Title page stating "7 Timeshare Myths You Shouldn't Believe"

7 Timeshare Myths You Shouldn’t Believe

In 2022, my husband and I bought a timeshare with Hilton Grand Vacations. It changed how we go on vacation. Many people have doubts about timeshares due to all the timeshare myths. They can be confusing to buy, and companies try hard to sell them to you.

I’ve learned a lot about timeshares from our experience. I want to share what I know to help you debunk some common timeshare myths. Whether you’re thinking about buying one or want to make the most of your timeshare, I’m here to give you helpful advice.

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A timeshare resort building in Italy at sunrise
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What is a Timeshare?

A timeshare is a way for people to share the ownership of a vacation property, like a condo or a villa. Here’s how it works:

1. Shared Ownership:

Taking Turns: Instead of one person owning the whole place, many people share it. Each person gets a certain amount of time, usually a week, to stay there every year.

Types of Time:

Fixed Week: You stay there the same week every year.

Floating Week: You pick any available week within a certain time period.-

Points: You buy points and use them to book stays at different places within a network.

2. Timeshare Destinations:

Timeshares can be in condos, villas, apartments, or resort units. They are usually in popular vacation spots.

3. Cost:

Buying In: You pay a one-time fee to become an owner.

Annual Fees: Every year, you pay maintenance fees. These fees help keep the property clean and in good condition.

4. Using the Timeshare:

Scheduled Time: You book your stay for your assigned time. Some timeshares let you be more flexible with when you can stay.

Exchanges: Many timeshares are part of bigger networks, so you can trade your time for a stay at a different property within the network.

5. Timeshare Benefits:

Save Money: You pay upfront and then have a vacation spot every year, which can be cheaper than booking hotels each time.

Nice and Reliable: Timeshare resorts usually keep the places clean and well-maintained.

Home-Like Feel: Timeshares often have kitchens, laundry rooms, and multiple bedrooms, making them great for families and longer stays.

6. Things to Think About:

Long-Term Plan: Owning a timeshare is a long-term commitment, so think about whether you’ll want to use it for many years.

Selling It: Timeshares don’t usually increase in value like houses, and selling them can sometimes be hard.

Ongoing Fees: You have to pay annual fees, which can go up over time, so be sure to budget for these costs.

In short, a timeshare can be a good choice if you like to take regular vacations and want a dependable place to stay. It’s important to understand the costs and commitment before you buy.

Happy asian family at consisting father, mother,son and daughter having fun playing beach in summer vacation on the beach.Happy family and vacations concept.

Timeshare Myth #1: Timeshares Are a Waste of Money 

This truly depends on your travel preferences. I believe it’s always best to buy a timeshare early, if possible. That way you can get more use out of it and it may not cost you as much money. You will obviously waste your money if you don’t use your timeshare, so I would only purchase one if you travel often.  

There are also ways to find more affordable timeshares. Ebay is a great place to look for affordable timeshares. You’ll still have to pay the maintenance fee, but you could save thousands on the deed. 

View of the Central at 5th Timeshare property in New York City

Timeshare Myth #2: Timeshares are a Scam 

Although timeshare scams do exist, most trusted timeshare companies are regulated. Potential buyers need to research companies, read reviews, and understand the terms. This will help you to avoid being scammed into a contract. 

Timeshare Myth #3: Only Older People are Interested in Timeshares

This is one of the biggest timeshare myths (it certainly was for me). Timeshares are popular with many different age groups, including millennials and young families. In fact, a lot of families buy timeshares to have more space for their growing families. Many people like timeshares because they are convenient, save money, and have nice places to stay. Modern timeshare programs also meet the needs and travel styles of younger people.

Timeshare Myth #4: Maintenance Fees Are Always Increasing 

In the 2-years we’ve owned our timeshare, our maintenance fees actually went down. We chose to change our contract to own in a location where the maintenance fees were lower. Usually the location, type of property, and the company determines how much the maintenance fees cost.

Maintenance fees might go up over time, but they are usually predictable and included in the timeshare contract. These fees pay for the upkeep of the property to keep the resort in good condition. Some timeshare companies also offer options for fixed fees or limits on fee increases.

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Timeshare Myth #5: You Have to Buy Timeshares Directly from the Company

Timeshare presentations can be pushy, but you can buy timeshares in other ways. You can look at resale markets, online sites, and buy directly from owners. Doing some research can help you find the right timeshare without feeling pressured.

Timeshare Myth #6: Everyone Regrets Their Timeshare Purchase 

Not everyone regrets buying a timeshare. How happy people are with their timeshare depends on their situation and what they expect. Here are some things that can make a difference:

People who grasp the long-term costs and commitment of timeshares are less likely to regret buying one. They understand what they are getting into and plan for it. Those who use their timeshare more and enjoy their vacations are happier with their choice. If you go on vacation every year and like the place, a timeshare can be a good idea.

Some owners feel that they get good value for their money. This is especially true if they use the resort’s amenities and exchange programs. Owners who trade their timeshare to visit different places usually feel they have lots of vacation options. This can make them happier. People who research and choose good timeshare companies and properties are usually more satisfied. Those who budget for the cost and can afford the fees tend to be more content with their timeshare.

Some people do regret buying a timeshare. Common reasons include unexpected costs, such as higher maintenance fees. Some owners find it hard to book the weeks they want, especially during busy seasons. Life changes can make it hard to use the timeshare as planned. Timeshares can also be hard to sell, and they usually sell for less than the purchase price.

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Timeshare Myth #7: Timeshares are Hard to Use 

Today’s timeshare programs usually have easy ways to book vacations, like flexible booking systems and online sites that are easy to use. Some programs use points to book vacations. Many timeshare places also have people to help with booking and planning through concierge services.

A lounge space for a timeshare resort

Conclusion: 

Buying a timeshare can be a good idea if you enjoy going on vacation every year and want a reliable place to stay. It’s important to understand how much it costs and how long you’ll have it before you buy one. Some people like using their timeshare and think it’s worth the money. But others regret buying one because of unexpected costs or changes in their plans. If you’re thinking about buying a timeshare, do some research to look over popular timeshare myths to make sure it’s right for you.

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