Timeshare Buyer FAQ
Vital Information About Timeshare Resales
Answers to Your Most Frequently Asked Questions About Timeshare Resales.
BuyRentSellTimeshare.com has put together a list of commonly ask questions regarding Timeshare resales Armed with this information you will be better able to make a decision to purchase a timeshare that's right for you at a price that fits your budget.
What is a Timeshare Resale?
A timeshare is a right to use a particular piece of vacation property for a specified period of time.When you buy a timeshare from an existing owner you are agreeing to buy that right from them along with all the conditions and obligations that were and are still in the existing agreement between the seller and the resort.
Why is Buying from an Owner Much Less Expensive than Buying from a Resort?
When you buy from an existing timeshare owner you will generally get a better price compared to a resort. The reasons can vary. 1) The timeshare owner just wants to get rid of their timeshare for lack of use or expense 2) They have had it for years and the although the current value may be more, they are willing to offer it lower to be competitive to the resorts. And 3) the resorts do spend a lot of money in marketing and advertising to get the original sale and that savings is now passed to you. You can save on average 50% off resort pricing through an owner.
How is the value of a timeshare determined?
Timeshares have many variables to which an individual may asses value. The quality of the resort, location, time of year, size of the condo, fees ,etc. A lot of the value of the timeshare will be subjective. A skier perhaps will put more value on a timeshare that offers great skiing, while a family of 4 with a desire just to get away will have different desires and needs.
Do I get all the same benefits that the current owner receives now?
Yes, unless there are special conditions or promotions that were given specifically to the current owner in connection with the purchase you will get all the features and benefits that come along with owning a timeshare at that resort.
What are Timeshare exchange companies and do I need to be a member ?
A Timeshare exchange company is a organization that is like a clearing house or exchange (RCI, II ) for time and weeks that timeshare owners have accumulated as a result of none use. They offer a tremendous benefit in that you can exchange or trade your resort in Orlando for one in San Francisco with another member. You can also rent out extra points or weeks for cash. As a timeshare owner at the resort you do not need to become a member, only if you want to sell or exchange your current weeks or time.
What are Points? And How are Points Related to Timeshare Resales?
Points are a unit of measure as it relates to time and use of a particular unit at the resort. The resort determines the value of the timeshare with criteria like the following: size of the unit, how many can it sleep, how large is it, Time of year is it a redweek week white or blue, popularity of the location within their network, etc. Some popular timeshare resorts that use the points system are Wyndham and Bluegreen. They have ,multiple locations with varying sizes that allow a potential timeshare owner a wide selection of options to accommodate their particular needs.
What are vacation clubs?
Vacation clubs are much like the above timeshare companies that offer points for use in their network of resorts. You buy a membership and are able to use at a wide selection of resorts in their network. Unlike timeshare owners who own a specific week vacation clubs only offer use based on availability.
What are RTUs and how are they different from traditional timeshares?
RTU stands for Right to Use.
There are resorts that are located in areas usually outside the United States, where there is a lease to use the land unto which the resort has been built. It is with a limited and specified time period, like 99 year lease. So the resorts can only offer you a timeshare there within their own lease life. Always check on the time left in the lease before purchasing. Since many of these locations are in area where the resort is a major contributor to the economy it is unlikely that the lease will not be renewed however as precaution always determine the value of it in context to the allotted time.
What are Maintenance Fees? And Why do I as an Owner have to Pay Them?
Maintenance fees are dues paid by a timeshare owner to cover the cost of maintaining the resorts many amenities. Pools, inside and out, spas, gardens, on site shops , cleaning, psychical maintenance, taxes, utilities, insurance, etc. They are paid annually or biannually vary from resort to resorts so look into them before you buy.
Can I finance the purchase of a timeshare?
Yes, there are several companies that specialize in timeshare financing and have programs to work within your budget. Tammac Financial is one of the leading companies.