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A variety of real estate options—from condo-hotels to fractional ownerships— has changed the world of vacation homes. Here, a comparison of destination clubs and four other popular choices.—Hannah Wallace
Cost Up to $1.7 million to join, plus annual dues of up to $30,000
What it gets you Use of homes for between one and nine weeks a year
Advantages A portfolio of homes to choose from, usually with housekeeping
Drawbacks You’re not buying, so you don’t build equity
Financing Not available. More like a country club membership; there’s nothing to mortgage
Best for Well-heeled vacationers who seek both exclusivity and variety
Cost A one-time payment averaging $16,000
What it gets you Use of a unit, generally within a resort, for one fixed or floating week a year, in perpetuity
Advantages Affordability and a wide array of destinations
Drawbacks Your allotted time is often fixed and can be hard to trade
Financing Generally not available, though sometimes offered through developers
Best for Travelers who want to return to one place at the same time each year
Cost Generally between $60,000 and $650,000
What it gets you Depending on the fraction, the right to use a home for one to two months each year
Advantages You have a deeded stake (with 6 to 12 others)
Drawbacks You have no say in the décor and may not always get the weeks you want
Financing Developers will often provide financing, and some banks also offer mortgages
Best for People who want more time and nicer properties than time-shares generally offer
Cost Anywhere from $300,000 to over $1 million
What it gets you Ownership of a room or suite within a hotel, which you may rent out
Advantages You own the unit outright and get all the amenities of a hotel
Drawbacks You only get a portion (usually 50 percent) of fees from rentals when you’re not in-house
Financing Financing is available
Best for Rock stars (and mere mortals) used to luxury hotels and looking to invest
Cost From the low six figures to beyond $10 million
What it gets you A house at a resort development to use whenever you want
Advantages You own the property outright and get all the amenities of a hotel
Drawbacks High cost, property taxes, and maintenance fees
Financing Financing is available
Best for Those who don’t need rental income and don’t like to share
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