How Does a Timeshare Exchange Work?
Timeshares can allow you to vacation in some of the most beautiful and luxurious locations on the planet. Even so, after some time has passed you may decide you would rather go somewhere other than the timeshare you purchased. A timeshare exchange program can allow you to do just that.
Owning a timeshare can be a great way to ensure your family will never have to worry about where to stay on vacation. Timeshares are deeded properties, and their multiple owners actually “own” the time they are allowed to stay at the timeshare. This ownership can be passed from generation to generation, from family member to family member. However, timeshares can also be temporarily exchanged, an option that gives you a great deal of increased flexibility regarding how, when and where you go on vacation.
What are Timeshare Exchanges?
In its simplest form, a timeshare exchange is a one-time trade. There are a few different methods you can use to complete a timeshare exchange, and there are virtually hundreds of companies that can complete the timeshare exchange for you. Timeshare exchanges involve you trading your right to use your own timeshare for a certain period of time for the right to use another unit that is very close in value to your own.
How Does a Timeshare Exchange work?
Your first option is to make the exchange with the company from which you purchased your own timeshare. In many cases, timeshare companies own multiple properties across the country and even across the world. They will often be willing to facilitate an exchange for you.
With the purchase of a timeshare comes part ownership in the company that owns the unit. This means that by making a simple phone call, you may be able to exchange your unit for a unit somewhere else. Of course, depending on the exact situation, you will likely lose all or part of your time at your timeshare for that year in exchange.
The second method of timeshare exchange is very similar to a home exchange. Rather than going through the company that sold your timeshare, you would contact an independent company to handle the process. This method generally requires you to list your timeshare publicly while you look for the timeshare you want to exchange with.
A completely equal exchange is somewhat less likely with this method. For instance, you may get a timeshare with the same number of bedrooms in the location you desire, but the quality of the building may not quite be up to par with that of your unit. If you wish, you can look into the possibility of “trading up” for your exchange. This simply means that — in addition to trading the time at your timeshare — you purchase points or credits to enable you to stay at a more expensive property.
Other Considerations
If you decide to use a third party to complete your timeshare exchange, choose the company wisely. Make sure you are getting a guarantee or some sort of insurance on your own unit. There is nothing worse than learning that the people who exchanged for your unit damaged it during their stay. A legally binding contract needs to be in place well in advance that clearly explains to your satisfaction how all possible scenarios would be handled. When set up correctly, however, an exchange program can combine the comfort of a timeshare with the flexibility of an ordinary resort.
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