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What Do Timeshare is All About? /. /

With timeshare the use and costs of running the resort are shared among the owners. While the majority of timeshare resorts are condominium vacation resorts, developers have applied the timeshare model to houseboats, yachts, campgrounds and motor homes.

History of Timeshares

The concept a timeshare was originally created in Europe in the 1960s. A ski resort developer in the French Alps innovatively marketed his resort by encouraging guests to "stop renting a room "and instead" buy the hotel. "developer succeeded in increasing occupancy and the idea spread worldwide.

Timeshare usability

Timeshare owners can elect to:

* Use their usage time
* Hire of their owned usage
* Give it as a gift
* Exchange internally within same resort or resort group
* Exchange externally into thousands of other timeshare resorts

Timeshare owners can elect to stay at their resort during the period prescribed, which varies depending on the nature of their ownership. They can rent out their week or give it as a gift to friends and family.

Timeshare offers owners the opportunity to exchange their week, either independently or through several exchange agencies, to stay at one of the thousands of other resorts worldwide. The two largest exchange agencies are Resort Condominiums International (RCI) & Interval International [II], and there are several independent exchange agencies. RCI and II both have resort affiliate programs and members can only exchange to affiliate resorts. It is rare to find a dual affiliate resort, it is more common for a resort to be affiliated with only one of the larger exchange agencies. RCI is the largest with over 3,800 resorts split between its weeks and points programs. II has more than 2000 resorts. It is important when considering timeshare ownership to consider which locations and resorts you might want to visit before making a purchase, because the timeshare resort you purchase at will determine which of the major exchange companies you can exchange through. Both RCI and II charge fee, and exchange charges. They also bar members from renting weeks they have exchanged for.

Timeshare owners can also arrange a direct exchange, this requires finding a timeshare owner with the location and weeks both mutually desire. This kind of exchange is rare but since it can save in exchange fees it is often coveted.

Color Time

Color time refers to a holiday season for a given resort. For RCI, the designations:

* Red: high-demand season
* White: intermediate season
* Blue: low demand season

For II, are the names:

* Red: high demand season
* Yellow: intermediate season
* Green: low demand season

Ownership

* Solid, liquid and rotating weeks

Ownership is often sold as weeks, the application of these weeks must be floating or rotating weeks.

* Fixed Week Ownership

The most basic timeshare unit is a fixed week, the resort will have a calendar enumerating the weeks roughly starting with the first calendar week of the year. As an owner You may own a deed to use a device to one particular week. For example week 26 normally includes the July 4 Holiday. If you owned Week 26 at a resort, you can use your week every year.

* Liquid

Sometimes a timeshare is sold as floating weeks. The ownership will be specific about how many weeks you own and from which weeks you may choose for your stay. An example of this, a timeshare be a floating summer week where the owner can request a week during the summer season generally weeks 22 through 36. In this example there will be competition for prime holiday weeks such as Memorial Day, July 4th and Labor Day. The weeks when schools may still be in session would not be so high in demand. Some floating contracts exclude major holidays so they can be sold as fixed weeks.

* Rotating

Some timeshares are sold as rotating weeks. In an attempt to give all owners a chance for the best week weeks are rotated forward or backward through the calendar, so one year the owner may have use of week 25, then week 26 next year and then week 27 years after that. This method gives each owner a fair opportunity for prime weeks but it is not flexible.

* Deeded vs. Right to Use

A major difference in types of timeshare ownership is that between deeded and right to use contracts. With deeded contracts the use of the timeshare resort is usually divided into weeklong increments and these sold as fractional ownership and real estate. As with any piece of real estate, you can use your week, rent your week, give it away or leave to your heirs.

With right to use the timeshare purchaser has the right to use the property in accordance with the contract but at some point the contract expires, and all rights back to the owner. In other words, the right to use the contract provides the right to use the resort for a specified number of years. In many countries there are strict limits on foreign ownership, so this is a common method for developing timeshare resorts in countries like Mexico. Disney Vacation Club is also sold as a usufruct.

* Holiday Clubs

Vacation clubs are organizations that may own timeshare units in multiple resorts in different locations. They are sold both as deeded or right to use and club members can book vacation time at any of the owned resort units based on availability.

* Points Programs

Resort based points programs are also sold as deeded and right to use. Points programs annually give the owner an amount of points corresponding to the level of ownership. Timeshare owner in a points program can then use those points to make travel arrangements within the resort group. Many points programs are affiliated large resort groups offering a wide range of options for destination. Many resort point programs provide flexibility from the traditional week stay. Resort point program members may request the entire available inventory of the resort group.

Exchange Companies point programs are not a method of ownership nor are specifically associated with one resort or resort group. With Exchange Company points programs the members may be limited to exchanging for weeks deposited by other members.

A points program member may often request fractional and full week or more week stays. The number of points required to stay at the resort will vary based on a points chart. The points chart will allow for factors such as:

* The popularity of the resort;
* The size of dwellings;
* Number of nights;
* The popularity of the season;
* And the specific nights requested.

There is flexibility and complexity of point programs.

Important note about ownership

* With any of the above mentioned ownership methods, a timeshare owner legally and contractually tied to that ownership.
* A timeshare owner has rights, responsibilities and legal obligations. When a timeshare contract is made is not easy finish.
* These contracts and obligations belong Timeshare owner until the timeshare is sold or ownership is transferred through some other means.

Termination Period

In many developer contracts (and often required government statutes and / or regulations) there may be a notice period. The cancellation period outlines how many days after a timeshare purchase, from a developer, that a buyer has an opportunity to change their mind and cancel the purchase. The cancellation period is usually only a few days long and the buyer must follow the cancellation procedure exactly or risk the request to resign is being ignored.

Types and sizes of timeshare units

Timeshare properties tend to be apartment-style units range in size from studio units (with room for two) to three and four-bedroom units. These larger units can comfortably house large families. Timeshare Units normally include fully equipped kitchens with dining area, dishwasher, television, VCRs and more. It is not uncommon to have washers and dryers either the unit or easily accessible at the resort. Kitchens are equipped to the size of the unit so that a unit that sleeps four should have at least four glasses, plates, forks, knives, spoons and bowls so that all four guests can sit and eat at once.

How many unit will sleep and how many the unit will sleep privately usually list Timeshare units.

* Sleeps 2 / 2 would normally be a one-bedroom or studio
* Sleeps 6 / 4 would normally be a two bedroom with a sofa bed

Sleep privately refers to the number of guests who will not have to go through another guests sleeping area to use a toilet. Timeshare Resorts tend to be strict on the number of guests per. Unit size can effect demand at a given resort where a two-bedroom unit can be more demand than a one-bedroom unit at the same resort. The same does not hold true comparing resorts in different locations. One bedroom with a great location can still be in higher demand than a resort with less demand. An example of this can be a one-bedroom in a great beach resort compared to a two-bedroom unit at a resort located inland from the same beach.

The concept of vacation timeshare has also been extended to luxury goods such as planes and luxury cars.

Covered by the timeshare industry

Today's timeshare industry includes over 5000 resorts worldwide, for a total of 11 million time-share "space" which has been individually sold to nearly 7 million families around the world. There are timeshare resorts around the world. Global Timeshare sales totaling over 9 billion dollars annually. ARDA, American Resort Development Association, reported that in the U.S., as from 1st January 2005 there were 1,668 timeshare resorts serving 3.87 million American households. Ownership has risen in the U.S. 16.2 percent in 2004 and 13.8 percent in 2003.

There is a resale industry for the resale of timeshare intervals. Many of these can be found searching the Internet and an active market in online auction sites such as on eBay.

Pros and Cons of Timeshares

Timeshare industry has been criticized from many sides, and sometimes compared to a trip Scam. Unlike the customary renting arrangement, where the customer decides every year on quality and price of housing, timeshare requires to make a large payment up front. There are doubts as to whether timeshare buyers ever recover the money spent, but the vast majority of timeshare owners have no desire to leave the system and find the quality of their Holiday makes their financial efforts a logical expenditure.

There are also some complaints that owners have to return to the same resort every year, but there are several companies – the most famous being Resort Condominiums International (RCI) & Interval International – that enable timeshare owners to exchange their week for thousands of stations around the world. There is a growing number of independent timeshare exchange organizations available to timeshare owners.

Other complaints include issues surrounding the annual maintenance fee. Some critics talk of ever escalating fees that mean owners can not afford to keep their weeks due to economic pressures.

One of the great benefits of the product is that vacation timeshare is real property. Resort developers purchase land in a place and develop a timeshare resort. They are actually selling consumers deeded weeks of real property at a specific location, meaning customers can do whatever they wish with the weeks they own. This flexibility includes the ability to rent out weeks that not use or even to loan them to friends or family.

Like any other product, timeshare exchange is subject to the law of supply. This should make the exchange mechanism a fair and meritocratic system. For example if a timeshare owner deposits a studio apartment in low season that owner will not be able to exchange into a villa within a country's high season. In practice, major exchange companies have proprietary exchange formulas that add complexity to the system. The study and questions revolving around exchanging are beyond the scope of this article and should be investigated before making any timeshare purchase.

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