The Everything Guide To Timeshares - BUYING GUIDE
Are you interested in purchasing one of those ultra-cheap timeshare resales you always see on eBay?
Headed out for a 90-minute tour and don’t know what questions to ask? Here are two easy lessons
to help you make informed decisions about what is right for you!
TIMESHARE BUYING FAQ
Q. What timeshare locations are available?
A. There are an enormous number of timeshare properties in locations worldwide. Although it is true
that most can be found in popular places that guests like to return to year after year, there are many in
exotic and upscale locations that make for great getaways and exchanges. Here’s what to look for in
choosing a location:
* Do you want a resort in a nearby location which you can easily drive to?
* Do you need a resort you can easily trade for other locations?
* Would you prefer a resort in a specific location that you will enjoy returning annually?
Q. How much will it cost to own a timeshare?
A. Most resorts offer a variety of week, unit, and flexibility options in order to help make ownership
accessible to everyone. Typically, the cost of your timeshare purchase will be based on the following
factors:
* Resort Location - a popular location may cost more initially
* Timeshare Unit - larger units will offer more in-room amenities in general, but will
undoubtedly be more expensive.
* Weeks Options - the frequency and season of your vacation week(s) will have an
impact on the price of your timeshare.
Q. What is a resort’s “maintenance fee” used for?
A. Maintenance fees are annual charges that go toward maintaining and updating your timeshare.
maintenance fees typically cover state and property taxes, insurance, utilities, and property upkeep such
as furnishings, fittings, and resort amenities. The resort’s management or Homeowners Association
usually determine what the charges will be.
Q. Does the maintenance fee include housekeeping during my timeshare stay?
A. In short - no. Some resorts do offer complementary, daily housekeeping service. Others offer is on
a weekly or bi-weekly basis. In all cases, additional housekeeping over an above what is scheduled
will cost you a flat fee based on the size of your unit. If this is a concern for you, be sure to clarify what
the resort’s policies are before purchasing, as this constitutes an expense consideration for you future
visits.
Q. What is a transfer fee?
A. The transfer fee is the cost to transfer property ownership (title) from one party to the other. This
applies, of course, to any resale you see on eBay. Transfer fees are in part determined by the resort
and may vary depending on what resort you are purchasing.
Q. What are the different timeshare units I can choose from?
A. Although timeshare and off-property units may vary from resort to resort, there are some general
industry guidelines that will help you determine how many guests a particular timeshare unit can
accommodate.
* Hotel Unit - Sleeps 2
* Studio/Efficiency Unit - Sleeps 2-4
* One Bedroom Unit - Sleeps 4-6
* Two Bedroom Unit - Sleeps 6-8
* Three Bedroom Unit - Sleeps 8
Q. How many guests can I take with me to the resort?
A. You may take as many guests as the maximum number your unit sleeps. For safety reasons, resorts
typically will not accept more than a unit’s maximum capacity staying in one unit. If you are taking too
many people, the resort may require you to upgrade to a larger unit, which will require an upgrade fee.
Q. What are “lock-off” units?
A. “Lock-off” units are multi-bedroom timeshare units that can be divided into two or more smaller units
for exchange or rental purposes. For example, a three-bedroom “lock-off” typically consists of a one
bedroom unit and a two bedroom unit that adjoin through a connecting door, with multiple living
spaces. There are many other configurations available at resorts worldwide. This option is popular as it
allows the timeshare owner to maintain their annual weekly vacation at the resort, while either leasing the
“lock-off” portion for income or exchanging it for an alternate location and thus gain an additional week
of vacation each year.
Q. What is a “fixed-week” option?
A. Fixed week means you possess ownership of a specific week of usage at your timeshare resort each
year. You will hear weeks referred to as “Week 21″ or “Week 47″ - Week one begins in January, and
progresses upward through the year. Fixed Week timeshare ownerships are usually assigned to a fixed
unit as well, so the owner will always travel the same time of year and occupy the same unit each time.
Q. What is a “floating week” option?
A. A floating week ownership means the week you may stay at your timeshare is not predetermined. A
floating week guarantees you one week within a certain “season” - a time period based on your
membership rating, not actual weather! “Seasons” vary by location based on a resort’s popularity and
visitation rate. You will need to contact the resort each year to reserve the week you would like to
visit. If you plan on exchanging a floating week, you will still need to make an actual resort reservation
before “depositing” your week with an exchange company.
Q. What exactly are Points?
A. Point systems are vacation ownerships in which you own points that represent the quality and
desirability of the unit you are entitled to. More points translate into better seasons (peak season
availability), larger accommodations, and better trading power. For example, a low season studio unit
in Canada may only take 100 points to book, but a high season multi-bedroom unit in Orlando may
take 300 points. Most systems do allow you to borrow from future years or to carry over unused points
into the next year, in order to increase flexibility and accommodate special circumstances.
Q. What timeshare ownership options are available?
A. With the increasing popularity of timesharing, many varieties of ownership - and ownership
alternatives - have become available. The type of purchase options available will vary based on the
resort you are interested in; options are determined by the resort management company. As a general
rule, the most popular options are:
* Deeded Property: This means the Property Title will never expire. In other words,
once purchased, the property remains yours until you decide to sell it. Additionally,
deeded property may be passed on to heirs. This is the most common type of time-
share ownership and represents an actual property investment.
* Life Property: Similar to Deeded, this option allows members to visit the resort each
year of their lifetime. After owner’s death, the property reverts back to the resort.
* Leased/Certificate Property: This is a membership right to a particular timeshare for
a specified number of months or years. This is a popular option for families that have
children, allowing the leasee to enjoy annual visits to a popular family locale, but still
freeing the user from a permanent ownership in a location they may not need to visit
in later years. Resorts sometimes offer “accelerated” usage, allowing the leasees to
borrow from future years while paying maintenance fees at an accelerated rate.
* Stock Timeshares: An alternative offered occasionally by resorts that issue shares of
ownership in the property/properties they are selling. Rather than owning a deed to
the property, you own shares in the resort(s) - entitling you to annual vacation time.
Q. What additional fees are involved in purchasing a timeshare?
A. As in any other property transfer, there are fees involved. You can expect to pay feed involved with
the preparation of transfer documents, an initial maintenance fee, and recording and transfer fees
required by the state county, and resort. These fees may total up to a few hundred dollars, and vary
depending on the resort and type of unit you are selecting. Of course, by law, all costs relating to the
purchase must be disclosed to you at the time of the sale.
Q. How soon may I use my week after purchasing?
A. As soon as ownership has transferred into your name, you may contact the resort to begin
vacationing - or contact the exchange company to start active participation in their exchange program.
LINKS TO KNOW ON EBAY:
* Read my TIMESHARE EXCHANGE GUIDE on eBay
* Deeded Timeshare Resales - Find it on eBay
* Orlando Timeshares w/Tour - Find it on eBay
* Timeshares w/ high RCI Points - Find it on eBay
* A Very FRANK Guide Highlighting Deeded Timeshares
* eBay Guide to Buying Timeshare Vacations on eBay
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