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Timeshare: Why did I buy, and should I keep it? (conclusion)
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Bonus time, the extra time most resorts and exchange companies make available to members on short notice. Sometimes on 59 days notice or less, sometimes within two weeks. If you are flexible on timing and location, you can get some great deals. Whether from the management company or the resorts themselves, this time can be rented by the week, or by the night. Sometimes for as little as $200 per week, which would be less than $30 per night. But even $500 for the week is less than $75 per night, and when you are talking two-bedroom condos, you are ahead of most hotels.
These vacancies come from a number sources. Those not familiar with timeshare ask why there is so much vacant space available if timeshare is so popular? Good question, easy answer. Beside the fact that not every week gets used, much of the vacant space comes as a result of new resorts being built. One new property with 100 units creates 5 thousand weeks to use. And until they are sold, there is no one using them, so there are vacancies that could be rented. The vacancies may not be at the new property; owners trading in to the newer properties may leave unused inventory at the older resorts in the same area.
Other weeks come available when owners use their time for a different experience – they can use their timeshare accommodations towards a cruise, through
RCI or Interval or even another company, like cruise specialist ICE Gallery.
Or they can use it for to cover airfare, or even traditional hotel accommodations, depending on the program they own with.
And, yes, sometimes people just don’t use their timeshare in a given year. By the way, most resorts have usage rates approaching 90% occupancy.
Bonus time is not something an owner can use for long range planning. At best the time is generally available with 59-day notice or less. Of course, not all destinations are always available. But if you are flexible, you can get some pretty good opportunities on short notice.
One way to approach a bonus week would be to say “I want to go away in two weeks”. Call your exchange company, your management company, and any other programs that might be available to you as an existing timeshare owner. See what they have available the week you want to travel, and choose that way.
Incidentally, you don’t even necessarily need to own timeshare with a specific program or location to take advantage of bonus time rates at a location you would like to visit. Very often, a resort with vacant space may make that space available for rent to owners of other programs.
There are several reasons for that – the rental from any timeshare owner contributes to the maintenance fund for the resort. More importantly, existing owners of one timeshare program are often the best prospects to purchase a different resort.
I’m not sure what Sherri is going to do – at least I’m confident that if she does decide to sell, she won’t pay a lot of money in up front fees. But there is a very good chance she will examine the reasons she purchased her timeshare, and see if there are other benefits she may get from owning the one week.
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