You might have thought about joining a vacation club, which is similar to a timeshare, because of your love of travel. However, before you do it, you probably want to make sure that you understand everything that is involved in it. These are some of the main truths that you will want to understand when joining a vacation club.
1. You Generally Have a Fair Amount of Flexibility
One thing that some people are nervous about when it comes to joining a vacation club is being “stuck” only visiting one specific destination each year or only being able to travel during a certain week out of the year. However, depending on the club that you join, you might have more flexibility than you think. In many cases, you can visit different destinations and change your week of travel, but you should definitely inquire about this before joining to make sure that you have the flexibility that you want.
2. You May Have to Pay Throughout the Year
In addition to the buy-in price that you may have to buy when you first get involved, you will probably have additional costs throughout the year. For example, you may have to pay annual dues and maintenance fees. Make sure that you have a full understanding of what you are going to have to pay so that you don’t bust your budget.
3. Ownership May Be Permanent
Depending on the specifics of the vacation club that you join, ownership might be permanent. This means that you could pass your ownership in a vacation club down to your family when you pass away. In other cases, though, your ownership might expire after you pass away or after a set number of years.
4. You May Be Able to Sell Your Ownership
If you decide at some point later on that you don’t want to be a part of your vacation club anymore, you may have to sell the ownership to whoever you can find that will buy it. There is a big market out there for this. In some programs, though, the vacation club might offer a guaranteed buyback, which offers you the opportunity to get out at any time. However, you should be aware that there is usually a loss involved if you choose to do this.
5. You Can Often Enjoy Nice Accommodations
One great thing about being a part of a vacation club is the fact that you can often enjoy very nice accommodations. With many vacation clubs, for example, you can stay in a nice condo when you go on vacation, which can be great for you and your family.
Joining a vacation club might be right for you if you’re a big fan of traveling. However, you shouldn’t just buy into a vacation club without knowing what you’re getting into. Knowing these things and carefully reading the contract first can help you make sure that you’re making the right decision.