Learn about Timeshares
Have a question about timeshares? Don’t worry. Here are some of the most commonly asked questions. If you need to know anything else, simply contact us to talk to one of our Vacation Specialists.
How long does a timeshare last?
When purchasing a timeshare, you purchase typically a ‘one week’ interval. Generally, that amount of time is one week that may have a ‘fixed’ week number during the same time every year or a ‘floating’ week in which timeshare owners may pick from designated weeks in a season. Developers and resort groups will create their own individual schedules or seasons designated to large blocks of time based on desirability.
What are seasons?
Some resorts use colors to designate the desirability. For example: Red – High season, White – Mid High season, Yellow – Mid Low season, and Blue/Green – Low season. Other resort groups may use Platinum, Gold, Silver, or Bronze to designate these specific seasons in their booking system.
What is a ‘fixed’ week number?
This means a resort will designate a week number ranging from 1 through 52. Many resorts will designate some holidays and weeks as blackout dates in which a timeshare owner will have to pay a larger purchase price to own those holiday weeks.
What does ‘floating’ mean?
A floating week allows a timeshare owner to reserve any week throughout the year, based on availability. Many floating weeks are restricted by season and can only be used during a specific block of time during the year. Some floating weeks are more in demand than others.
What are points?
Points are used to maximize flexibility and may often be used with vast resort groups with resorts ranging from a few to over a hundred. Owners in this type of system purchase points/credits for use as currency to reserve timeshare units of various sizes, during different seasons, and for varying lengths of time.
The advertisement is showing available, is the unit guaranteed?
If the timeshare rental week designates a check in and a check out date then it has been booked a period of time before the check in date. This does not mean the unit is 100% available, as the timeshare owner may decide to use it or deposit into an exchange company.
Is this unit available during the week I would like?
If you can’t find the specific unit and week you’re looking for and would like to receive assistance browsing through our inventory, simply fill out the form for more information and you will be contacted by one of our agents or representatives.
Is the asking price for this property the final price I would have to pay? Are there hidden costs or fees? Do many sellers negotiate?
The price on the timeshare owner’s advertisement is generally the price the seller wishes to net from the sale, but they are often willing to reasonably negotiate to an agreeable sale price. Most sellers prefer to let a third party title company to handle the transfer of funds and title. Typically the buyer pays closing costs.
What unit number/building/floor is this?
In most cases, the resort itself now manages the occupancy and the overall assignment of the unit that the occupant will stay in. The owner is guaranteed their bedroom size, booked check in date, and designated view type.
What does ‘Maintenance Fee’ mean?
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’ or ‘Biennial’ mean?
Some timeshare usage is every year (annual) while some is every-other year (biennial).
What does ‘Odd year’ or ‘Even year’ mean?
Odd and even year usages are biennial ownerships. Weeks with odd year usage can be used during years ending in odd numbers, while weeks with even year usage can be used during years ending in even numbers.
What does ‘Right To Use’ or ‘Deeded’ mean?
A Right To Use or Leased property grants the purchaser the right to use the timeshare for a specified period of time allotted in the contract. The usual term of a lease is 30 to 99 years. The resort management or resort entity holds actual ownership of the resort property. Upon the expiration of the lease term, the right to use will generally terminate and return to the resort. To find out how many years remain on the lease, simply fill in the form for more information. A Deeded property has the same rights of ownership accorded to it as any deeded real estate. The owner owns it in perpetuity and may sell, rent, bequeath, or give away the property.
Do I need an appraisal to sell or rent my property?
You do not need to have an appraisal to sell or rent timeshare. It simply needs to be priced effectively based on other timeshare inventory on the resale and rental market.
What are upfront fees?
Upfront fees are the fees you pay when purchasing an advertisement to sell or rent your timeshare. Many scam companies charge large upfront fees while overpriced timeshare units sit unsold. If paying an upfront fee, it should be a small fee similar to advertising in the newspaper (Ex. $99/ 6 months). Commission-based brokerage companies are rare but do not charge upfront fees.
What does ‘RCI’ or ‘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.