| TIMESHARE BUYERS Frequently Asked Questions |
or
" How to have your cake and eat it too in the secondary market of vacation ownership."
Q. What is timeshare?
A. Timesharing, Interval Ownership or Vacation Ownership is a property description.
It is a way to use shared ownership of over 6,000 resorts worldwide.
Timesharing normally allows you to use a property, your property (real estate), generally for
one week each year. You will pay one total price for the property then an annual fee, based
on size, to maintain it.
Q. What are maintenance fees?
A. Each unit has it's own cost to maintain, the individual owners divide that unit cost.
The resort amenities are also added in plus the taxes. So ultimately, the maintenance fees
are the cost to operate the resort. A portion of the maintenance fee is to build up reserves
to pay for the non-recurring costs like furniture and appliances. Approximately every five
years each unit will receive new major appliances, carpeting or whatever is needed to
improve it.
Q. How much are maintenance fees?
A. Maintenance fee's vary with each individual resort. They are based on the size of the unit
and amenities. When you have inquiry on a property we will be happy to give you that info.
The maintenance fee is a separate fee, it is not part of the closing cost.
Q. Will I receive the same benefits of ownership from the resort if I purchase on the resale
market?
A. In 99% of the cases I would say yes. Some resort golf packages will transfer to the second
owner but not the third. That is why we research the property for you before we put it on the
market. Deeded 'Points' are transferred to the new owner.
Q. What is the difference between a fixed week and a floating week?
A. This is a commonly asked question. Think about it. Fixed means 'in place'. If you own
a Fixed Week 26, that means you will travel each year to your home resort on Week 26.
If you decide that you cannot travel a certain year on your fixed week time you will place it in
an internal float bank or use the RCI or II exchange company to travel. An exchange
company will bank your week until the following year and then you can enjoy two weeks
vacation.
A "Float Week" is purchased as such, to "float" your time. As opposed to traveling each year
the same time. You will float your time according to the season purchased. Red, White and
Blue for the RCI Exchange and Red, Yellow and Green for the II Exchange.
Q. What is a point system?
A. That is a loaded question. Think about how many point systems there are today. It as if
our world revolves around points. Many resorts use a point system. It was founded by
Fairfield Resorts in the 80's. The basic point system allows you more flexibility. You can
travel 2 or 3 days at a time throughout the year as apposed to a "fixed" weekly vacation
time. It is really a question of lifestyle as to which plan works best. As you travel throughout
the seasons you will "spend" your "points" accordingly.
Q. What is a lock-off unit?
A. A lock off unit is basically two units combined with a mutual door.
As long as both sides have a kitchen and bathroom you will be able to exchange it as
two weeks through an exchange network company.
Q. Please explain the difference between a 'Leased' property and a 'Deeded' property?
A. You will locate Leased properties most often in the Caribbean, especially Mexico leases
run from 20 - 99 years. As a new owner you will have the property transferred in your name
and you will enjoy the remaining balance of time.
Deeded property means that it is yours forever. You enjoy the"bundle of rights" that go
along with whole ownership.
Q. When I purchase my timeshare are there any extra fee's?
A. The only fee's you may have are the closing cost. Some resorts charge a 'transfer of
ownership' fee which varies in price. If you decide to join the exchange company, that will
be added as well.
Q. When I become an owner I understand that I can exchange the property. Explain.
A. There are two major exchange networks RCI (Resort Condominiums International)
RCI.com and II (Interval International) Interval World.com (Interval International)
The #1 reason why people purchase on the primary market is for the exchange benefit.
You "bank" your week with the exchange company, they in turn will accommodate you with
a "like for like", "season for season" property. If you own in the highest season (Red) then
you will travel in red season all over the world. Traveling around the world is a benefit the
exchange company provides. Often the seller will transfer their ownership to the new
owner. Individual sales will vary. Not all owners use an exchange.
Q. Why are prices so low on the timeshare resale market?
A. Did you know that developers pay 50 - 55% to the Sales & Marketing company?
That much is added to the sales price, so the buyer is paying that built in cost.
When the unit goes on the resale market the client takes the loss in order to be competitive
and get the unit sold. The Seller has to compete with all the newly built resorts . It is "supply
and demand", some resorts are built so large there is always an eager seller, which will
drive the price down. Timeshare is not an "investment" property unless you buy low and
sell higher than you paid. That rings true on the resale market. The initial owner enjoyed
ownership at a higher price. It is the second owner that saves the money and enjoys the
benefits.
It's like having your cake and eating it too.
Q. There is so much on the Internet, how do I know that my money is going for the purchase
of the property?
A. Always make your purchase from a licensed real estate broker! If you deal with individual
sellers or non-licensed companies you are risking the money that you pay.
If a problem arises you are protected by the state when you deal with a state agent. When
you write your check make sure it is to a real estate brokerage or real estate law office
escrow account. Oftentimes an individual seller does not disclose on the Internet that they
are years behind on the maintenance fee's or they may already be in foreclosure at the time
they list with an advertising company. Ad companies do not have a real estate broker.
Be very wary, they make their money upfront.
Q. How do I know if a timeshare resale property has a free and clear title?
A. When you make a purchase through our company you are in good hands.
We research every property before we list it. Also the closing service is done with real
estate attorneys and title companies. It is a risk free transaction for the Buyer
and Seller.
Q. Is it necessary to pay an upfront fee when listing a timeshare on the resale market?
A. This depends. If you are listing with an advertising company you are paying for a service
that they provide. Each state has their own laws regarding upfront fee's for real estate.
Sometimes an appraisal fee is charged, our company will give you a free Brokers' Estimate
which is in effect the same as an appraisal. Call us toll-free for a Free Consultation if you
have more questions on this matter, 800-256-3219.
Q. Is an appraisal necessary to sell a timeshare?
A. No, our broker will be happy to supply you with a BROKERS ESTIMATE upon request.
Appraisals, in most cases, are just another way of collecting an upfront fee.
Q. Can we travel with our pets when we stay at a timeshare resort?
A. Yes and no, there are several resorts that are now "Pet Friendly".
Unless it is "pet friendly you may not bring your pet to the resort. You can use the power of
your exchange and stay in these resorts. Contact us for the list.
Q. I understand timeshares are the same size as a condominium?
A. Timeshare accommodations vary in size, as small as a hotel room and as large as a house.
Timeshares are generally classified as condominium's. You can purchase studio's, one
bedroom, 2 bedroom's, three bedroom's 4 bedroom's. With the new point system you can
stay in major hotel's such as the Marriott, Hilton, Wyndham, Sheraton and the Holiday Inn.
" How to have your cake and eat it too in the secondary market of vacation ownership."
Q. What is timeshare?
A. Timesharing, Interval Ownership or Vacation Ownership is a property description.
It is a way to use shared ownership of over 6,000 resorts worldwide.
Timesharing normally allows you to use a property, your property (real estate), generally for
one week each year. You will pay one total price for the property then an annual fee, based
on size, to maintain it.
Q. What are maintenance fees?
A. Each unit has it's own cost to maintain, the individual owners divide that unit cost.
The resort amenities are also added in plus the taxes. So ultimately, the maintenance fees
are the cost to operate the resort. A portion of the maintenance fee is to build up reserves
to pay for the non-recurring costs like furniture and appliances. Approximately every five
years each unit will receive new major appliances, carpeting or whatever is needed to
improve it.
Q. How much are maintenance fees?
A. Maintenance fee's vary with each individual resort. They are based on the size of the unit
and amenities. When you have inquiry on a property we will be happy to give you that info.
The maintenance fee is a separate fee, it is not part of the closing cost.
Q. Will I receive the same benefits of ownership from the resort if I purchase on the resale
market?
A. In 99% of the cases I would say yes. Some resort golf packages will transfer to the second
owner but not the third. That is why we research the property for you before we put it on the
market. Deeded 'Points' are transferred to the new owner.
Q. What is the difference between a fixed week and a floating week?
A. This is a commonly asked question. Think about it. Fixed means 'in place'. If you own
a Fixed Week 26, that means you will travel each year to your home resort on Week 26.
If you decide that you cannot travel a certain year on your fixed week time you will place it in
an internal float bank or use the RCI or II exchange company to travel. An exchange
company will bank your week until the following year and then you can enjoy two weeks
vacation.
A "Float Week" is purchased as such, to "float" your time. As opposed to traveling each year
the same time. You will float your time according to the season purchased. Red, White and
Blue for the RCI Exchange and Red, Yellow and Green for the II Exchange.
Q. What is a point system?
A. That is a loaded question. Think about how many point systems there are today. It as if
our world revolves around points. Many resorts use a point system. It was founded by
Fairfield Resorts in the 80's. The basic point system allows you more flexibility. You can
travel 2 or 3 days at a time throughout the year as apposed to a "fixed" weekly vacation
time. It is really a question of lifestyle as to which plan works best. As you travel throughout
the seasons you will "spend" your "points" accordingly.
Q. What is a lock-off unit?
A. A lock off unit is basically two units combined with a mutual door.
As long as both sides have a kitchen and bathroom you will be able to exchange it as
two weeks through an exchange network company.
Q. Please explain the difference between a 'Leased' property and a 'Deeded' property?
A. You will locate Leased properties most often in the Caribbean, especially Mexico leases
run from 20 - 99 years. As a new owner you will have the property transferred in your name
and you will enjoy the remaining balance of time.
Deeded property means that it is yours forever. You enjoy the"bundle of rights" that go
along with whole ownership.
Q. When I purchase my timeshare are there any extra fee's?
A. The only fee's you may have are the closing cost. Some resorts charge a 'transfer of
ownership' fee which varies in price. If you decide to join the exchange company, that will
be added as well.
Q. When I become an owner I understand that I can exchange the property. Explain.
A. There are two major exchange networks RCI (Resort Condominiums International)
RCI.com and II (Interval International) Interval World.com (Interval International)
The #1 reason why people purchase on the primary market is for the exchange benefit.
You "bank" your week with the exchange company, they in turn will accommodate you with
a "like for like", "season for season" property. If you own in the highest season (Red) then
you will travel in red season all over the world. Traveling around the world is a benefit the
exchange company provides. Often the seller will transfer their ownership to the new
owner. Individual sales will vary. Not all owners use an exchange.
Q. Why are prices so low on the timeshare resale market?
A. Did you know that developers pay 50 - 55% to the Sales & Marketing company?
That much is added to the sales price, so the buyer is paying that built in cost.
When the unit goes on the resale market the client takes the loss in order to be competitive
and get the unit sold. The Seller has to compete with all the newly built resorts . It is "supply
and demand", some resorts are built so large there is always an eager seller, which will
drive the price down. Timeshare is not an "investment" property unless you buy low and
sell higher than you paid. That rings true on the resale market. The initial owner enjoyed
ownership at a higher price. It is the second owner that saves the money and enjoys the
benefits.
It's like having your cake and eating it too.
Q. There is so much on the Internet, how do I know that my money is going for the purchase
of the property?
A. Always make your purchase from a licensed real estate broker! If you deal with individual
sellers or non-licensed companies you are risking the money that you pay.
If a problem arises you are protected by the state when you deal with a state agent. When
you write your check make sure it is to a real estate brokerage or real estate law office
escrow account. Oftentimes an individual seller does not disclose on the Internet that they
are years behind on the maintenance fee's or they may already be in foreclosure at the time
they list with an advertising company. Ad companies do not have a real estate broker.
Be very wary, they make their money upfront.
Q. How do I know if a timeshare resale property has a free and clear title?
A. When you make a purchase through our company you are in good hands.
We research every property before we list it. Also the closing service is done with real
estate attorneys and title companies. It is a risk free transaction for the Buyer
and Seller.
Q. Is it necessary to pay an upfront fee when listing a timeshare on the resale market?
A. This depends. If you are listing with an advertising company you are paying for a service
that they provide. Each state has their own laws regarding upfront fee's for real estate.
Sometimes an appraisal fee is charged, our company will give you a free Brokers' Estimate
which is in effect the same as an appraisal. Call us toll-free for a Free Consultation if you
have more questions on this matter, 800-256-3219.
Q. Is an appraisal necessary to sell a timeshare?
A. No, our broker will be happy to supply you with a BROKERS ESTIMATE upon request.
Appraisals, in most cases, are just another way of collecting an upfront fee.
Q. Can we travel with our pets when we stay at a timeshare resort?
A. Yes and no, there are several resorts that are now "Pet Friendly".
Unless it is "pet friendly you may not bring your pet to the resort. You can use the power of
your exchange and stay in these resorts. Contact us for the list.
Q. I understand timeshares are the same size as a condominium?
A. Timeshare accommodations vary in size, as small as a hotel room and as large as a house.
Timeshares are generally classified as condominium's. You can purchase studio's, one
bedroom, 2 bedroom's, three bedroom's 4 bedroom's. With the new point system you can
stay in major hotel's such as the Marriott, Hilton, Wyndham, Sheraton and the Holiday Inn.
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