Timeshares Everything You Need To Understand
Timeshare is now a strong worldwide industry. With over 4,000 timeshare resorts in 81 countries around the globe, the information below on timeshare will help you decide if it is the right investment for you.
Here is some basic timeshare information:
What is timeshare?
Timeshare is a form of property ownership. With timeshare the usage and expenditures of a property’s operation are shared by many owners. The majority of timeshares are vacation resort condominiums, industry leaders have also extended the timeshare model to houseboats, yachts, campgrounds, and motor homes.
Timeshare and its concept were first introduced in Europe back in the 1960’s. The owner of a ski resort in the alps of France marketed his resort through the idea of “stop renting a room” and instead “buy a hotel”. The developer was successful in luring more investors, increasing occupancy rates in his hotel until the idea became so popular that other hotel owners started offering and selling timeshare properties to their clients.
How o get the Most from your Timeshare:
– pick usage time
– rent out your time
– give it as a gift
– exchange it with an owner of a timeshare in another resort.
“Time”share (the usage of a specific time or season will affect its price)
– peak season
– mid season
– off peak season
Types of Ownership
Owners may opt to choose different types of ownership of a timeshare. It can either be:
– fixed, floating and rotating weeks
Fixed ownership means that during a specific week in the resort’s calendar you own a deed to use a unit during this period of time. Example: If you owned week 32, it means that you can come back every 32nd week every year to enjoy your ownership in this timeshare resort.
Floating ownership, on the other hand, means the ownership will be specific on how many weeks you own and from which weeks you may select your stay.
For example, if your floating timeshare ownership states that you have a floating Christmas week, it means you may choose within the weeks around Christmas time to enjoy the amenities of the resort. You may be able to change the specific week you want to enjoy your ownership but it is limited within your chosen season alone.
Lastly, the rotating type of ownership allows the owner of the timeshare to rotate backward and forward in the calendar. Meaning, if this year you opt to use your ownership during week 45, next year you may use week 46 and week 47 on the following year. This is a type of timeshare ownership that allows owner a chance to fully enjoy the best weeks in the resort’s calendar.
Here is important information on timeshare ownership and something that owner should take careful note of.
Having chosen any of the type of ownership (regardless if fixed, floating or rotating), your timeshare owner is legally and contractually tied to that ownership. This means that he has legal rights, responsibilities and obligations once the contract is signed and made. It is not easily ended but it may be transferred to another owner.
How do buy or rent a timeshare?
Easy. All you have to do is choose the location or timeshare resort. The best thing to do about this step is to get more information on that specific timeshare resort that has filled you with interest. Second, choose the time of year that you like to own in this timeshare resort. Do the same in this step. Get more information so that you will be able to do a wise decision.
Remember that the time of year you are about to choose will affect how you, your partner and your family or colleagues will enjoy the vacation. Lastly, pay a one-time purchase price and an annual maintenance fee.
You may get more information in this timeshare buying through timeshare professionals and consultants or by researching more information yourself. This may be done through the internet. The internet is the most popular venue for getting information on timeshare and buying, renting or selling timeshare ownership as well.