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Timesharing or vacation ownership is a term that describes a method of use and ownership of a particular property. It normally allows you to use the property for a certain period of time each year.  You pay an initial investment for the timeshare and then you will pay a maintenance fee each year for the upkeep of the timeshare.
 

 

 A fixed week is a set week in a set unit that you will occupy every year.  The value of this ownership is that you will know which unit you will be using and where you will be going.  If you decide not to use the week you can make it a "floating week" for that year by depositing it into the exchange system. You will pay an exchange fee to do this.

A floating week is determined differently at every resort and you need to make sure if the week is floating the entire year or if there are seasons that it is available.  Floating allows you the option of calling to schedule your week without paying a fee.  It is still based on availability.  If you are not using it at your home resort then you will need to schedule a week with the resort and deposit the week with the exchange company.

A flex week means that your week is fixed unless you call to exchange it. This allows you the priority of using a certain unit but the privilege of exchanging within the resort during a certain period without paying a fee.

 

I like to go different places, can timeshare help?

 

Through exchange companies, owners have the ability to exchange to other resorts.  There are over 5,000 timeshare resorts world wide, all in great vacation areas.  Through your exchange company you have access to prime lodging in prime areas without the third party cost of a travel agent.

 

 

Through points based resorts owners have the ability to use partial weeks and weekends.  Check to see if the resort you are interested in has these capabilities.

 

 

The point system allows you to break up your vacationing into 3-4 day vacations.  The point system allows you to make better use of your week by vacationing in off season. Every resort that has points has a different program and you should check with your resale specialist about the differences in the point systems. RCI Points are different than the points described above.

 

 

The reason people are buying instead or renting is simple.  They own the property and have a voice in where they stay.  The amenities are typically better and cost much less.  As owners they can save dollars in many areas including lodging, entertainment, food and travel.  The average maintenance fee is far less than the average rental cost for comparable accommodations and has not increased due to inflation the way typical rents have.  Furthermore, owners are building equity in their ownership and can resell to recoup inflation costs.

 

 

Fees include initial purchase of the timeshare, closing costs,
sometimes a membership transfer fee, and annual membership fee with the exchange company.
 

 

Not usually.
 

 

An exchange is the depositing of your week with an exchange and then the requesting of a week to use in place of the week you are depositing. The exchange company does not have to find someone to use your week before they will give you an exchange. Once you deposit the week you are done with it. It is very important to deposit your week early to have more power with your week.  Each exchange company has slightly different rules for exchanging.  There is a fee involved in exchanging your week.
 

 

Timeshare accommodations are quite varied - sized as small as a hotel room and as large as a 4 bedroom unit. 

 

 

Maintenance fees are the cost to operate the resort. This fee is divided up amongst all resort owners. A portion of the maintenance fee is to build up reserves to pay for the non-recurring costs like furniture and appliances.  A reserve is also typically set up to pay for other capital costs incurred because of physical deterioration.  When a developer is still selling in a resort the fees may be subsidized and are subject to increase after the homeowner association takes over the association.  Some states regulate how much is kept in reserve for future spending.
 

 

Maintenance fees will vary from $300-$1000. They will vary from resort to resort depending on location, size of unit, amount of amenities etc. There are occasionally special assessments charged to handle a specific problem at a resort that has not been funded.

 

 

Know what you are getting. Ask questions. There may be other costs such as cleaning fees for renters, etc. You may be able to get more information from a resort web site, the RCI web site, the II web site, the homeowners association, or the resort management company.

 

 

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