There are over 1.4 billion vacations happening every year. Many people spend their vacations in hotels, but it’s much more affordable to stay in vacation timeshares.
Buying a timeshare means your family will always have a place to stay when they go on vacation. Here’s everything you need to know about vacation timeshares so you can decide if they’re right for you.
What Is a Timeshare?
Vacation timeshares are a type of real estate ownership. You’ll own a share of the property, not the entire thing. The most common example of this is when you buy into a resort community and have access to amenities during your stay.
For example, when you buy DVC membership, you have access to all the Disney resorts and parks. You also get a lot more flexibility with your timeshare, as you can use it whenever you want and stay at any resort that’s part of the DVC program.
How Do Vacation Timeshares Work?
Timeshares are a lot like owning your own home. You purchase the timeshare, then you can use it any time you want to for as long as you like. The number of people who can be accommodated will depend on the size of the unit you purchased.
Timeshare owners typically have access to several areas within the resort, including:
- A main lobby where check-in takes place
- An all-purpose area with a pool or hot tub
- A restaurant/bar area
- A fitness center
Timeshare owners must pay a maintenance fee every year. This fee covers utilities. You must also pay an exchange fee when you want to use your timeshare membership at another resort location.
Benefits of Timeshares
With a timeshare, you don’t have to worry about finding availability at the hotel or resort. You will have a guaranteed reservation every time you visit.
You also don’t need to worry about paying for accommodations upfront. Your timeshare membership includes an annual fee that covers all your expenses.
If your family only wants to vacation together once or twice a year, you can sell your unused weeks. You can also rent out your timeshare for additional income if you don’t want to use it.
The cost of a timeshare depends on the size and location of your vacation home. If you’re looking for something affordable, you can get a studio in Orlando for less than $5,000. Meanwhile, some resorts in Hawaii can cost up to $50,000.
Relax on Your Vacation
Vacation timeshares give you the freedom to relax and enjoy your vacation. You don’t have to worry about booking a hotel room or finding activities for your family members. Instead, you can spend your time exploring the resort and enjoying all its amenities.
You can also meet new people at the onsite resort activities. But if you’re looking for more excitement, explore our lifestyle articles to find new ways to have fun on your next vacation.