A Private Residence Club or PRC, as they are commonly referred to, is a vacation real estate that is both owned and operated by members. It is a relatively new concept that allows you to enjoy four to 12 weeks of home ownership privileges per year at a luxury resort but at a fraction of the cost of whole ownership.
But like timeshares, these clubs are located in vacation areas in prestigious locations. The location may often sprung up in exclusive, world-class resort destinations worldwide.
Higher Level of Services
Meanwhile, private residence clubs have also increased level of services. PRCs may include an extravagant clubhouse and spa, plus five-star hotel services, the kind you could not expect to have in a wholly-owned vacation home, high-end condo or timeshare.
But be warned that comes at an increased cost. Most private residence clubs have annual maintenance fees that are often 8-10 times the cost of the average timeshare yearly maintenance fee.
As many well-to-do timeshare owners are dissatisfied with their units because of the unrealized amenities and qualities of the vacation package which are contrary to what was presented during sales pitches, many of them are trying to get rid of it. Some of them even hire a timeshare transfer company such as the Transfer Smart just to get rid of such property. On the other hand, PRC's can provide many of the amenities of a vacation home with hotel-like luxury service and the owners enjoy more spacious units in more prestigious locations than the typical timeshare owner. This is good for you if you are looking to invest in a second vacation home, but want more amenities with less of a hassle.