Details of a Timeshare Resort Ownership

Many people consider buying into a timeshare resort at some point in their lifetimes. While each program is a little bit different, most of the basics are the same between all of them. If you are considering buying into a timeshare resort in the near future, you need to understand the basics of how they work. Here are a few things to keep in mind before you sign up for a timeshare.

Timeshares Basics

The idea behind a timeshare is pretty basic. The owners of a resort property choose to use the timeshare method of selling their units instead of renting them. When you purchase a timeshare you are buying one week out of the year at a particular unit. Therefore, you and 51 other investors are paying for the entire price of the unit. You each get your one week out of the year to use as you see fit. 

What You Get

Usually a timeshare will grant you the same benefits regardless of where you buy into. You will get accommodations at a unit for the entire week, and you will get to use the common areas. The resorts usually have a pool, fitness center, and other similar areas. You can use these facilities as part of your membership. Some timeshares provide extra benefits as well, but all of them will have these basics. 

Exchange Program

One detail that most timeshare programs offer is their exchange program. With the exchange program, you can take your allotted week and trade it for a week at another resort. This will give you the same exact privileges that you would get from your home resort at the other place. This enables you to get some variety from your vacations. This is more likely if your home resort is located in a high-demand area, where more people are willing to trade for your week. 

How They are Sold

The standard way to sell a timeshare is through a timeshare tour. These tours are very common and involve potential investors coming to visit the resort in which they would potentially be buying a timeshare. Prospects are usually given a three day and two night vacation in exchange for attending the timeshare tour. 

During this tour they are accompanied by a sales agent that takes them through the tour. They are shown the property and then given an opportunity to buy into the property. 

You will usually have to come up with some sort of down payment before you purchase a timeshare. You will then be able to finance the rest of the purchase over a period of time. You will also be obligated to pay a yearly maintenance fee for the property. Make sure that you understand all of the costs involved before you buy. 

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