Becoming familiar with the timeshare concepts and the language that is used will ensure that you make the right decision. Click on the links below for a thorough look at the basics. BuyATimeshare has organized several terms and questions into user-friendly explanations. Find everything you need to know about using a timeshare.
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Important Timeshare Links:
What is a Timeshare?
A timeshare is when a group of people buy into a resort for a specific time period, usually in weekly intervals. The most common types of Timeshare are condominium or hotel-style developments.
Timeshare Intervals?Annual or Bi-Annual?
Most Timeshares are also sold in Annual or Biennial usage. What does this mean to you? Annual means you will get to use the resort each year on the week you purchased. Biennial means you get the resort every other year. You will also hear the terms odd or even years.
After the initial purchase price, timeshare owners are required pay an annual maintenance fee.
Retail or Resale Market?
Most first time buyers to the Timeshare market purchase their ownership directly from the resort on the retail market, and will typically pay a higher price. These resorts often use high-pressure and deceptive sales tactics when selling timeshares, and will make many promises to the buyer about what they can expect from the ownership of their timeshare.
Types of Timeshare Properties
Timeshares are usually sold in weeks either yearly or every other year. There are many different programs that dictate how you can use your timeshare. We are going to discuss these topics. Fixed weeks, floating weeks, rotating weeks, deeded and right to use, we'll help you make the informed decisions.
Major differences between Deeded and Right to use
The biggest difference between Deeded and Right to use is the ownership of the property. Deeded means you physically own a fraction of the property.
A Vacation Club is a membership within a timeshare or a resort developer. Membership in a vacation club allows the owner the right to stay at a resort in the developer's inventory.
Instead of selling timeshare interests by the week, many developers will opt for points that can be exchanged for time at a resort. One of the main benefits of a points-based system is that an owner can vacation more than once a year, while paying a single maintenance fee
Exchanging and what it is
One feature associated with timesharing is the ability to exchange your vacation property with someone else's. This allows you to obtain vacation accommodations in locations throughout the world. There are typically 3 ways you can exchange your timeshare.
When buying a timeshare it is important to consider which season you are buying. Most timeshare resorts have times of the year, which are higher in demand than others.
Timeshare Closing Cost
Timeshare closing costs typically range from $300 to $500 for a comprehensive transfer of a time share and closing. These fee cover the services of the closing company, but do not include additional recoding fees or taxes. The recording fees are set by the state.
Once, we bought for ourselves the so-called “floating” timeshare, when the owner can plan holidays for different times. It is only necessary to coordinate the date of arrival with the management company in advance. During the absence of the owner, the apartments are rented. Each year we were offered rooms in the same hotel or different hotels, but, as a rule, within the same resort. We only decided on the specific size and type of apartments and chooses the season. Now we want to contact the company Wesley Financial Group to leave the timeshare. Is it possible?