Buying a timeshare can be an affordable way to enjoy vacationing at a favorite resort year after year; however, the process can be pretty confusing.
In this guide, we’ll walk you through how to buy a timeshare, the different types available, and key factors to consider before purchasing.
Before buying a timeshare, let’s quickly answer what one is. A timeshare is a shared vacation property ownership model where multiple buyers purchase the right to use a resort unit for a set period each year. They often come with annual maintenance fees and long-term commitments. Learn more about what a timeshare is here.
We recommend following our step-by-step guide below:
Before buying, understand the different types of timeshare ownership:
Choose a location that fits your vacation preferences while remembering you will commit long-term. Popular timeshare destinations include Florida, Hawaii, and Las Vegas. Check out our list of the top 10 best timeshare destinations to find the best options.
You can purchase a timeshare in two ways:
Beyond the purchase price, be aware of annual maintenance fees. These can increase over time and are required even if you don’t use the timeshare. Read more about high maintenance fees.
Be aware of potential special assessment costs too. Resorts may charge additional fees for unexpected expenses or renovations. Check our guide on how to calculate how much a timeshare will cost you long term.
Before committing, thoroughly read the contract. Key things to look for include:
For more details on canceling a timeshare purchase, view our guide on how to cancel a timeshare.
If you want flexibility, check whether your timeshare is eligible for an exchange program like RCI or Interval International. These programs allow you to swap your stay for different resorts worldwide. Learn more about timeshare exchange programs.
Unfortunately, timeshare scams are common, especially in the resale market. Be cautious of high-pressure sales tactics or companies that demand hefty upfront fees.
This is a question that everyone considering buying timeshares needs to answer. Although timeshares can be a great option if you want to vacation regularly at the same resort, they are not a financial investment, and resale value is often low. Read more about whether timeshares are still worth it.
Now that you know how to purchase a timeshare make sure to do your research, compare options, and understand the long-term commitment. Whether you buy from a developer or on the resale market, being informed will help you make the best decision.
The best way to buy a timeshare depends on your budget and flexibility. Buying on the resale market is usually much cheaper than purchasing directly from a developer.
Yes, especially when buying from a current owner on the resale market. However, developers often have fixed pricing with little room for negotiation.
Timeshares are not financial investments as they typically depreciate over time. They are best suited for people who plan to vacation regularly at the same location.
Beyond the purchase price, consider annual maintenance fees, special assessments, and potential exchange program costs. These can add up over time.
Yes, most timeshare contracts include a rescission period that allows you to cancel within a few days. After this period, exiting a timeshare can be more complicated.
Exchange programs like RCI and Interval International allow timeshare owners to swap their vacation weeks for stays at different resorts, providing more flexibility.
Donating a timeshare may sound like a quick and hassle-free way to exit your ownership, but the reality is more complex. Find out why most charities won’t accept them and about better alternatives to get out of timeshares.
If you’re wondering how much a timeshare costs per month, the answer depends on factors like the purchase price, maintenance fees, and potential loan payments.
