As a rule, timeshares are about picking a vacation spot you really love and committing to it. Even the term vacation ownership indicates a certain level of permanence, even though fractional ownership isnt really anything like owning other types of real property. Even if you love Hawaii, do you really want to take all your vacations there?
Understanding this serious drawback to their products, timeshare companies looked for ways to get around this problem. They came up with the idea of vacation exchange network companies. The idea was that owners would plunk down even more money for an exchange company membership so they could trade their timeshare unit for time at another resort.
One of the biggest exchange companies in the world is Interval International. This company, which is owned by Marriott, is one of the largestHow to get out of my timeshare exchange companies and boasts a worldwide resort directory. It says you can reserve these units using your existing timeshare interest. Of course, Marriott has its own vacation club and feeds clients to Interval International.
(It may not surprise you to learn that the other biggest exchange company is RCI, which is owned by another timeshare developer, Wyndham.)
The reality of Interval International is that it is just another way for Marriott to extract more money from timeshare owners trying to make the best of a bad situation. Interval comes with its own fees, of course, and making reservations with its exchange system is not as easy as you may have been led to believe.
This article will take a look at the services that Interval International offers, as well as how those services actually work in comparison to how they are advertised. In particular, we will look at, one, what an Interval International membership costs, two, other fees you can expect to pay with Interval, and three, how easy it really is to book a vacation in another place you really want to go.
Membership: You Have to Pay for the Option of Using Interval Internationals Exchange Program
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When you are thinking about timeshare exchange companies, it makes sense that you would only call them and use their services when you would like to make an exchange. Thats not how Interval International works though. You have to be an Interval International member in order to make an exchange, and being a member requires an annual fee.
The amount of your annual fee will vary depending on how many years of fees you would like to pay in advance. If you want only one year of membership in the least expensive Interval Gold tier, youll pay $64 for that privilege. If you buy five years of gold membership at a time, youll pay $256, or $51.20 per year.
Of course, if you want the more expensive Interval Platinum or International options, youll pay more for those. A year of those costs $139 and $99, respectively, with similar discounts for multi-year purchases.
You may be thinking that one or more of these various membership programs dont seem outrageously expensive. Keep in mind, though, that those costs are on top of what you are already paying.
According to the American Resort Development Association (ARDA), the average timeshare maintenance fees are $1,000 per year. Add to that any mortgage payments or special assessments you have to pay, and you are paying thousands of dollars in fees for your vacation ownership before you make it to check-in.
Other Fees: The Nickels and Dimes Add Up
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The annual fees are a steep cost you didnt need. But they are hardly the last bit of money that Interval International will extract. Before you actually take a vacation in an exchanged timeshare unit, you will have to pay Interval even more fees.
Lets start with the basics. First, if you exchange and stay an entire week in a new property, youll have to pay $209 just for making the reservation. If you want a shorter getaway, Interval does have a program for that with its own fees, from $149 for a single night to $179 for six nights.
When you try to make a reservation for an exchange unit, you will have to deposit your timeshare interest (e.g., a certain timeshare week at one resort), and youll get a certificate. If you cant book an exchange unit in the time you are given, though, youll have to choose between paying more money to Interval or losing the certificate.
A six-month extension on one of these certificates costs $99, and a year costs $199. Maybe you have just booked your exchange unit, and you saw a better deal online. Can you change your reservation? Maybe, with Intervals E-Plus program, but its going to cost you another $59.
Or what if you want to book a larger unit than the one you own at your home resort? Again, theres a fee: between $59 and $99, depending on your level of Interval membership.
Maybe these fees are too steep for you, or your schedule wont allow your vacation. In that case, you might want to give your timeshare to someone else to use with Interval Interantionals exchange program. Not so fast, though. Unless you are a super-elite Platinum member, youll have to purchase a guest certificate for $69.
The fees add up quickly. If you are trying to let your children exchange your Orlando timeshare for a beach resort vacation, you could be paying $400 on top of your annual membership fee, plus your mortgage and timeshare maintenance fees. All those amounts alone probably could have paid for a very nice hotel room. Instead, youre paying Marriott for its services.
