Everything You Wanted To Know About Timeshares
The timeshare concept was started in 1963 by a ski resort developer. Timeshares are considered a vacation property ownership. The costs and use of timeshare ownership are spread to all the timeshare owners. Most timeshares are condo style units, but this concept has swiftly moved to cruises, yachts, motorhomes and even campgrounds. Timeshare ownership is usually sold in terms of weeks.
While most of these weeks are generally fixed weeks there are also rotating and floating weeks. A fixed week is a timeshare that is used by the owner during a certain week of the year, until the contract is up.
A rotating timeshare is used in a manner that allows all the timeshare owners of a particular unit to enjoy, not just a specific week, but to spread the prime weeks such as Spring break, Memorial Day, the 4th of July and Labor Day among the owners.
For example, the first year you would be able to use week 49 and the next year it would be week 50 ,then week 51 and so on. The floating timeshare system is when the timeshare owner has achoice of weeks, such as the summer months (weeks 22 thru36), excluding the three high demand holiday weeks. These weeks are generaly sold as fixed weeks.
There is two ways that a timeshare works. The first way is to have an actual deed to the unit that is being purchased. Having a deeded timeshare gives the owner exclusive contractual rights of ownership allowing the owner to:
a) use their allotted time b) rent out their time c) exchange it whithin the same resort d) excange it outside with other timeshare resorts e) or give their timeshare as a gift
The second way is to the right to use. The right to use is a contract that specifically limits the length of thecontract. As a right to use owner, you do not have the same luxuries as the deeded timeshare owner. The right to use contract usualy limits the owner to the exact week purchased only. The timeshare units are offered in many sizes and types. They are usually apartment -like and have all the amenities of home, such as fully equipped kitchens including pots and pans, dishes, silverware and plates. The living quarters are fully furnished with all the necessary furniture; tables and chairs,couches and ottomans, dressers and bedroom sets, and often includes cable tv, VCR/DVD players, dishwashers and laundry facilities.
The timeshare units are generally listed by how many people the unit can sleep, total, and by how many that the unit can sleep privately. For an example, if a unit can sleep eight but there is only room for six in their own personal bedrooms and two on a sleeper sofa, it would be listed as "sleeps 8/6 ". The timeshare would have three bedrooms and a pull-out couch. A studio unit would be listed as "2/2", having only one bedroom that can accommodate two people.
The cost of a timeshare will vary depending on location and which week(s) is chosen. The weeks are based on a rating system, the higher the rating the more expensive than the ones with a lower rating. For example, a timeshare in Maui, Hawaii will have a higher rating than Lincoln, Nebraska. There are other cost, such as maintenance fees. Maintenance fees generaly include taxes , repairs, utilities and insurance. Before purchasing a timeshare is best to do your own research, even if you are planning to use a timeshare broker. There are some timeshare brokers that are very reputable, but use caution as there are as many scams as there are timeshares. Check with the Better Business Bureau (BBB) or the American Resort Development Association (ARDA) to help find the right agent for you when buying a timeshare.
