What is a Timeshare?
A timeshare is a form of vacation property ownership in which the owner has a deeded or right to use agreement with a resort for a designated period of time. Timeshares have become a great alternative to the high cost of owning a vacation home.
What is the difference between flex, fixed, and floating weeks?
Flex Weeks require you to make a reservation to an assigned season. Flex time may be labeled by season (summer flex, winter flex, etc.) or by color (red, blue, white, etc). It will be determined upon what system your resort property uses.
Fixed Weeks will usually be identified by a number. For instance, the first week of January is Week 1, and the last week of December is Week 52. Mostly fixed weeks begin on Friday, Saturday or Sunday. When you own a fixed week you can only stay at the resort during your assigned week.
Floating Weeks allow you to make a reservation for any time during the year and is based on a resort's availability.
What is a Maintenance fee?
A maintenance fee is usually a fixed, mandatory fee that the resort charges for the upkeep of the property. In many cases this fee also covers insurance, taxes, utilities, and any other maintenance expenses. These fees are usually billed on a monthly, annually or biennially basis.
What are Points?
Points are used as units of measurement to establish the value of seasons, sizes of suites, and resort locations.
What is an Exchange Company?
An exchange company gives you the option to stay somewhere other than your owned resort. Your week can be exchanged for one at a comparable resort. Although there are several timeshare exchange companies, two of the largest are Resort Condominiums International (RCI) and Interval International (II). RCI and II are affiliated with over 5,000 resorts worldwide.
What is a Banked Week?
When dealing with an exchange company, the owner has the option to deposit unused weeks to be used at a later time. Typically, the owner has two years to use the week in the exchange company's network of resorts. However, for a fee, the banked time can be extended up to one year.
What is the difference between White, Red and Blue Seasons?
Each resort property will have different seasons. This has a considerable impact on the demand of all timeshare properties. Three principal colors are used by most resorts to determine the demand of the season. Red is peak or high season, white is mid season and Blue is off peak or low season. Since demand affects price and trading power, your owned season is an important factor to consider.
How is pricing determined for timeshare resort properties and timeshare resales?
Many factors effect pricing of timeshare resort and timeshare resale resort weeks including but not limited to: location, resort amenities, size of the unit, time of year, and of course, market demand.
Why does the resort charge a lot more than the resale market for the same property?
When a resort is built by a resort developer, much of their costs are related to marketing and sales. Therefore, when your property is purchased directly from the resort, you are paying a premium to help the resort offset all of the marketing and administrative costs associated with the sale of the property. When the property is purchased on the resale market, you are paying market value for the property.
What is the difference between Biannual and Biennial?
Biannual – gives two weeks of usage per year to the owner.
Biennial – gives one week of usage every two years to the owner.