How long is the usage for a timeshare?
The segments of usage are called timeshare intervals. Timeshare intervals refer to the time period that the timeshare is available to the owner. If the standard timeshare interval is one week then there are 52 intervals available in a year. Most timeshares are sold in one-week increments. There are, however, other options for ownership. Some resorts have longer and shorter time periods such as one-tenth or one-quarter year ownership, or one week every two years if preferred.
What designates the yearly usage of a timeshare interval?
Timeshare usage is most commonly offered annually, so you can enjoy your purchased week every year. Timeshares are also sold in biennial and biannual, triennial and triannual and so on. With biannual you are allocated two weeks per year. These weeks may be consecutive or split up. With biennial your week is available every other year. Biennial odd or biennial even delegate the years of your timeshare usage. For example, if you have biennial odd usage starting in 2007, the following usage will be in 2009 and continuing in 2011. The advantage of biennial usage is that the buyer generally pays only half of the annual value of the property.
What is the advantage of purchasing Timeshare Resale?
Many first time buyers get coerced into purchasing property directly from the resort for a high price. Resorts are known for using high-pressure sales tactics and making unscrupulous promises to the buyer. The benefits of purchasing a timeshare resale from Timeshare Resale Rental include low-cost and reliability. More often than not timeshares on this site are offered for thousands below the regular retail price. You can also count on our sales people to paint you an honest picture of timeshare ownership so there are no surprises during the purchase and usage process. Resales include all the amenities and advantages that the resort has, but without the hassle of dealing with their potentially deceptive presentations.
What is the purpose of maintenance fees?
After a timeshare is purchased the owner then has to satisfy a maintenance fee. Maintenance fees are most often paid annually, but that may vary by usage type. The purpose of the fee is to provide the owner's unit with the proper upkeep. This fee also is somewhat of a security deposit in case the unit sustains damage during use. Keep in mind that the actual amount of the maintenance fee will vary from resort to resort.
What is the difference between Deeded and Right-To-Use?
Deeded and Right To Use (RTU) both refer to types of ownership. Deeded means that you actually hold a title, and own a portion of the resort's property. With RTU you do not hold a title or own the property. Rather, you have the right to use the property, much like a lease. On the RTU contract is the designated number of usage years. For both deeded and RTU the owner has the option to sell, donate or bequeath the property. However, with RTU the expiration for usage remains the same even after dissemination.
Ownership also dictates a measure of power within the resort. Because deed holders do in fact own a piece of the establishment, those owners have the right to vote on issues such as annual fees, resort upkeep and rule changes. Conversely, RTU owners don't have the opportunity to engage in these matters.
What is the difference between weeks and their flexibility?
If you own a fixed week then your usage is always on a specific week every year. A week number will designate your particular week. There are 52 weeks in a year, so your week will be 1-52. What owners enjoy about fixed weeks is that they never change. This is dissimilar to floating weeks where you are not guaranteed to have that particular week each year.
Floating weeks are different than flex weeks in that they are usually available all year and the owner can decide which week to use (some weeks are not available however). It is recommended that for peak season weeks in highly coveted areas owners reserve that time up to a year in advance.
With flex weeks there is generally a season of the calendar year that your week is available. Having a flex week requires owners to reserve their time within that flex period in advance to assure that their unit is available for the desired week.
What is a Vacation Club?
Vacation Clubs are very similar to regular timeshares in that there is still a contract and maintenance fees. Some Vacation Club contracts will not designate a home resort, instead they receive a UDI (undivided interest) in a points program. Owners are allotted points to use weeks at various resorts in the club's network. Like normal timeshares, Vacation Club memberships can be sold and rented with guest passes. They also can be distributed to heirs.
What is a points program?
Not all resorts have points programs. If you choose a resort that does offer points you are allotted a certain amount of points per year. When buying into a points program you get an UDI instead of a deed. Points programs are most often associated with Vacation Clubs. The amount of points you possess allocates the size unit and value of the week you have available to you. Points can be used within the resort network or traded through an exchange company.
What is an exchange company?
Resort Condominiums International (RCI) and Interval International (II) are the two major exchange companies in the industry. These companies allow owners to trade in their points or week(s) for use within their internal networks - which are extensive. When you utilize exchange companies to trade your points/weeks you have the option to bank them. Once you deposit with the exchange company you usually have about two years to use them. This is a good way to hold on to your time without wasting money on maintenance fees in the meantime.
