Q. Why should I purchase a timeshare and how does it work?
A. If you like to vacation a timeshare will allow you to go to some of the finest vacation resort. While you vacation you are also building equity in your vacationing. Timeshares can be very beneficial to those who love to vacation.
You and your family will be able to enjoy the resort for many years.
You will enjoy some of the finest Vacation Resorts in the world.
Over time Vacations will get more expensive you will not see this increase.
You can get bonus time from your resort and enjoy it at major reduced rates.
Q. Can I use the resort at other times in addition to my week usage?
A. YES. Most resorts offer additional time to owners at a reduced rate; this benefit is most commonly known as bonus time.
Q. Will I receive all major benefits that the resorts are offering if I purchase through a Resale company?
A. YES. All major benefits transfer to you when you purchase a resale timeshare. The property’s Homeowners Association benefits and rules apply to all owners regardless of how the property was acquired.
Q. What does lockout mean?
A. A lockout timeshare is when you can lock a door between the units to make 2 separate units. A couple of benefits of owning a lockout unit are you can use your timeshare two separate times by choosing to only use one unit at a time. This feature is also nice if you travel with another couple and would like more privacy. Each unit will have an access door to the hallway.
Q. What is a float week?
A. Floating week means you have the flexibility to use your timeshare between week 1 and 52 unless there are restricted weeks with your package (also known as black out dates). You will have to reserve the week you want in advance.
Q. What is a fixed week?
A. Fixed week is when you can only use your timeshare that week. This is good for people who know they have vacation on a specific week.
Q. What is a banked week?
A. If you are unable to use your timeshare on a given year you have the option with some resorts to bank your week if your resort does not offer this you can use a Service like RCI or Interval International to bank your week. With a banked week you are trading your week for the use of a week later.
Q. What is red, white-yellow, and blue-green time?
A. A color system used for rating the desirability of a timeshare week. Red is considered the most desirable followed by white and yellow. Blue and green are considered off-season.
Q. What is a point system?
A. Points are offered annually and can be redeemed for daily stays, weekend getaways, full week stays or other products. Additional points can be purchased but usage varies from resort to resort.
Q. What is involved in buying a timeshare?
A. When buying a timeshare you have to consider a few things. How are you going to pay for the timeshare? And who will do the Closing on the timeshare. Most resale companies can help you with both of these. When you agree on a price with a seller your property will go into closing with the closing company. After the closing company gets your paper work they will require full payment for the amount of the timeshare that is being purchased which will go into an escrow account. The timeshare closing company will handle paying off any loans the seller might have on the timeshare and file all the paperwork with the timeshare resort. Typically it takes from 4-6 weeks to complete the entire transaction depending on the resort. Once everything is completed you can begin to enjoy your new timeshare.
Timeshare Renter’s FAQ
Q. What is involved in renting a timeshare?
A. Renting a Timeshare can some times be tedious; if you are looking for a specific week and resort it might take some searching. However if you are looking for a great deal some timeshare owners are just looking to get back their Maintenance fee’s and Taxes they have to pay for the use of the week. If they are unable to go it is wasted money. Most 1 bedroom timeshares will rent out for $750 to $1000 but are often negotiable. If you were to rent a Hotel you would be looking at $200 a night in most cases and could possible save yourself $400 to $650 for the week. The rooms that you will get at these resorts are also much nicer than a typical hotel room. Most will come with a kitchen, living room and a bedroom.