How To Get The Most Out Of Your Timeshare Property
At some point or another, most of us have been pitched on the wonders of owning a timeshare property, and it’s easy to see why: Timeshares give you access to desirable vacation spots and accommodations. It is a great way to vacation in style and comfort without the added expense of a full-fledged vacation home.
There’s more to making the most of a timeshare than simply showing up and going home. Even though they won’t make you rich or turn you into a real estate mogul, you can squeeze more value out of your timeshare property and get the most out of your investment.
Tips for making the most out of your timeshare investment:
1. Invest for the Memories, Not for the Money:
Inviting family and friends to join you in your timeshare can create lasting memories. Many will likely take advantage of this opportunity to create fond memories without worrying about the cost. Sharing a special vacation with loved ones can be priceless, especially with those you enjoy spending time with.
According to the American Resort Development Association, about 9.2 million U.S. households own timeshare properties, and many of them report taking more vacations during their ownership period than before. While traditional timeshares are not great investments in terms of financial returns, the memories that such a shared vacation can provide may be worth the cost.
The best part about owning a timeshare is that you don’t have to worry about where you will stay during your next vacation. Instead, you can look forward to the same amenities and familiar surroundings every time you visit.
2. Leverage a Lockout Unit for More Points:
Lockout units are an added benefit many timeshare owners don’t know about. These special units allow you to “lock out” a week in a given year and use your accumulated points to stay in another unit during that period. This allows you to more efficiently use your points and get more out of your timeshare investment.
To take advantage of a lockout unit, you must book the main and lockout units separately. This involves planning and looking for deals on both units throughout the year. If you do your research, you can often find units with lower rates than the main unit, saving you money and getting more points.
Another thing to keep in mind when considering a lockout unit is that you may have to pay additional fees. These fees can vary depending on the resort or timeshare company, so it’s important to consider these fees before making a decision. It’s also important to consider the location of the lockout unit, as you may have to travel further to get there than the main unit.
3. Take advantage of the Discounts and Bonus Time Deals:
Many timeshare companies offer discounts and bonus time deals, allowing owners to save money on their stays. One of the best ways to maximize your savings is to take advantage of these promotions and deals when they are available. These deals range from discounted points or weeks, free stays at various resorts, and even airfare, car rentals, and other travel expenses.
However, these deals are variable and are based on availability. In most cases, they are offered as a last-minute deal and require the owner to book their stay in a short amount of time. This makes them unsuitable for long-term planning or for those who prefer to book their trips well in advance.
Nevertheless, these bonus time deals can be a great way for owners to maximize the value of their timeshare investment. For those with flexible schedules or who are willing to take advantage of last-minute deals, these promotions can be a great way to get the most out of their timeshare.
4. Book Early:
Making a reservation in advance not only ensures access to the resort during peak season but also helps you get better deals and ensure that you don’t miss out on your favorite resort. By booking early, you’ll have access to better room locations, guaranteed availability, and lower prices than if you wait until the last minute.
The level of your timeshare and the program you participate in will also affect your ability to book early. For example, if you are in a higher-level program or own more points, you may be able to book farther in advance than someone with fewer points. You can enquire about the specific details of your program with the resort or timeshare company.
Demand destinations will require booking even further in advance, with some resorts requiring up to a year ahead of time. If you miss the early booking window, you may be able to get last-minute deals, but these will be limited, and you may not get the resort or room that you really want.
5. Keep Your Timeshare Current:
In addition to booking early, it’s important to make sure that your timeshare is up to date. This means keeping an eye on the maintenance fees, dues, and other ongoing costs associated with your timeshare. If you let these bills lapse, it can negatively impact your timeshare and can even lead to the resort or company repossessing your unit.
It’s also important to stay current with the timeshare company’s rules and regulations, as these can change from time to time. If you’re not aware of the latest changes, you may violate the rules and be subject to fines or other penalties. Finally, check with the timeshare several times a year to get notifications about special promotions or discounts that may be available.
The bottom line is that timeshares can be a great investment for those looking for an affordable, flexible and convenient way to vacation. You can make the most out of your investment by researching the various timeshare options available to you, finding a timeshare that meets your needs and budget, choosing an option with flexible exchange privileges, and taking advantage of deals and discounts when they are available. Learning the ins and outs of managing your timeshare makes it easier to maximize your timeshare investment, allowing you to enjoy worry-free vacations for years.