TIMESHARE BUYING FAQ
Q. How much will it cost to own a timeshare?
Q. What is your annual “maintenance fee" used for?
Q. Does the maintenance fee include housekeeping during my timeshare stay?
Q. What are the different timeshare units I can choose from?
Q. What are "lock-off" units?
Q. What is a "fixed-week" ownership option?
Q. What is a "floating week" ownership option?
Q. What exactly are Points?
Q. What timeshare ownership options are available?
Q. What is a transfer fee?
Q. What additional fees are involved in purchasing a timeshare?
Q. How soon may I use my week after purchasing?
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Q. How much will it cost to own a timeshare?
A . Most resorts offer a variety of week, unit, and flexibility options in order to help make
ownership accessible to everyone. Typically, the cost of your timeshare purchase will
be based on the following factors:
- Resort Location - a popular location may cost more initially
- Timeshare Unit - larger units will offer more in-room amenities in general, but will
undoubtedly be more expensive.
- Weeks Options - the frequency and season of your vacation week(s) will have an
impact on the price of your timeshare.
Q. What is your annual "maintenance fee" used for?
A. Maintenance fees are annual charges that go toward maintaining and updating your
timeshare. Maintenance fees typically cover state & property taxes, insurance, utilities,
and property upkeep such as furnishings, fittings, and resort amenities. The resort's
management or Homeowners Association usually determine what the charges will be.
Q. Does the maintenance fee include housekeeping during my timeshare stay?
A. In short - no. Some resorts do offer complementary, daily housekeeping service. Others
offer it on a weekly or bi-weekly basis. In all cases, additional housekeeping beyond the
scheduled service will cost you a flat fee based on the size of your unit. If this is a concern
for you, be sure to clarify what the resort's policies are before purchasing, as this will be a
consideration for your future visits.
Q. What are the different timeshare units I can choose from?
A. Although timeshare and off-property units may vary from resort to resort, there are industry
standards that will help you determine how many guests a particular timeshare unit will
comfortably accommodate.
- Hotel Unit - Sleeps 2
- Studio/Efficiency Unit - Sleeps 2-4
- One Bedroom Unit - Sleeps 4-6
- Two Bedroom Unit - Sleeps 6-8
- Three Bedroom Unit - Sleeps 8 +
Q. What are "lock-off" units?
A. "Lock-off" units are multi-bedroom timeshare units that can be divided into two or more smaller
units for exchange or rental purposes. For example, a three-bedroom "lock-off" typically
consists of a one bedroom unit and a two bedroom unit that adjoin through a connecting door,
with multiple living spaces. There are many other configurations available at resorts
worldwide. This option is popular as it allows the timeshare owner to maintain their annual
weekly vacation at the resort, while either leasing the "lock-off" portion for income or
exchanging it for an alternate location and thus gain an additional week of vacation each year.
Q. What is a "fixed-week" ownership option?
A. Fixed week means you possess ownership of a specific week of usage at your timeshare
resort each year. You will hear weeks referred to as "Week 21" or "Week 47" - Week one
begins in January, and progresses upward through the year. Fixed Week timeshare
ownerships are usually assigned to a fixed unit as well, so the owner will always travel the
same time of year and occupy the same unit each time.
Q. What is a "floating week" ownership option?
A. A floating week ownership means the week you may stay at your timeshare is not
predetermined. A floating week guarantees you one week within a certain "season" - a time
period based on your membership rating, not actual weather! "Seasons" vary by location
based on a resort's popularity and visitation rate. You will need to contact the resort each year
to reserve the week you would like to visit. If you plan on exchanging a floating week, you will
still need to make a reservation before "depositing" your week with an exchange company.
Q. What exactly are Points?
A. Point systems are vacation ownerships in which you own points that represent the quality and
desirability of the unit you are entitled to. More points translate into better seasons (peak
season availability), larger accommodations, and better trading power. Most systems allow
you to borrow from future years or to carry over unused points into the next year, in order to
increase flexibility and accommodate special circumstances.
Q. What timeshare ownership options are available?
A. With the increasing popularity of timesharing, many varieties of ownership - and ownership
alternatives - have become available. The type of purchase options available will vary based
on the resort you are interested in; options are determined by the resort management
company. As a general rule, the most popular options are:
- Deeded Property: This means the Property Title never expires. Once purchased, the
property remains yours until you decide to sell it. Additionally, deeded property may be
passed on to heirs. This is the most common type of time-share ownership.
- Life Property: Similar to Deeded, this option allows members to visit the resort each
year of their lifetime. After owner's death, the property reverts back to the resort.
- Leased/Certificate Property: This is a membership right to a particular timeshare for a
specified number of years or visits. This is a popular option for families that have children,
allowing the lessee to enjoy annual visits to a popular family locale, but still freeing the user
from a permanent ownership in a location they may not need to visit in later years. Resorts
sometimes offer "accelerated" usage, allowing the lessee to borrow from future years while
paying maintenance fees at an accelerated rate.
Q. What is a transfer fee?
A. The transfer fee is the cost to transfer property ownership (title) from one party to the other.
This applies, of course, to any resale you see on eBay. Transfer fees are in part determined
by the resort and may vary depending on what resort you are purchasing.
Q. What additional fees are involved in purchasing a timeshare?
A. As in any other property transfer, there are fees involved. You can expect to pay fees involved
with the preparation of transfer documents, an initial maintenance fee, and recording and
transfer fees required by the state, county, and resort. These fees may total up to a few
hundred dollars, depending on the resort and type of unit you are selecting. Of course, by law,
all costs relating to the purchase must be disclosed to you at the time of the sale.
Q. How soon may I use my week after purchasing?
A. As soon as ownership has transferred into your name, you may contact the resort to begin
vacationing - or contact the exchange company to start active participation in their exchange
program.
