how do timeshares work?
girlwhoknowsitstrue December 8th, 2008 at 1:07 pm 1 basically, you pre-buy 1 or 2 weeks, the same week, at a resort. Then, if you don’t want to use it, you can try to “trade”. The downside is that you have to pay taxes on the property, plus maintenance fees, plus RCI fees to trade – people buy them all the time, because they can “write them”off on their taxes – but I fail to see the financial aspect of it – since every time I go on vacation, I can watch the sales and do better than the $250 / night + a time share ends up costing. References : Richard C December 8th, 2008 at 1:15 pm 2 Typically a condo or some other type of accomodation in a resort/vacation area, you are purchasing – along with others – the opportunity to use the place for a certain amount of time per the contract, which runs for a number of specified years. If you have a resort area in mind, you should go to its website to find out if there are timeshares for purchase.
My father sells timeshares at a “sold out” resort, meaning they sold out all available weeks, don’t have any sales people, tactics, advertising, etc. My father sells ones that are repossessed (people stopped paying, agreed to give it back rather than it go on their credit) OR weeks that owners upgraded to the sister resort. So from what I see, timeshare, at least when it’s bought cheap from him, is great for people and families that vacation at least once a year. He encourages his customers to trade their week to other resorts. Why stay at the same place every year? I would never buy a timeshare for thousands of dollars when I know I get the same advantage- same resorts, same trading power, that people get when they buy at other, full price, expensive resorts. And nowadays, you shouldn’t be locked into the same week every year. Most resorts do ‘floating’ weeks, meaning you either can go year round or certain time spans (like throughout winter/spring, etc.) Something to think about.
Timeshare at its core is essentially a group of people sharing the cost of a vacation home. The word “timeshare” has grown over the decades to include a wide variety of vacation products and plans. Also known as “vacation ownership” “holiday ownership” and “interval ownership” , its umbrella covers traditional deeded timeshare ownership, fractional ownership, private residence clubs, points clubs, and more. Some would even broaden the term further to include campground memberships and the ” condo hotel” concept, in which a condo is purchased outright but the owner is only allowed to use it for a specific periods of time and it is rented by a hotel management company for the remainder of the time. Regardless of how loosely or rigidly you choose to define the term, the basic premise of timeshare is simple. You and a group of other people share the purchase cost of a vacation accommodation, in increments of one week (or more) per year of use, thus guaranteeing your ability to use that acc
