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Timesharing is more popular than ever, but the world of timeshare is still shrouded in mystery and misinformation. When it comes to the resale market, there’s even more confusion. From knowing how to get a timeshare on the resale market to picking the best timeshare company and home resort for you, to understanding the complexities of timeshare types and resale restrictions, it’s important to do your homework before you shop. But there’s no need to feel overwhelmed. With the help of Fidelity Real Estate, you can navigate the world of timeshare resale with ease. Ready to become a timeshare resale expert? Here are some timeshare buying tips on the resale market.
Timeshare Buying Tips
- Do your research before attending a presentation.
- Scour the resale market. You may find just what you’re looking for for way less.
- Do not expect your timeshare to be an investment. They rarely appreciate in value.
- Decide what type of timeshare you want to buy. There are fixed-week timeshares, floating-week timeshares, flexible points-based ownerships, and more.
- Choose your Home resort wisely. If you have a pure-points membership, this may not apply. However, some vacation clubs give owners priority booking windows at their Home resort. Plus, you may not want to make the trip out to Hawaii every year if you don’t live nearby already.
- Timeshare financing can be a great way to pay as you go. It’s no secret that vacation ownership can be expensive. Our friends at Vacation Club Loans offer low rates, fast approval, and no pre-payment penalties.
- Keep annual maintenance fees and dues in mind. Every vacation ownership club or timeshare resort requires owners to pay annual maintenance fees. Sometimes, these are quarterly, but in most cases, they are paid annually.
- Get to know the best vacation clubs to join. Each vacation club has its own set of perks, loyalty programs, and destinations. Make sure to pick one that you know will be practical and useful for your vacations.
- Learn about vacation exchange. Most clubs are affiliated with a timeshare exchange program, usually RCI or Interval International. If you think you are likely to exchange your ownership, make sure to learn more about these exchange platforms and everything they offer.
Who Buys Timeshares?
Making any large purchase requires lots of forethought, especially when it comes to getting a timeshare. Unfortunately, over the years, stories of people getting taken advantage of have surfaced in regards to buying vacation ownership. In order to combat common misconceptions about the product, it’s important to know the facts. You may be surprised by who buys timeshares now.
Today’s Timeshare Owners
If you thought timeshares were a thing of the past, you’d be surprised to know they are very much still alive, and for a good reason. According to ARDA, the American Resort Development Association, timeshare owners have trended to a younger demographic in recent years. The average age for a timeshare owner now is around 39 years old, and the average owner makes around $95,000 a year. Not to mention, the timeshare industry is projected to grow at a rate of 7.3% over the next five years, reaching $29.19 billion by 2029.
Because of the changing travel industry, timeshare companies have been ever-changing in their approaches to offering great vacations. But with the right timeshare buying tips, you can easily navigate the changing market to get the ownership you want and feel confident in your decision. ARDA recorded that 85 percent of owners love their timeshare. Below is how you can too.
Are Timeshares Worth It?
Is owning a timeshare worth it? We’ve discussed it before but it is worth mentioning again. Vacationing with timeshare can be a great option for your family if you know what type of vacationer you are. How often do you like to travel and where do you like to go? Our best timeshare buying tips on the resale market include conducting your own research, asking your friends and family and learning as much as you can about timeshare resales.
So, is owning a timeshare worth it for you? Find out in our blog!
A Timeshare is Not a Financial Investment
One thing to keep in mind before buying a timeshare on the resale market is that a timeshare is not a good financial investment. While some timeshares, such as DVC timeshares, hold their value better than others, and may even appreciate over time, they are exceptions to the rule. Generally speaking, a timeshare is like a car; its value tends to fall after you buy it, and it almost never appreciates. In short, a timeshare is an investment you make in the quality of your vacations and your overall quality of life, not a financial investment.
Ask Questions
Whether you are going on a timeshare tour at the vacation property, or just scouring the internet, be sure to ask questions. Oftentimes, if something sounds too good to be true during a timeshare presentation, it just might be. Nowadays, most timeshare brands are affiliated with ARDA and have abandoned the problematic selling tactics of the past.
Know Your Options
When it comes to buying a timeshare, you need to know your options before, during and after the sale. We wrote a blog on the different types of timeshare to help you get off on the right foot. From right to use and leasehold timeshares it’s important to know what you really need (don’t worry, we made it easy to digest). Additionally, you can find many resources about timeshare financing scams and legitimate timeshare companies.
One important thing to remember is that you do have options for where you buy your timeshare. Not all vacation ownerships start during a 90-minute presentation. There is a huge selection of timeshares sold on the resale market that you can browse from the comfort of your own home, with no added pressure.
If you do buy a timeshare and decide you want to cancel the contract, be sure to ask when the rescission period ends immediately. The rescission period is generally a set number of days after you purchase the timeshare for which you are legally eligible to cancel the contract. This was created to help people who have changed their minds. But, once the period ends, your next best option for exiting your timeshare, should you need to, will be to sell it or gift it.
Learn more about how to get out of a timeshare contract at our blog!
What Are the Best Timeshares to Buy?
The best timeshares to buy are often dependent on what each individual wants out of their vacations. As you might imagine, the perfect timeshare vacation looks different for everyone. Some may think Disney Vacation Club is the best timeshare company, but if you don’t love roller coasters and theme parks, you might opt for a location like Breckenridge that offers access to ski slopes and fishing.
Clearly defining what you hope to get out of a timeshare is one of the best timeshare-buying tips we have. That way, you will know what is worth the money to you. By understanding timeshare resale, major brands and vacation exchange, you can decide what you hope to gain out of a timeshare and get the most bang for your buck. Undoubtedly, the best way to save money on the purchase of a timeshare is to shop the resale (aka secondary) market.
Tips for Buying Timeshare Resale
When you’re ready to buy a timeshare, oftentimes, you’ll hear the debate of buying timeshare direct versus resale. Especially in the case of buying DVC retail versus resale. So what’s better? When it comes to Disney Vacation Club, there are some perks that won’t transfer when you buy resale points, but you can save hundreds of dollars by not going into debt with your initial purchase. This can be especially enticing for some potential owners.
On the other hand, many other brands, including Wyndham, Hyatt, Hilton, and Marriott allow most benefits to transfer. However, whether or not benefits transfer is up to the resort and brand’s discretion. It’s best to do extra research on which benefits are important to you and if you can get them on the resale market. Since timeshares do not appreciate over time, many owners sell them for far less than they retail, which means you can get a good timeshare for less.
It’s important to note that a secondary market timeshare doesn’t necessarily mean second-rate. Because the industry has shifted to a points-based system with added flexibility and yearly upgrades, it’s rare for you to go to the same unit over and over again. To learn more about timeshare resales, contact one of our Licensed Real Estate Agents. They can help you decide if resale is right for you.
What’s a Good Timeshare Resale to Buy?
Once you’ve honed in on which brand or resort you’re interested in, now it’s time to browse listings and find the perfect one to make an offer on. Make sure to determine your budget, and if you will be financing your timeshare.
How Many Points Do I Need?
It can be difficult to determine how many timeshare points you will need. Depending on the club, each program holds its point values differently. 1,000 points with Wyndham may not equate the same as 1,000 points with DVC.
We recommend looking at the brand’s point charts across resorts you will want to visit. How many points will you need for one night at Bay Lake Tower? How much space will you need? And, how often will you want to travel?
Keep in mind that popular vacation seasons will cost more in points. If you’re looking to use your timeshare ownership during peak seasons, you may need more points to cover those reservations.
Many clubs also allow owners to bank or borrow points, so you can have added flexibility. If you’re looking for a timeshare vacation during July 4th, maybe borrow some of your points from next year. Or, if you want to plan ahead, you can bank your points for the following year to cover your vacations.
What is the Best Week to Buy?
If you’re looking to buy a fixed week rather than points, it’s important to look for a week that makes the most sense to you. If you plan to travel to Breckenridge for skiing, you’ll definitely want to make sure you buy a week during the winter months when the slopes are open.
Typically, high-peak seasons are going to have the most “valuable” weeks. Should you decide to trade your vacation ownership on RCI or II, you’ll have better trading power with a popular week at your resort. This can vary from place to place. Winter is high season in places like Florida or Colorado. Summer and Spring months draw travelers to beaches and theme parks.
Making an Offer on a Timeshare Resale
Another timeshare buying tip is that if you find a listing that is in your budget, with the right amount of points or with a week you want, it’s time to make an offer. One of our timeshare buying tips is to know what you can negotiate in your offer.
Consider if the points have already been used for the year. This might mean you won’t be able to actually use your timeshare ownership until the following use year.
The same goes for fixed week timeshares. If the week has already passed, keep in mind when you are actually able to use your new ownership. Our Licensed Real Estate Agents can walk you through making an offer and give you advice with timeshare buying tips.
How to Get a Timeshare on the Secondary Market
You don’t have to make an offer right away. If you’re considering buying a timeshare resale, you can browse our listings from top brands like DVC, Marriott, Hilton, and more. One of our top tips is to take your time, the right listing will come! Call us at 1-800-410-8326 or email [email protected] for more information.
Learn More About Buying A Timeshare:
Are you curious to learn the key differences between buying a timeshare resale vs. buying directly from a developer? Check out our video for some highlights!
Looking to sell your timeshare on the resale market? Fill out the form below to get started.
