You may think of timeshare as being an outdated thing-of-the-past, but the timeshare industry actually continues to grow every year. In fact, timeshare has been celebrating years of growth, surpassing over $10 billion in sales. So why do people still buy timeshares? The product has changed into something that families, couples, and adults love.
What is a Timeshare?
A timeshare is not what you may think it is. Long gone are the days of owners traveling to the same resort, in the same unit, at the same time every year. With top brands in the industry like Disney Vacation Club, Marriott, Hyatt, Hilton, and more, owners have more flexibility and options than ever before.
With points-based ownership, timeshare owners can use their vacation points as currency, to spend as they wish. The travel club lifestyle has taken over, and for this reason, owners love their timeshare. In fact, about 85% of timeshare owners love their brand or resort.
A timeshare is also a guarantee to vacation every year, and you pay up-front for a lifetime of travel. To learn more, check out our blog “What is a Timeshare and How Does it Work?”
So Why are Timeshares Bad?
There’s a lot of noise out there. Influential celebrities and unscrupulous companies have overrun the media with messaging that timeshares are bad. Why? Timeshares are meant to be a lifelong product, even to pass down to your children or grandchildren. The timeshare resale industry began to assist owners in need of getting out of their timeshares, and it was unregulated. Most owners do in fact love their timeshare (check out LoveMyTimeshare.com), but sometimes our lifestyles change or we just can’t vacation like we used to. Timeshares are considered bad because they are not a financial investment, and it can be challenging to get out of your timeshare contract. Not to mention, timeshare resale scams can target owners in need of relief.
In reality, timeshares are not bad. They provide families with lifelong memories and incredible vacations, which is why people buy timeshares. With points, you have the utmost flexibility with booking trips where and when you want.
Average Cost of a Timeshare
People buy timeshares because the average cost is almost nominal in comparison to a lifetime of vacations. At most timeshare presentations, a sales representative will show you approximately how much you’ll spend over your lifetime on travel. When you compare the average cost of a timeshare (including maintenance fees!) with 60+ years of vacations, the savings are clear. According to ARDA, the American Resort Development Association, the average cost of a timeshare in 2019 is $21,445.
Let’s say you take a week-long vacation every year somewhere new. How much do you spend normally on your hotel? How many people normally accompany you? Now, multiply this over the next 50 to 60 years. With the average cost of a timeshare, you will have already made up what you paid for and more!
Timeshare Vs Hotel Room
Not only is the average cost of a timeshare much lower than your lifetime of vacations, but timeshare units offer much more space than the typical hotel. With a timeshare resort, units normally have private bedrooms, spacious living rooms, and a fully-equipped kitchen. That’s another reason why people buy timeshares because the accommodations are comfortable, spacious, and luxurious!
About 68% have two or more bedrooms, giving families room and space to truly unwind and relax. There’s nothing worse than a cramped hotel room and lack of personal space. Plus, you can even save on dining when you have the option to use a kitchen for home-cooked meals.
When you feel like you’ve seen it all with your brand’s resorts (although this is unlikely, with brands like Wyndham having hundreds of resorts within their portfolio to visit), timeshare owners have the option to exchange their week or points on popular networks like RCI or Interval International. Why do people buy timeshares? Because they can travel virtually anywhere with their ownership, not just the same place at the same time every year.
RCI and Interval International are the most popular vacation exchange networks with thousands of travel options across the world. Trade your timeshare for a cruise, or an exciting trip abroad.
If the price point still seems like it’s unfeasible to you, how does financing your vacations sound? With our friends at Vacation Club Loans, buyers can finance their timeshare purchases for up to seven years. Vacation Club Loans makes it easy to pre-qualify with an easy online application and fast loan approval. There’s also no pre-payment penalty.
Is a Timeshare Worth it for People That Do Buy?
Still wondering why people buy timeshares? The savings and perks are clear. A timeshare is definitely worth it for families that want to travel frequently, and travel in comfort. There are many benefits of timeshare, but if you aren’t going to use it to the fullest, you may miss the opportunities!
Keep in mind, a timeshare is not a financial investment. When you buy a timeshare, it’s an investment in your family and quality of vacations.
Wrap-Up: Why Do People Buy Timeshares?
- Timeshares provide flexibility and guaranteed vacations every year.
- The average cost of a timeshare is nominal compared to a lifetime of hotel stays.
- Accommodations at timeshare resorts are larger, with private bedrooms, fully-equipped kitchens, spacious living room areas, and more amenities.
- Owners can trade their weeks or points on vacation exchange platforms to redeem more travel options around the globe, as well as get discounted rates on airfare, cruises, or travel packages.
- Financing is available to lessen the financial burden of the initial purchase, making travel easier every year.
- Top developers have in-house exchange options, with resorts in popular destinations, giving owners the ability to stay within their network at no extra cost.
- Additional loyalty programs, such as Hilton Honors or Marriott Bonvoy reward owners just for traveling! Loyalty programs can be used with ownership to redeem even more discounts, free stays, and more.
- Some timeshares are perpetual, meaning they can be passed down to your children or grandchildren, giving them the greatest gift of all: lifelong memories on vacation.
- Timeshare resales can be a great way to get started with vacation ownership. Furthermore, many families will look to the resale market to add onto their existing ownership for less!
There are many reasons why people buy timeshares. The savings, flexibility, accommodations, and more make buying timeshares worth it to families. Keep in mind, not everyone enjoys vacation ownership, and that’s ok! For families or individuals that travel regularly, prefer a specific brand, and want to enjoy savings on a lifetime of vacations, timeshare is completely worth buying.