Travel and Timeshares

Do you enjoy traveling?  Is there on place you like to visit on a regular basis?  Do you enjoy the freedom of knowing you can stay in a luxury room when you do travel?  If you answered yes to any of these questions you may want to consider a timeshare.  I know what most of you are thinking that they cost too much and are not worth the money.  Depending on how you approach this will dictate the answers to those two questions.  I am here to tell you that they can be obtained at a reasonable price and that the maintenance fees are comparable to a week or two at a nice hotel in semi-desirable locations.  Personally I travel a good deal for work and love Hilton hotels staying at them whenever I have that option.  In turn when I purchased my timeshare a few years ago I went with Hilton Grand Vacations.  And I have no complaints at all and all of my stays have been very pleasant if not downright a great experience.

Basically what you get when you purchase a timeshare is the right to a unit for usually a week. Depending on the price level you are entering the timeshare with will depend on the size of the unit you will purchase.  The more room you desire the more you can expect to spend.  Makes sense right?  And many of the main timeshares are like the one I bought into where they are managed by well-known companies such as Hilton, Marriott and Disney.  Depending on how you but the timeshare will also have a direct impact on what you will pay for the purchase price.  What it boils down to is location and size for the price.  When I first looked into buying mine I first went to Hilton and was told for about $15,000 and for a week every other year I could buy into the timeshare in a new development.  Now as I love Orlando there are three Hilton Grand Vacations in Orlando so I went to the secondary market.  To find timeshare listings I just Googled “timeshares for sale” and there are several brokerage companies that sell timeshares on the secondary market.  I ended up at an older location in Orlando for a third the price Hilton was asking for a two bedroom timeshare with an annual usage not one for every two years.

Now the nice thing about Hilton Grand Vacations is I can actually stay at any of the three properties in Orlando or any Hilton Grand Vacation in the world for that matter. They also have a partnership with a third party group that allows for you to convert your points enabling you to stay virtually anywhere in the world.  While not all timeshares offer these features it is best to shop around, ask questions and understand what you are buying before you buy.  It is also good to understand that some timeshares are for a specific week and you get that week every year.  Others are on the points systems and you use your points for the use of the timeshare.  In my case I get enough points for a two bedroom unit every year.  If I want a smaller unit one year I use fewer points and roll the balance over into the following year or I can even convert them to Hilton Honors Points for use at the hotel chain.

After the purchase price there are annual maintenance fees, taxes and various other fees that must be paid.  On average you can expect between $800 and $1,200 in fees depending on the location and size of the unit you purchase into.  Now consider an upscale hotel in most cities will run anywhere from $200 to $350 a night the maintenance fee is manageable if you plan on owning the timeshare for several years and you actually use it on an annual basis.  But as the fees are due on an annual basis do not think you will finance your purchase of a timeshare.  On the secondary market it is mainly a cash only proposition and if you buy from the property you can expect high interest charges on your purchase.  It is not uncommon for interest rates on timeshares to be as high as 15% making them an unattractive purchase.  Save up and look for a good deal in the secondary market.  Just as you buy these on the secondary market when you are ready to exit your timeshare chances are you will also sell on the secondary market.  Be prepared to pay high commissions when it is time to sell.  Before you either buy or sell do your homework on the brokerage firm and check to ensure they are legitimate and have no complaints filed with the Better Business Bureau.

Now timeshares are a very good alternative to a vacation home or condo and much cheaper.  Provided you do not over spend when you purchase and you do in fact take advantage of the benefits on an annual basis timeshares can be a great way to experience your family vacations.  But do not buy into one of these properties as an investment.  If they were an investment I would not have been able to buy a better deal for a third of the asking price of the new unit.

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