Whether the concept of timeshares are new to you or you are looking to sell your vacation ownership, you may have questions about the process. Below, we’ve answered the most frequently asked questions about timeshares. Read through so you can have the knowledge you need to make an educated decision. If you have additional questions or need immediate assistance, call one of our friendly timeshare specialists at 1-866-942-1596.
What is a timeshare?
A timeshare, also referred to as vacation ownership, is a form of joint property ownership. With a timeshare, you secure a set amount of time (typically a week) in a specific resort (or group of resorts) annually. The cost of a timeshare is usually much lower than that of a vacation home.
What is a timeshare resale?
When you purchase a timeshare resale, you are buying from the current owner rather than directly from the resort developer (such as Marriott or Wyndham). Timeshare resales often cost a fraction of the retail price. Browse TimesharePartners.com’s inventory of available timeshare resales today.
What do timeshares offer that hotels do not?
A typical hotel room consists of a studio and a small bathroom, while a timeshare unit usually provides more spacious accommodations and a better selection of amenities. The average timeshare consists of a condo-style unit with multiple bedrooms, bathrooms, individual living and dining areas, and a kitchen or kitchenette. TimesharePartners.com offers an array of timeshare unit styles in many destinations worldwide, so you’re sure to find the one that perfectly fits your vacation needs.
How much does a timeshare resale cost?
There are various factors that affect the price of a timeshare, which include but are not limited to: location, time of year, resort amenities, size of the unit, and market demand. To view current examples of timeshare unit prices, browse our resales.
Are there different kinds of timeshare ownership?
Yes, the types of timeshare ownership include:
- Deeded Timeshare: When you own a deeded timeshare, you own it entirely. You have the ability to sell, rent out, or even leave your deeded property to your heirs. The timeshare is yours as long as you own the deed.
- Leased Timeshare: A leased, or Right-To-Use timeshare, is one that allows you to use a specific week (or weeks) at the resort for a set number of years, usually anywhere from 20-99. The selling resort typically regains the right to use the property when the lease period is up. It is important to find out how many years are left on the contract before purchasing a leased timeshare resale. Resorts often give you the chance to renew the contract on the year it expires.
- Vacation Clubs: With a vacation club ownership, you receive an annual allotment of points to use toward vacations at resorts within the club’s network. Each week or unit is assigned a specific number of points based on season, location, and desirability of the unit. Owners can choose between a variety of locations, based on how many points they’ve purchased. Learn more about timeshare points programs.
What types of weeks are available?
- Fixed Week: When you own a fixed week timeshare, you can use it during a specified week each year for as long as you are the property owner. Fixed weeks usually start on a Friday, Saturday, or Sunday.
- Floating Week: You can use a floating week timeshare at any time of year based on the resort’s availability.
- Flex Time: A flex timeshare week is one you may only use within a certain season (e.g., winter flex or spring flex). The owner must contact his or her resort each year to book the desired week. Weeks are available on a first-come-first-served basis, so if you want to book a week during the most desirable time of year, you’ll want to call as early as possible to reserve it.
- Biennial: A biennial timeshare is one that can be used every other year. Your biennial timeshare can also be a fixed week, floating week, flex time, or points. It is typically specified to even or odd years.
What are maintenance fees?
Resort managers or associations determine costs for maintaining the resort, paying the management company, and reserves for unexpected expenses. They then allocate those costs between all the owners/members and charge them as maintenance fees. Maintenance fees are usually due once a year, but some are billed monthly or quarterly. Funds from these fees are used for beautification and upkeep of the timeshare, insurance payments, management companies, utilities, refurbishing, and taxes. Maintenance fees vary with each resort and often depend upon the size and type of timeshare unit.
Can I exchange my timeshare?
Yes, as long as you are the owner of the deed or certificate, you may exchange your timeshare. In fact, the ability to exchange is one of the primary advantages to buying a timeshare. You can join a timeshare exchange company so you can trade your week with other timeshare owners if you want to vacation somewhere different or during a different time of year. You’ll be able to choose from a network of thousands of affiliated resorts worldwide. Some timeshare resorts offer their own internal exchange program and the option to trade using an external company, like RCI or Interval International. Third-party exchange companies like these usually require an additional membership fee with the option to cancel or renew annually.
What do I need to sell my timeshare?
If you are ready to sell your timeshare, you’ll first want to gather all the necessary paperwork on your ownership, including:
- Your deed
- The most recent maintenance fee bill
- Your financial agreement (if you have one)
- The correct name and address of your home resort
Don’t stress if you are missing any of these pieces; our timeshare specialists will help you retrieve any missing information or paperwork to get you on your way to selling your timeshare!
Can I rent out my timeshare?
Yes, you can rent out your timeshare as long as you are the owner of the deed or certificate. Renting out your timeshare is a great way for you to make sure your timeshare doesn’t go to waste if ever you can’t make it there, or if selling it is taking longer than you’ve expected. You can then use the income from your timeshare rental to pay for maintenance fees and other costs.
If you are ready to speak with a timeshare resale expert, call us at 1-866-942-1596 or email us at [email protected] today!