WHAT IS A TIMESHARE?
A timeshare is the name given to piece of real estate where a number of individuals share ownership in the subject property. As opposed to a standard home where an individual or, for example, a husband and wife share ownership, a timeshare is almost always owned by a number of people who have no relation to one another whatsoever.
DOES TIMESHARE MAKE FINANCIAL SENSE?
Timesharing offers you a lifetime of luxury vacations, but at the price you lock-in today. Most people discover that after just 6-8 years of ownership they have more than recouped what they have paid for their timeshare in what they would have paid to vacation elsewhere. From that point forward, aside from a nominal maintenance fee, your vacation property is available for your use every year thereafter without any additional cost. By buying a timeshare, essentially what you have done is turn a luxury expense into an equity position, that when deeded, can even be willed to your children.
WHY ARE PRICES SO LOW ON THE TIMESHARE RESALE MARKET?
It is no secret that upwards of 50% of the resort developer costs are sales and marketing related. When you purchase directly from the resort, unfortunately you are paying an inflated price to absorb all of the administrative and marketing costs associated with the sale of the property. When buying on the timeshare resale market, you only pay for the true fair market value of the property. As a timeshare resale buyer, you not only benefit from the use of the property, but you also enjoy savings of 30-50% or more!
WHAT IS THE DIFFERENCE BETWEEN RED, WHITE YELLOW, BLUE AND GREEN TIME?
Each color serves as a rating of the overall desirability of a particular week at a timeshare resort. Red is considered peak season and the most desirable time of year to own. Red is followed by white and yellow, and then blue and green, which are considered off-season.
Different resorts will, of course, have different peak seasons. This system is resort and exchange company specific and not all rating systems follow the same color code. Red Weeks are naturally more expensive than other weeks because they are the most highly desirable. By the same token, Red Weeks have higher exchange value than other, lesser season weeks.
WHAT IS THE DIFFERENCE BETWEEN DEEDED, LEASED AND LICENSED TIMESHARE?
Most timeshare ownerships are either deeded or leased for a specific number of years. A deeded timeshare resale property is like any other real estate purchase in that you own the timeshare outright forever. The deeded property can be sold, rented or even willed to your heirs. A leased timeshare property gives you the right to use a specific week at the property for a specific number of years typically ranging from 20 to 99 years. When the lease matures, the right to use the property terminates and normally returns to the selling resort. Although gaining in popularity, probably the least common form of timeshare ownership is licensing. The licensing arrangement normally involves membership in a vacation club. As a member in good standing, you have the right to use the club and all of its amenities.
WHAT DOES RCI AND II MEAN?
RCI (Resort Condominiums International) and II (Interval International) are exchange programs. Exchange programs allow owners to exchange a vacation week for a week at any participating resort. This type of membership allows additional flexibility in ownership.
WHAT DOES WEEK MEAN?
In a timeshare ownership, the owner purchases a certain amount of time at a given resort. Generally, that amount of time is one week. Resorts create their own individual schedules or calendars of weeks. Usually, weeks are given a number starting with the first week in January and continuing through the end of December and will begin on a Friday, Saturday, or Sunday.
WHAT DOES FLOATING MEAN?
A floating week is an ownership that allows the owner to reserve any week throughout the year. Some floating weeks are restricted by season and can only be used during a certain span of time during the year. For instance, a summer floating week could be used during any week that falls within the defined summer months.
WHAT IS A MAINTENANCE FEE?
Maintenance fees are established and collected by the Homeowners Association or Resort Management Company at each resort to maintain the property and pay for insurance, utilities, and refurbishments. Maintenance fees vary with each resort and depend on the size and type of unit.
WHAT DOES ANNUAL AND BIENNIAL MEAN?
Some timeshare usage is every year (annual) while some is every-other year (biennial) which will be used either on odd or even numbered years. These weeks are also referred as Every Other Year or EOY with an additional letter E for usage on even years (EOYE) or O for odd year usage (EOYO).
WHAT DOES GOLD CROWN AND 5 STAR RESORTS MEAN?
Gold Crown and 5 Star Resorts are the most desirable rating appointed to a resort in the Resort Condominium International (RCI) and Interval International (II) exchange systems respectively.
HOW DOES TIMESHARE EXCHANGING WORK?
There are several timeshare exchange companies. The two most prominent are Resort Condominiums International (RCI) and Interval International (II). These two exchange companies are affiliated with over 5,000 resorts worlwide. The concept is really quite simple. Timeshare exchanging means to trade your vacation week at your resort with another timeshare owner's week at another resort. Between RCI and II, over 1.5 million exchanges were processed last year alone. Joining is easy and affordable. You can become a member of your home resort exchange company, or use the services of any of the other independent resort exchange companies which may best meet your specific travel needs.
WHAT DOES POINTS MEAN?
Owners in this type of ownership system purchase points for use as currency to reserve timeshare accommodations of various sizes, during different seasons, and for varying lengths of time. Points can sometimes also be used for other vacation products such as airfare, hotel stays, and auto rentals.
WHAT DOES ODD AND EVEN MEAN?
Owners in this type of ownership system have usage either on the odd numbered years or even numbered years. Maintenance fee payment vary from resort to resort and could be charged one half every year or the entire fee on the usage year.
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