Hyatt Residence Club Special Vacation Offers for 2023

If you're not familiar with vacation ownership, aka timeshares, you'll want to know that they can be a great way to travel, as long as you do your homework and know what you are getting into before purchasing.

Before you take a look at some of the special vacation offers available from Hyatt Residence Club, it is good to get a quick refresher on the advantages and drawbacks of timeshares.

Vacation Ownership (Timeshare) Overview

A vacation timeshare is a type of property ownership in which multiple individuals share the rights to use a vacation resort property. In the past, most timeshare owners purchased a certain amount of time, i.e., a week at the property each year, but more recently most large timeshare companies have started moving towards a points based system.

Some examples of the best and biggest timeshare companies are:

Disney Vacation Club
Hilton Grand Vacations
Marriott Vacation Club (owns the Marriott, Sheraton, Westin, Welk and Hyatt timeshare brands, as well as Interval International, an exchange company)

Advantages of Timeshares

Purchasing a timeshare locks in a vacationing lifestyle.

If you like predictability, you can have a guaranteed vacation destination every year leading to year long vacation wanderlust.

Vacation planning is taken care of for the most part.

Most reputable timeshare programs allow for exchanges if you'd like to travel to new destinations instead of your home resort every year.

Staying at a timeshare location is a a different type of vacation, especially with kids.

Most units would have a kitchen and washer/dryer, making a vacation a home away from home in the most beautiful places to vacation in around the world.
Families can also save money by cooking their own meals and not having to dine out every day for breakfast, lunch and dinner.
I'm sure most people would also prefer the larger space and luxury afforded by a resort timeshare condo versus a smaller hotel room at a resort.

Drawbacks of Timeshares

Yearly annual fees, including maintenance fees, taxes and special assessments, can increase at a fast pace and you really have no control over them.

Timeshares can be hard to sell and resales are typically sold at a steep discount to the initial purchase price.

Timeshares are a long term financial commitment and shouldn't be viewed as a financial investment.

Most timeshares are for forever and don't have an expiration date (some have an expiration date or Right-to-Use date). That means you're obligated to pay the annual maintenance fee indefinitely whether or not you use your timeshare.

Other Timeshare Considerations

A timeshare purchase should not be considered a financial investment.

Purchasing a timeshare is more of a lifestyle purchase, so when you consider depreciation, travel/airline costs and annual fees, the concept of "prepaying" for vacations may not be in your best interest.
Always run the numbers and consider your own "break-even" point.

Compare the "Typical Resort Hotel Room vs the Typical Resort Timeshare Unit" and what the break-even point for your family vacationing lifestyle would be

When you're traveling with kids or a large family, cramming into a single hotel room or trying to book adjoining rooms can sometimes be a challenge.
Most people don't realize that timeshare units are so much different than the typical hotel room.

At a typical hotel you likely get a room with a bed and bathroom, which can prove difficult for families with children, as the whole family shares the same space.
But with a timeshare, you would get a studio or 1-2 bedroom unit with a central living area, dining area, kitchen, washer/dryer and separate bathrooms.

Never borrow money to purchase a timeshare.

Most banks will not lend you money to buy them and the developer will be more than happy to offer financing for you at 10-15% or more.
Annual costs, coupled with the initial purchase price, can become a burden on your personal finances if you are not prepared for it.
I would suggest having money to pay for a timeshare set aside or, at minimum, have a plan on how to pay it off.

I have experienced the difference a timeshare vacation can make and believe for families with children it can be a superior way to vacation, as long as you've done the math and see if it fits in with your budget and lifestyle.

In summary, timeshares aren't for everyone and in lots of cases the arguments against them outweigh the benefits one could have from them. But if you've done your research and believe you can benefit from timeshare ownership, there can be a lot to love about them.