Common Timeshare Questions

There is just something about getting to go on vacation that has people antsy to get away from it all. To just leave behind work, the weather and just go and enjoy themselves but what do they do, where do they go? That is the problem. Many people seem to enjoy one vacation spot over another and do not want to have to continuously stay in a hotel each time they visit.

The answer to this dilemma may be a timeshare. Timeshares are great ways to get to visit different parts of the world each year and stay in comfortable settings that feel and look like home to you. There is no need to stay in a hotel or to rent a house while you are staying. The best part is that you can count on taking the same vacation time each year. In this article you can lean the basics of a timeshare program and how it works for you along with the history and the benefits of owning a timeshare.

What is a timeshare?

A timeshare is a joint ownership among a group of investors to own a piece of property or resort. It may also be a home, condo, yacht or other piece of property that all can be scheduled to use when their own time arises. It is a way of being able to go on vacation and not have to stay with relatives, friends or rent a hotel room. It is marketed as being very cost efficient and can be extremely profitable for those who know how to buy and sell timeshare properties.

What is the history of timeshares?

Timeshares started in the 1960's in the French Alps. A ski resort developer decided to come up with an innovative concept of people owning the resort rather than just renting the room. People would pay for blocks of time each year that would be the same days each year. This would provide a steady stream of income for the developer and provide the owners with a place to stay other than renting a room. It would give them more of a feeling of home or a vacation home than a mere hotel room could possibly give.

How does a timeshare work?

Here is how a timeshare works. The person buys a timeshare in Hawaii. He or she is assigned a specific block of time, usually a week, which they can use the timeshare each year. They can use the timeshare that week, exchange it with someone else for a timeshare in a different destination and time period or they can give it as a gift. It is extremely versatile and can make them a profit should they wish to sell their timeshare later in the future.

What kinds of timeshares are there?

There are several different kinds of timeshares. Just a few are: deeded, right to use, fixed week ownership, floating, rotating and vacation clubs. Each varies according to how often they can be used and how their schedule works out as far as when you can take your week of allotted time for vacation. It is important to know the difference before you sign your paperwork on the timeshare. A decision made in haste without knowing the full details could come back and haunt you later down the road. Just make sure to ask any questions and do some researching before you sign the ownership papers or hand over any money.

What is a deeded timeshare?

A deeded timeshare is where you own the timeshare out right. You own it indefinitely. It is your real property and can be sold as such. You will still own it jointly with other owners and you will still have your allotted time schedule but you have a bit more economic freedom. You do not have to worry about your timeshare lease coming to an end. You can also leave it to heirs just as you would any other property.

What is a right to use timeshare?

In a right to use timeshare you are simply using the timeshare for a set amount of time. It has a limit on how many years you will have the timeshare. You cannot leave the timeshare to an heir should something happen and there may be stipulations on selling the timeshare. Many resorts use this form of timeshare when foreign ownership is a problem. Another issue that can appear is when the company that owns the timeshare goes out of business and another company buys it. The owners could find themselves losing out on their timeshare property.

Where are timeshares located?

Timeshares are located all over the world. Many people associate them with just tropical destinations but in reality they are usually wherever there is a tourist attraction. Some of the out of the way places you may not expect to find a timeshare is Hot Springs Village in Arkansas, Branson in Missouri and other resort areas. Of course tropical destinations such as Cabo san Lucas or Miami feature timeshares but if you are looking for something more reclusive then search for out of the way destinations.

Is there a set date that I can use my timeshare?

Yes, when you buy a timeshare you are usually given a set date or block of time that you can use the timeshare each year. Usually this is one week. Some timeshare programs allow you to rotate your time or there is the possibility of trading your block with someone else for a different allotment of time. You will need to research your contract thoroughly before agreeing to sign any papers to ensure that your best interests are kept in mind. The goal is to be able to use your timeshare during the same period each year but things do come up and people need to change their vacation schedules. Ensuring that you are able to change that schedule is important.

What happens if I cannot use my timeshare during that particular time period that I'm allotted?

Well, you have a few different options then when it comes to your timeshare allotted week. The first is to try to trade another member of your timeshare community for a different time during the year. A second option may be to go to the parent company or a company that specializes in timeshare trading and see if there are any available timeshare trades that are open for the time that you need and are agreeable with the week you have available. The third is to sell or give away your timeshare vacation that year but you will have to check your contract to ensure that this is even an option.

Can I sell my timeshare?

If you have a deeded timeshare you can most certainly sell your timeshare. It is your property and as such it is yours to do with as you see fit. If you have a right to use timeshare the rules may be different and you will need to examine your contract for any stipulations on selling the remaining portion of your timeshare. The same applies for floating week timeshares and such.

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