HOW DO I SELECT A COMPANY TO BUY A RESALE TIMESHARE FROM?
You should buy from a licensed real estate broker. If you deal with individual sellers or non-licensed companies you are risking the money that you pay as well as you will have no place to turn if there is a problem later. When you purchase from a non-licensed company that is supposedly working as a for sale by owner company there is no recourse if you have a problem. Additionally, always make sure any money is put into escrow until closing.
WHAT FEES ARE INVOLVED IN BUYING TIMESHARE?
The fees include the initial purchase of the timeshare, closing costs, sometimes a membership transfer fee, and annual membership fee with the exchange company.
WHAT & HOW MUCH ARE MAINTENANCE FEES?
Maintenance fees are the cost to operate the resort. This fee is divided up amongst all resort owners. A portion of the maintenance fee is to build up reserves to pay for the non-recurring costs like furniture and appliances. A reserve is also typically set up to pay for other capital costs incurred because of physical deterioration. When a developer is still selling in a resort the fees may be subsidized and are subject to increase after the homeowner association takes over the association. Some states regulate how much is kept in reserve for future spending.Maintenance fees will vary from $300-$1000. They will vary from resort to resort depending on location, size of unit, amount of amenities etc. There are occasionally special assessments charged to handle a specific problem at a resort that has not been funded.
WHAT IS A POINT SYSTEM?
Points are offered annually and can be redeemed for daily stays, weekend getaways, full week stays or other products. Additional points can be purchased but usage varies from resort to resort.
WHAT IS A BANKED WEEK?
If you are unable to use your timeshare on a given year you have the option with some resorts to bank your week if your resort does not offer this you can use a Service like RCI or Interval International to bank your week. With a banked week you are trading your week for the use of a week later.
WHAT IS A FLOAT WEEK?
Floating week means you have the flexibility to use your timeshare between week 1 and 52 unless there are restricted weeks with your package (also known as black out dates). You will have to reserve the week you want in advance.
WHAT IS A FIXED WEEK?
Fixed week is when you can only use your timeshare that week. This is good for people who know they have vacation on a specific week.
WHAT DOES LOCKOUT MEAN?
A lockout timeshare is when you can lock a door between the units to make 2 separate units. A couple of benefits of owning a lockout unit are you can use your timeshare two separate times by choosing to only use one unit at a time. This feature is also nice if you travel with another couple and would like more privacy. Each unit will have an access door to the hallway.
CAN I USE THE RESORT AT OTHER TIMES IN ADDITION TO MY WEEK USAGE?
YES. Most resorts offer additional time to owners at a reduced rate; this benefit is most commonly known as bonus time.
WHY SHOULD I PURCHASE A TIMESHARE AND HOW DOES IT WORK?
If you like to vacation a timeshare will allow you to go to some of the finest vacation resort. While you vacation you are also building equity in your vacationing. Timeshares can be very beneficial to those who love to vacation. Timeshare Benefits:1. You and your family will be able to enjoy the resort for many years.2. You will enjoy some of the finest Vacation Resorts in the world. Over time Vacations will get more expensive you will not see this increase.4. You can get bonus time from your resort and enjoy it at major reduced rates.
HOW LONG DO I GET TO STAY AT THE RESORT IF I PURCHASE?
Usually one week – 7 nights. Timeshares are typically sold in intervals consisting of a seven-night stay. Some Timeshares that work on point systems allow you to stay for weekends or just a night. Check-ins will also vary from timeshare to timeshare it typically is Saturday to Saturday but could be Friday to Friday or Sunday to Sunday