.
Try Before You Buy with Timeshare Rentals
If you’re not ready to dive into timeshare ownership just yet, you can still experience timeshare living through renting. Timeshare rentals are available now, so take a moment to browse our rentals marketplace. We’ve listed some brands below so you can learn more about vacation ownership and browse available vacation homes to rent at top resorts.
Featured Vacation Club Brands
What is vacation ownership like with different club brands? Well, take a look at a few titans of the timeshare industry below and get a taste of vacation ownership.
Learn More About Club Wyndham Vacation Ownership
Club Wyndham has an extensive network 220+ resorts in over 110 countries. It is also the parent company of RCI, the largest vacation exchange company out there. So, the travel possibilities are endless! As a brand that started in Texas, Club Wyndham now has worldwide recognition for being consistent in delivering amazing amenities for business and pleasure.
Cant-Miss Resorts:
Learn More About Marriott Vacation Club Ownership
Marriott Vacation Club operates in resorts throughout the world as a points-based timeshare program. With over 90 resorts for you to visit around the world, Marriott is a master in adventure and in luxury. You can visit highly-coveted spots like San Francisco, Orlando (for Disney, of course!), and New York through their network, or even travel abroad to places like Zurich, Switzerland.
Cant-Miss Resorts:
Learn More About Hilton Grand Vacations Ownership
Family fun is frequent at Hilton Grand Vacations Club (HGVC) locations. Travel with your family members and friends alike to exciting destinations across the U.S., Europe, Asia, and more. Following HGV’s acquisition of both Bluegreen Vacations and Diamond Resorts, their portfolio expanded to over 200 resorts. So, if you’re looking for adventure and comfort, Hilton will deliver. See if HGV is worth it to you, and make it an annual thing by finding your perfect vacation membership.
Cant-Miss Resorts:
Timeshare Owners Save More with Timeshare Resales
Stop asking, “What is vacation ownership?” and start experiencing it! Timeshares Only has over 30 years of success buying, selling, and renting timeshares and is the #1 trusted timeshare resale solution. What’s more, Timeshares Only has an A+ rating by the Better Business Bureau, so you can be sure to avoid timeshare scams when using our platform for buying, renting, or selling.
Timeshare resales on our marketplace are up to 70 percent off of retail price. It’s no wonder timeshare buyers love us. So, save thousands on your vacations with vacation ownership. Simply browse our resale marketplace, make an offer, and one of our timeshare specialists will be in contact with you shortly. For questions or concerns, feel free to email us at [email protected] or call us at 1-800-610-2734.
