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"MyTimeshareConnection.com is "Your Worldwide Connection To Timeshare Resales & Rentals!"
Timeshare Buyers-FAQ's & Help
- What is a Timeshare?
- What is the difference between a timeshare vs. hotel?
- Will it cost me anything additional to use your website to purchase a timeshare?
- How do I buy a Timeshare using MyTimeshareConnection.com?
- What are maintenance fees?
- How much are maintenance fees?
- What fees are involved in buying timeshare?
- What is a float week?
- What is a fixed week?
- What is a flex week?
- What is a banked week?
- What is the difference in purchasing a timeshare on the resale market and purchasing a timeshare directly from the developer? Why are the prices so low on the resale market compared to purchasing directly
from the developer? - What does "exchanging" mean?
- What are "points" and how does the "point system" work?
- What is a "lockout" or "lock-off" unit?
- What is a biennial timeshare?
- What does "right to use (or leased property)" or "deeded" mean?
- What are the advantages of Timeshare and Vacation Ownership?
- How does Timesharing and Vacation Ownership work?
- What is the different usage plans offered with a Timeshare or Vacation Ownership?
- How do Exchanges work?
- Who handles the closing? Do I need a lawyer?
- What is a "season" in timeshare?
- Can I bring my pets?
- What if I don't find what I'm looking for? Does your website
offer any
other resources to locate the timeshare I'm looking for? - What is an exchange? What is an exchange company?
- What should I watch out for when buying a resale timeshare?
- What is the difference between a Five-Star resort and a Gold Crown resort?
- What is a "right to use (RTU)" timeshare?
- Is financing available if I purchase a timeshare on the resale market?
- What if I don't find what I'm looking for?
- When I decide to purchase the timeshare, how do I handle the closing?
What is a Timeshare?
Timesharing or vacation ownership is a way of using and owning a particular timeshare property. The Owner has a deeded right to use agreement with a resort for a designated period of time, usually in weekly increments. It allows you to use the property for a certain period of time each year. You pay an initial investment for the timeshare and then you will pay a maintenance fee each year for the upkeep of the timeshare. Most timeshares are deeded for life. Others are deeded for a certain period of time. Some resorts sell a membership. It is important to know how your timeshare is conveyed.
What is the difference between a timeshare vs. hotel?
If you are traveling with a family or a group of more than two people, a timeshare is the way to go! With a timeshare you will have separate bedrooms, a central living room and a kitchen. You get a full condominium unit. If you are in a hotel, you are cramped and your options are limited. You are all cramped in one room with barely enough space to walk. With a timeshare, Mom and Dad can put the kids to sleep in one room and continue to enjoy their time together in another room. In the morning, instead of spending $100 on a breakfast out, you can take advantage of the full kitchens with dining areas. Also, most units come equipped with a washer and dryer. Many of the timeshare resorts offer activities for the kids along with all of the other amenities that you would find at a 5 star hotel resort. Timesharing is truly the way to go!
Will it cost me anything additional to use your website to purchase a timeshare?
No! Our service is absolutely free to buyers!
How do I buy a Timeshare using MyTimeshareConnection.com?
Go to www.MyTimeshareConnection.com and follow the links to Buy A Timeshare. It's simple! Just locate the timeshare you are interested in and click on the "Email Owner" link and you will contact the Owner directly to make an offer
What are maintenance fees?
Yearly maintenance fees are fees paid each year to a HOA for the maintenance of the resort. Just like taking care of a home, resort maintenance fees help to maintain the quality and future value of the resort property. In a timeshare or vacation ownership resort, maintenance costs are shared by all owners. They pay for on-site management, unit upkeep and refurbishing, utilities and maintenance of the resort's common areas and amenities, such as pools, tennis courts and golf courses. Just like residential condominium owners, after management has been turned over to vacation owners, they determine the fees through their HOA Board of Directors. The amount of the yearly maintenance fee typically depends on the size, location, and amenities of the resort. Maintenance fees are assessed and paid annually by each vacation owner.
How much are maintenance fees?
Maintenance fees will vary from resort to resort depending on location, size of unit, amount of amenities, etc. There are occasionally special assessments charged to handle a specific problem at a resort that has not been funded.
What fees are involved in buying timeshare?
The fee's include:
- initial purchase of the timeshare
- closing costs
- sometimes a membership transfer fee
- Annual membership fee with the exchange company
What is a float week?
A float week is one that allows you to schedule a week of your choice rather than having the same one every year, with no extra fee being charged for that freedom. The weeks that are available for you to choose from is determined by the resort and which season your week belongs to. Resorts accept reservations for weeks by the Owners as soon as the annual maintenance fees are paid, subject to availability. You will need to reserve your week even if you're going to bank it with an exchange company.
What is a fixed week?
A fixed week is a set week in a set unit that you will occupy every year. It is identified by a number, e.g. The first week in January is Week 1. They typically begin on Friday, Saturday or Sunday. The value of the Ownership of a fixed week is that you will know which unit you will be using and where you will be going. If you decide not to use the week you can make it a "floating week" for that year by depositing it into the exchange system. You will pay an exchange fee to do this.
What is a flex week?
A flex week means that your week is fixed unless you call to exchange it. This allows you the priority of using a certain unit but the privilege of exchanging within the resort during a certain period without paying a fee. It can mean that you own within a certain number of weeks e.g. you own a flex week during weeks 6-15 means that you must request a week during that time. The unit will depend on availability.
What is a banked week?
This is a week that the Owner "banks" with the exchange company. Once the week is banked, the Owner typically has two years in which to request and exchange against the banked week. When the week is banked, the week belongs to the exchange company and someone else will use that banked week. It will not be available for the Owner to use. Generally when a week is banked it can not be removed from the bank. When you are purchasing a resale it is very important to make sure the week is not banked if you intend to use the week.
What is the difference in purchasing a timeshare on the resale market and purchasing a timeshare directly from the developer? Why are the prices so low on the resale market compared to purchasing directly from the developer?
When you purchase a timeshare from the developer you will be paying for all of the sales and marketing that has been done to promote the resort. Buying resale you will generally have a savings of 50% or more, and enjoy most of the same wonderful vacation benefits as if you purchased it directly from the developer! Prices are based on supply and demand. When you have a large resort with several thousand Owners there will generally be a number of timeshares on the market. That will keep the prices lower.
What does "exchanging" mean?
The process of trading an interval week at one resort for an interval week at another resort or trading a specific week at the home resort for another week at the same resort is "exchanging." The exchange system allows an interval Owner to trade their week with other interval Owners thereby allowing each Owner to travel and vacation throughout the world. This is usually done through an exchange company. It is also done via the Internet with Owners exchanging with other Owners. Some resorts have internal exchanges with other resorts which are usually owned by the same company. This is known as an internal exchange or trade. Island One Resort and Westgate Resorts are examples of the internal trade program.
What are "points" and how does the "point system" work?
Points are units of measurement used by exchange companies and timeshare Owners to establish value for seasons, sizes of units, and resort locations. Points clubs offer the Owner a variety of resorts from which to choose by exchanging points. Point Owners are allotted a number of points each year which can be used to book a period of time that can be a few days or a week. Points can also be exchanged for cruises and other things at some resorts. The resort point programs are different than the point program offered by RCI. Hilton and Fairfield are two good examples of the point program.
The point system allows you to break up your vacationing into 3-4 day vacations. It also allows you to make better use of your week by vacationing in off season. You can use your points towards a longer stay, a larger unit or a season that is in greater demand. The advantage of the point system is the flexibility it offers.
What is a "lockout" or "lock-off" unit?
A "lockout" or "lock-off" unit is a timeshare property which can be divided into two complete sections so that two different parties may occupy either half at the same time. These timeshares come in many sizes and have 2 distinct living and sleeping areas. If an Owner buys a lockout unit, they can stay in the whole unit or divide the unit and stay in one half of the unit and rent the other half or rent both halves to different parties. A lock out unit that can be split in half would have two front doors and be totally independent of each other.
There are different rules regarding the lock-off units through the exchange companies. Check with the exchange company to see if the unit you own will exchange for two weeks. They will also tell you what size unit you will get for each week.
What is a biennial timeshare?
A biennial timeshare is the use of a fixed week that occurs every other year. There are odd and even year biennial usages. Examples of a biennial even year would be 2008, 2010, 2012, and etc. If a timeshare is listed as being a biennial even week timeshare, this would mean that you may use the timeshare on even numbered years. A biennial timeshare allows the Owner to receive one week every two years.
What does "right to use (or leased property)" or "deeded" mean?
A leased property is a right to use and will expire after a certain number of years. Those years can be from 20 to 99. It is important to verify that you can transfer your property if it is a right to use property. With a right-to-use timeshare (usually referred to as a "vacation interval" or "leased property"), although usually less expensive, you do not own the property, but have the right to use it for a specified period of time. Because it will revert back to the developer at some future date, the developer has a greater incentive to keep the property in good condition. However, your resale rights may be limited. Also, with vacation intervals or right-to-use timeshares, your unit may be "fixed" (you're entitled to use the same unit each time) or "floating" (you're entitled to a similar unit, but not necessarily the same one). The time you're entitled to use your timeshare, may also be fixed or floating. Time and unit could also be some combination of fixed or floating.
A deeded property means that you have a deed for the rest of your life and your heirs will inherit the property. It means you have true property Ownership with a deed recorded in the county where the property exists. This type of property has the same rights of Ownership accorded to it as other deeded real estate. The Owner may sell, rent, bequeath, or give away the property.
What are the advantages of Timeshare and Vacation Ownership?
Unlike a hotel room or rental cottage, which require payment for each use with rates that usually increase each year, ownership at a timeshare property enables vacationers to enjoy a resort, year after year, for the lifetime of their ownership with only a one-time purchase price and payment of yearly maintenance fee . Timeshare ownership offers vacationers an opportunity to save on the escalating cost of vacation accommodations over the long term while enjoying all the comforts of home in a resort setting.
Truly a home away from home, vacation ownership provides the space and flexibility to suit the needs of any size family or group. While most vacation ownership condominiums have two bedrooms and two baths, unit sizes range from studios to 3 or more bedrooms. Unlike hotel rooms, there are no charges for additional guests. Also, unlike hotels, most units include a fully-equipped kitchen with dining area, washer and dryer, linens, stereo, televisions, VCRs and more.
Timeshare resort amenities rival those of other top-rated resort properties and may include swimming pools, tennis, Jacuzzi, golf, bicycles and exercise facilities. Others feature boating, ski lifts, restaurants and horseback riding. Most timeshare resorts offer a full schedule of on-site activities, such as sporting, recreational and social events for adults and children. The resorts are staffed with well-trained hospitality professionals, with many resorts offering concierge services for assistance with visiting area attractions.
How does Timesharing and Vacation Ownership work?
Each condominium, or unit, of a vacation ownership resort or timeshare is divided into intervals, either by the week or points equivalent, which are sold separately. The condominiums are priced according to a variety of factors, including size of the unit, resort amenities, location, and season. With timeshare, owning your vacation is considered a major benefit. Once a majority or other pre-set percentage is sold to vacation owners, the management of the resort is usually turned over to a Resort Property Owners Association (POA) or Homeowners Association (HOA). The vacation owners in turn elect officers and take control of expenses, upkeep and the future of their resort property, including the selection of a management company.
What is the different usage plans offered with a Timeshare or Vacation Ownership?
Today, there are several types of timeshare programs from which to choose, enabling consumers to purchase the type of vacation ownership that best matches their needs and lifestyle.
Timesharing or Vacation Ownership is a term which describes a method of use and ownership. It denotes exclusive use of accommodations for a particular number of days each year. Usually sold by the week, it is also called interval or vacation ownership.
The purchase of a timeshare interval can take various legal forms. Under a fixed-unit, fixed-week deeded agreement, the purchaser receives a deed allowing the use of a specific condominium at a particular time every year forever just like buying a house. Benefits may include the tax advantages of ownership, plus a voice in the management of the resort. Under this agreement, the owner may rent, sell, exchange, or bequeath the vacation interval.
Under a right-to-use plan, ownership of the resort remains with the developer. The purchaser reserves the right-to-use one or more resort accommodations for a specified number of years, ranging generally from 10 to 50 years, after which all rights return to the developer. These plans come in a variety of forms, most commonly known as club memberships.
Vacation intervals are sold as either fixed or floating time. With fixed time, the unit, or unit type, is purchased for a specific week during the year. That week is reserved for the owner every year, subject to cancellation if the vacation owner does not plan to use it in a given year. Floating time refers to the use of vacation accommodations usually within a certain season of the year. The owner must reserve his or her desired vacation time in advance, with a reservation confirmation typically provided on a first come, first-served basis. The purchaser may also receive a deed under a floating time arrangement. Within floating time, price differences are based on demand within each season.
Vacation clubs or point-based programs provide the flexible use of accommodations in multiple resort locations. With these products, club members purchase points which represent either a travel and use membership or a deeded real estate product. These points are then used like currency to access the various size accommodations, season and number of days at the participating resort. The number of points needed to access the resort accommodations will vary by the members' demand for unit size, season, resort location, and amenities. A vacation club may have a specific term of ownership or be deeded in perpetuity.
Fractional ownership enables consumers to purchase a large share of a vacation ownership unit usually from 5 to 26 weeks. This type of ownership is popular in ski, beach and Island resort areas.
"Lock-off" or "Lock-out" units allow vacation owners to occupy a portion of the unit and offer the remaining space for rental or exchange. The units typically consist of two bedrooms and two baths, or three bedrooms and three baths.
Split weeks are popular with consumers who prefer shorter vacations, as the owner may split use of the interval into two separate visits to the resort, such as one 3-night and one 4-night stay at two different times of the year. Reservations are usually granted on a first-come, first-serve basis and are based on availability.
Bi-annual Ownership, or alternate year ownership, allows use of a resort ownership product every other year and cost less than annual ownership at comparable resorts.
How do Exchanges work?
Most resorts are affiliated with an exchange company that administers the exchange service for its members, Example: RCI or I.I. Typically, the exchange company will directly solicit annual membership. Owners individually elect to become members of the affiliated exchange company. To exchange, the owner places his or her interval into the exchange company's pool of resorts and weeks available for exchange and, in turn, chooses an available resort and week from that pool. The exchange companies charge an exchange fee, in addition to an annual membership fee, to complete an exchange. Exchange companies and resorts frequently offer their members the additional benefit of saving or banking vacation time in a reserve program for use in a different year.
Who handles the closing? Do I need a lawyer?
Once you have the sales contract signed, you should use a reputable closing company to handle the rest. We recommend Timeshare Resale Closing Service, Inc. We also offer a timeshare sales agreement for your use.
What is a "season" in timeshare?
Each resort will have different seasons depending on the geographic position etc., and this has a significant impact on the demand of any timeshare property. Since demand affects price and trading power, seasonal fluctuation of demand is an important factor to consider when buying, selling, or renting timeshare property. RCI and I.I. have similar ways of measuring a timeshare's demand and trading power for exchange purposes.
RCI |
Interval International |
|---|---|
| Red - High | Red - High |
| White - Mid | Yellow/Amber - Mid |
| Blue - Low | Green - Low |
Can I bring my pets?
Not usually, but check with the individual resorts.
What if I don't find what I'm looking for? Does your website
offer any other resources to locate the timeshare I'm looking for?
Yes, you can place a "want ad" on our Timeshares Wanted page. Here you can post your wants and desires and our timeshare Owners and sellers will contact you directly to fulfill your request.
You can also find the resort you are interested in on our website and click the link "Notify Me Of New Listings For This Resort."
What is an exchange? What is an exchange company?
An exchange is the process of trading an interval week at one resort for an interval week at another resort or trading a specific week at the home resort for another week at the same resort. The exchange system allows an interval Owner to trade their week with other interval Owners thereby allowing each Owner to travel and vacation throughout the world. This is usually done through an exchange company. It is also done via internet with Owners exchanging with other Owners.
Some resorts have internal exchanges with other resorts which are usually owned by the same company. This is known as an Internal Exchange. Island One resort and Westgate Resorts are examples of the Internal Exchange program.
An exchange company is a company or organization that accepts timeshare weeks on deposit from its interval Owners/members to establish a pool of weeks from which other members may select the resort and vacation times of their choice. When a member deposits their week with an exchange company, the company compares the week the depositor is asking for with weeks deposited by other members and provides a suitable match based on availability and value. Factors affecting the exchange value are: the resort's rating, the time division (such as prime season versus low season), the size of the unit desired, etc. There are a number of exchange companies to choose from, RCI and Interval International being the largest.
What should I watch out for when buying a resale timeshare?
You will want to make sure the property is free and clear of all encumbrances. That includes making sure the maintenance fees and taxes are paid. Make sure there are no mortgages on the property. Make sure you are buying from the deeded Owner. Make sure you know exactly what you are buying. A red floating week does not always mean that you can use any week of the year without paying a fee.
What is the difference between a Five-Star resort and a Gold Crown resort?
A "Gold Crown Resort" is a recognition program through RCI that honors resorts that consistently offer superior vacation experiences. The Gold Crown award requires resorts to meet more stringent standards in these areas. Additionally, Gold Crown resorts are rated highly in the areas of resort amenities, unit amenities, and guest services. This is RCI's highest rating for a resort, similar to Interval International's "Five Star" designation, their highest rating, which is awarded based on comparable standards.
What is a "right to use (RTU)" timeshare?
With a right-to-use timeshare, although usually less expensive, you do not own the property, but have the right to use it for a specified period of time. Because it will revert back to the developer at some future date, the developer has a greater incentive to keep the property in good condition. However, your resale rights may be limited. Also, with vacation intervals or right-to-use timeshares, your unit may be "fixed" (you're entitled to use the same unit each time) or "floating" (you're entitled to a similar unit, but not necessarily the same one). The time you're entitled to use your timeshare may also be fixed or floating. Time and unit could also be some combination of fixed or floating.
Is financing available if I purchase a timeshare on the resale market?
Yes, you can finance the purchase of your new timeshare. We recommend Tammac Financial or First Again to assist you with your financing needs.
What if I don't find what I'm looking for?
You can place a want ad in our Timeshares Wanted section for thousands of sellers to view. When someone has a timeshare that meets your wants, they will contact you. You can also find the resort you are interested in on our website and click the link "Notify Me Of New Listings For This Resort."
When I decide to purchase the timeshare, how do I handle the closing?
Once you have the sales contract signed, you should use a reputable closing company to handle the rest. We recommend Timeshare Resale Closing Service, Inc. We also offer a timeshare sales agreement for your use.
If you don't see your question answered here, please send us an email to
customerservice@MyTimeShareConnection.com
To The Staff at My Timeshare Connection:
Thank you for making the process so simple in listing our units we have for sale on your website. We do wish you the best in making this a site that Buyers will come to.
- Re/Max Properties S.W. Orlando
