Timeshare Buyer Frequently Asked Questions
There are many variations between timeshare ownerships at different resorts and between different brands, so it is common to have a number of questions about how the timeshare resale industry works. Is it legitimate? Will it really save me money? Why should I buy a timeshare?
Although the truth about timeshare can be a bit complicated, we have compiled answers to a few frequently asked questions to help. Learn about the world of timeshare resales, how to go about buying a timeshare, and common industry terminology. If you are seeking any additional information, feel free to contact us — One of our licensed timeshare resale specialists will be happy to assist you.
Timeshare Buyer Frequently Asked Questions
Why should I buy a timeshare?
Buying and owning timeshare is a great way to save money on vacation expenses if you are a frequent traveler. When you buy a timeshare, you are paying for the ownership and usage of a unit at a resort property on either an annual or biennial basis . Not only does the price you pay include all resort amenities, spacious accommodations, hospitality and more, it is far cheaper than booking a vacation any other way year after year.
What should I look for when buying a timeshare?
First of all, as with any real estate purchase, it is important to know your budget. Calculate exactly how much you think you can afford and decide whether or not you would be willing to finance your purchase. Next, think about how much space you will need. Do you want a small unit for a romantic retreat? Would you like enough room for family and friends to visit? Consider what types of amenities and features you would like in a resort. Many resorts offer everything from in-unit hot tubs, to on-site golf courses and water parks. Finally, the location is crucial. Do you want warm Florida weather? Great skiing in Colorado? Island living in Aruba? Don’t be overwhelmed by all the options available to you. It may help to speak with one of our resale specialists, who can provide additional information and suggestions based on your specific situation. Contact us today!
Can I get financing for a timeshare?
Yes. Ask a traditional lender, get a home equity loan, or go through a developer program. There will be a minimum down payment, as well as fees for taxes, insurance, and maintenance, just like any other real estate purchase. We can suggest a number of different financing options, so call us at 1-855-299-3833 today for more information.
How much does a timeshare cost?
The price of the timeshare will vary depending on size, location, resort, desirability, amenities, accommodations, and more. Therefore, there is no exact answer. Browse through our inventory to get a better idea of a price range for your desired timeshare.
What is the difference between fixed and floating weeks?
Fixed and floating weeks refer to the type of timeshare week you buy. With a fixed week, you purchase the rights to a specific week in a specific unit at a specific resort, which you can then return to year after year. Fixed weeks offer a degree of greater security because you are always guaranteed the same product. A floating week means that you own a specific bedroom size during a week within a certain time frame, or season, such as Summer, Winter, high, low, etc., allowing for increased flexibility. You must then contact the resort every year to book your vacation on a first-come-first-served basis.
What are points?
Under a traditional points-based timeshare system, every available unit size at a resort is assigned a point value for every day of the year. For example, a week at a 2-bedroom unit at an upscale resort in Orlando might be worth 20,000 points in July but worth 60,000 points in December, reflecting the increased demand in the area during the winter season. Points give you the flexibility to book your vacation for as long as you want, whenever you want and, often, wherever you want, subject to availability.
What is an exchange company?
An exchange company is an independent third-party timeshare ownership affiliate that allows owners to swap their weeks with other owners at different resorts all over the world. Currently, the two largest exchange companies are Resort Condominiums International (RCI) and Interval International (II), which are able to facilitate exchanges for both points and weeks owners . Certain resort developers sell ownership with exchange memberships built in, while others require you to sign up independently.
What is a maintenance fee?
After purchasing a timeshare, you will be required to pay additional fees to cover taxes, insurance, and upkeep and maintenance of the resort. These are known as maintenance fees and are billed on a recurring basis (monthly, quarterly, or yearly depending on your ownership). You will have to pay a maintenance fee whether you buy a timeshare resale or one directly from the resort.
What does RTU mean?
RTU stands for Right to Use. This type of timeshare contract can most accurately be described as a lease, wherein you purchase the right to use a week at a specific resort every year for a set period of time (25 years, 99 years, etc.). Once the term expires, so does your right to use the property. This type of ownership is common in the United Kingdom, Mexico and other countries where timeshare interests cannot be deeded.