- Decide whether buying a timeshare is right for you. RedWeek.com has many resources that will help you determine whether to buy a timeshare. …
- Determining what type of timeshare to buy. …
- Find timeshare resales. …
- Contact the owner directly. …
- Complete the transaction. …
- Learn more about timeshare.
- Decide whether buying a timeshare is right for you. RedWeek.com has many resources that will help you determine whether to buy a timeshare. …
- Determining what type of timeshare to buy. …
- Find timeshare resales. …
- Contact the owner directly. …
- Complete the transaction. …
- Learn more about timeshare.
Costs of timeshare schemes
The upfront cost to buy a timeshare can be high, in some cases
over $20,000
. On top of this, you pay an annual maintenance fee for the property, even if you don’t use it. You may also have to pay a membership fee each year.
Shared deeded or shared leased timeshares can’t really be called
real estate because you don’t really own it
. You could even say it’s fake estate! But once you’re locked into a contract, how do you go about using your property?
According to the American Resort Development Association or ARDA, timeshare properties cost
around $19,000
. Annual maintenance fee of timeshares are around $660, for a total of $19,660. And that is the average price you need to pay for a week of staying in a timeshare. That’s a large amount for a week of vacation.
If you stop paying it,
the timeshare company will do whatever it takes to collect
. They’ll make phone calls and send letters, then they’ll assign it over to (you guessed it) a collections company. If you still don’t pay, the situation sinks even further into foreclosure and possible legal action against you.
- Disney Vacation Club.
- Marriott Vacation Club.
- Hilton Grand Vacations Club.
- RCI.
- Westgate Resorts.
- Hyatt Residence Club.
- Diamond Resorts International.
- Starwood Vacation Ownership.
Remember, there are timeshare costs to consider, and likely maintenance fees. The average annual maintenance fee is
$980
, according to ARDA.
You’ll lease for a set amount of years—
between 20 and 99 years
. The developer maintains ownership.
No,
the timeshare has no value
, because you don’t own anything in the normal sense of the word. It’s not like your regular home, which likely has some equity built up. In fact, a timeshare goes down in value from the moment you sign the contract. There are much better ways to invest your hard-earned money.
Yes,
timeshares are a waste of money
. They are marketed as an investment. … In fact, you can buy someone’s timeshare for as little as $1 or even for free. The amount of money it will cost every year to own a timeshare will likely be more than if you booked a week at the same timeshare property on your own.
- Owner Benefits. …
- Locations. …
- Luxury Living & Spacious Accommodations. …
- World-Class Amenities. …
- Home Away from Home. …
- Resort Exchange. …
- Deeded Ownership. …
- Experience Vacation Ownership.
- Best Overall: Marriott Vacation Club.
- Best for Flexibility: Club Wyndham.
- Best for Families: Disney Vacation Club.
- Best for Luxury: Four Seasons Residence Clubs.
- Best for Rewards: Hilton Grand Vacations Club.
- Best for Long-Term Investors: Equity Estates.
How much does a timeshare cost? The average cost of a timeshare is
$22,942 per interval
, according to 2019 data from the American Resort Development Association (ARDA). Annual maintenance runs $1,000, on average, but can vary based on the size of the timeshare, ARDA reports.
Yes
, you can get a deduction from the property taxes you pay on your timeshare. Just be sure you follow the rules to make it stick: The taxes assessed must be separate from any maintenance fees (the two are sometimes lumped together in timeshare bills).
When you break down the price of your timeshare versus the cost of your vacations over your entire life,
a timeshare is much more cost-efficient
. Owners will say that because the savings are so great, buying a timeshare is absolutely worth it.
