What is timeshare?
What are maintenance fees?
How much are maintenance fees?
What is the difference in buying a resale timeshare and buying a new timeshare week?
What is the difference in a fixed week and a floating week?
What is a point system?
What is a lock-off unit?
What is the difference in a leased property and a deeded property?
What fees are involved in buying timeshare?
What is a "season" in timeshare?
What is an exchange?
Why are prices so low on the timeshare resale market?
How do I select a company to buy a resale timeshare from?
What should I watch out for when buying a resale timeshare?
What is the process to buy a resale timeshare?
Can we take our pets when we timeshare?
What sizes of accommodation is available?

Q. What are maintenance fees? (back to the top)
A. Maintenance fees are the cost to operate the resort. This fee is divided up amongst all of the owners. A portion of the maintenance fee is to build up reserves to pay for the non-recurring costs like furniture and appliances. The reserve is also set up to pay for other capitol costs incurred because of physical deterioration. When a developer is still selling in a resort the fees may be subsidized and are subject to go up after the homeowner association takes over the association. The States do have some control over how much is kept in reserve for future spending.

Q. How much are maintenance fees? (back to the top)
A. Maintenance fees will vary from $200-$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.

Q. What is the difference in buying a resale timeshare and buying a new timeshare week?
(back to the top)

A. When you purchase a timeshare from the developer you will be paying for all of the marketing that has been done to sell the timeshare. Buying resale you will generally have a savings of 50% or more. You must make sure that you are getting the same benefits when you buy resale. Occasionally there are programs like the Marriott program where you do not get to take advantage of their rewards program. At this point you must make ad decision if the "rewards" part of the program is worth several thousand dollars to you. You will still be able to use the Marriott week as a week for use and exchanging in the exchange system and within the Marriott system.

A. A fixed week is a set week in a set unit that you will occupy every year. The value of this ownership is that you will know which unit you will be using and where you will be going. If you decide not to use the week you can make it a "floating week" for that year by depositing it into the exchange system. You will pay an exchange fee to do this.

A floating week is determined differently at every resort and you need to make sure if the week is floating the entire year or if there are seasons that it is available. Floating allows you the option of calling to schedule your week without paying a fee. It is still based on availability. If you are not using it at your home resort then you will need to schedule a week with the resort and deposit the week with the exchange company.

A flex week means that your week is fixed unless you call to exchange it. This allows you the priority of using a certain unit but the privilege of exchanging within the resort during a certain period without paying a fee.

Q. What is a point system? (back to the top)

A. The point system allows you to break up your vacationing into 3-4 day vacations. The point system allows you to make better use of your week by vacationing in off season. RCI global points are different than the points described above. Every resort that has points has a different program and you should check with your resale specialist about the differences in the point systems.

Q. What is a lock-off unit? (back to the top)

A. There are two types of lock off units. It is very important to determine which type you are buying. A lock off unit allows you unit to be used for two weeks of vacationing. You may use one week at the resort and exchange one week someplace else. You may use one week and rent out one week. Generally if you own a 2 bedroom lock off you will trade for two one bedroom units. Sometimes the lock off side does not trade through the exchange company. It is important to check with the exchange company to make sure you are buying an exchangeable lock off.

Q. What is the difference in a leased property and a deeded property?
(back to the top)

A. A leased property is a right to use and will expire in a certain number of years. Those years can be from 20 to 99. It is important to verify that you can transfer your property if it is a right to use property. A deeded property means that you have a deed for the rest of your life and your heirs will inherit the property.

A. The fees include:

initial purchase of the timeshare

closing costs,

sometimes a membership transfer fee

Annual Membership fee with the exchange company

A. Seasons are depicted by the exchange companies in colors. RCI color codes are red, white and blue pertaining to exchanging during certain times of the year for each resort
based on how high the demand is for time of year.

Red time = greater demand
White time = average demand
Blue time = lesser demand

For I.I. Interval International, the same concept applies, but the I.I. colors for the same seasonal demand periods, are Red, Yellow, and Green.

A. An exchange is the depositing of your week with an exchange and then the requesting of a week to use in place of the week you are depositing. The exchange company does not have to find someone to use your week before they will give you an exchange. Once you deposit the week you are done with it. It is very important to deposit your week early to have more power with your week. Each exchange company has slightly different rules for exchanging. There is a fee involved in exchanging your week.

A. There are a couple of reasons for this. When your purchase from the developer you are paying the marketing fees for the developer. These are generally around 50% of the sales price. When the unit goes on the resale market the client has hopefully enjoyed the benefit of the timeshare for a few years so he benefits by use but not financially. When you buy a resale you will benefit from the use but you will also benefit financially.

Prices are based on supply and demand. When you have a large resort with several thousand owners there will generally be a number of timeshares on the market. That will keep the prices lower.

A. You should buy from a licensed real estate Broker. There are a number of problems that can arise purchasing timeshare. A licensed Broker has a lot to lose if he deals fraudulently with the public. 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. There are a lot of horror stories about the purchase of timeshare. Make sure any money is put into escrow until closing.

A. You will want to make sure the property is free and clear of all encumbrances. That includes the maintenance fees and taxes are paid. Make sure there are no mortgages on the property. Make sure you are buying from the deeded owner. Make sure you know what you are buying. A red floating week does not always mean that you can use any week of the year without paying a fee.

A. The process of buying a timeshare includes:

Find a reputable Broker. Ask for references.

Decide on what type of timeshare you really need.

Make an offer to the seller. If it is not accepted let the Broker find you a unit that is acceptable. You are better off working with one Broker that has access to inventory all over the country.

A. Not usually.

Q. What sizes of accommodation is available? ( back to the top)

A. You can get as small as a hotel room and as large as a 4 bedroom unit. There are single family homes, houseboats, cruises