What is a Timeshare?
A time share is a name given to a piece of property shared among number of owners. This involves use and cost of maintaining the property. Although the majority of the timeshare properties are condominiums resorts but it will not be a surprise if you find a hotel timeshare or a motor home timeshare or a cruise timeshare or a campground. The choices are increasing by the day. The idea of a timeshare property originated in Europe in 1960s when the property rates were skyrocketing and it was impossible for people to afford a full time vacation house. But by sharing the ownership the burden of maintenance and other costs on single person were greatly reduced. These also boosted the fortune of real estate developers as they were able to successfully market and sell the properties to a greater number of people. But a key point to remember in timeshare properties is that a timeshare is owned by a number of people who have no relation to one another like a standard home ownership.
A technical definition of timeshare property is that an owner has specific time to share you own in a property. But as more and more properties are being converted into timeshare, flexible timeshare options cannot be ruled out. The flexible timeshare offers owners the option of choosing more than one timeshare destination and also more than one specific time of a year.
Timeshare properties are usually found in warm destinations like Florida where people like to vacation a lot. They can also be found in cold weather areas near ski resorts. The timeshare properties are typically furnished in full and usually have one to three bedrooms, multiple bathrooms, a kitchen and a living room. It may not come as a surprise if you find timeshare properties with indoor or outdoor pools. They have become a common feature of most timeshare properties nowadays.
The typical duration of a timeshare ownership unit is one week. Depending on what time of the year you own the timeshare the price may vary. For example, a timeshare property in the month of April in Florida will be much higher than in August. So the rates may vary with varying season and demand. Some resorts give color coding to different seasons depending on the demand. For example some resorts term high demand season as red season meaning the prices of the timeshare will be highest in that season.
Timeshares can usually be inherited to your children like any other real estate property. Timeshare offers not only a great vacation but also great investment. Most people rent their timeshare to others when they do not use their timeshare. This has a double advantage. You earn rent also along with appreciation of the property with passage of time. Timeshare properties are exchangeable and tradable with other properties in most of the cases. While it may be easy for the owners of the red season timeshares to exchange their unit with other owners in any season it might be impossible for owners of low season timeshare owners to get a high season timeshare unit in exchange.
Timeshares can be purchased through financing also but mostly the resale properties purchased from individuals are paid in cash. The cost of maintenance, management and cost to maintain common areas like pools and tennis courts are paid by timeshare owners. Fees may vary and always make sure to find it out before buying a timeshare.
There are many types of timeshare properties. A fixed unit, fixed week, deeded timeshare allows you to own a specific timeshare at a specific time each year. A floating time agreement allows you to be flexible about the dates that you can use your timeshare. But reservations may be only first come first serve as many owners would like to go for that option. Right to use timeshare is a leased timeshare. You no longer have rights to the property after the lease expires.
Top Timeshare Travel Destinations
Everyone would think that top timeshare travel destinations would only be in coastal states like Florida, North Carolina, Cancun (Mexico) and South Carolina. But you would be amazed to find that even places like Nevada, California and Minnesota are vying to occupy the top timeshare destination spot. Also the rocky mountain states of Arizona and Utah are also not far behind. Each of these destinations has some special traits which attract visitors from all over the world. Not to forget the kind of amenities these destinations offer which makes them a crowd puller.
Talking of Florida, one destination that immediately strikes everyone’s mind is Orlando. It is considered to be the most favorite family destination in the world. Home to some of the world’s largest and most popular entertainment companies it has number of wonderful theme parks to surpass the expectations of families across the globe. The unlimited and impressive list includes Disney World Resort, Universal Studio’s Universal Orlando Resort, Sea World Orlando and Islands of Adventure. Millions of tourists around the world are overwhelmed by the joy and excitement offered by these resorts. Daytona Beach is also one of the world’s most famous beaches with nearly twenty three miles of beach front. It offers visitors a chance to experience sailing, surfing and jet skiing. Many competitions take place round the year here.
When thinking of vacationing who can forget Cancun, Mexico which is know for its white sandy beaches, great weather, bright blue sky and outstanding hospitality. One can get attractive timeshare packages and vacation discounts here.
Next on the list is Hilton Head Island, South Carolina. This destination is popular for its mild climate round the year. It offers excellent golf courses and cruises with the experience of watching dolphins. One of the main attractions of Cancun is the swim with dolphins feature and interactive aquariums. It is also home to many world class resorts. It also offers best of night life with many bars serving free drinks also. Nearly four million visitors pay visit to Cancun every year.
One can never ignore California when it comes to tourism industry. While Anaheim is home to Disneyland providing greatest excitement and pleasure and offering great discount on timeshare accommodations one cannot return without visiting San Francisco and experiencing its magic. The list of attractions include Fisherman’s Wharf ,Ghirardelli Square, Coit Tower, the mansions of Pacific Heights, world’s biggest Chinatown outside Asia, Union Square, world renowned landmarks like crooked Lombard Street. Night life is one of the greatest. One can go hiking also in Muir Woods and taste world’s greatest wines. Cable rides, Pedi-cabs, Pier 39 etc. there is fun unlimited in San Francisco offering you the complete experience of your lifetime.
Las Vegas, Nevada is not far behind any other timeshare destination as it offers visitors the 360 degree of entertainment. It is second to none in providing the ultimate in fun and excitement. It is the casino capital of the world and wouldn’t be wrong to call it the night capital of the world. Whatever one can think of, Las Vegas has it and that too the greatest of them all, big hotels, big casinos, big convention halls, big malls and what not. You only some good cash in your wallet if you visit this place and rest assured you will get the fun of your lifetime.
Timeshare Selling Alternatives
Many people simply buy timeshares thinking that they would be able to take out some time from their busy schedule and go for vacation. But many end up not using their timeshares at all. So they start considering selling their timeshares. But if you think selling a timeshare is as easy as any other real estate property then you are completely wrong. Selling a timeshare is real pain in the neck taking several months to sell. Even when it finally sells, it sells at 40%-50% less than the original price. You might think is it really worth selling your timeshare or is there a better alternative to selling it. The answer is yes, there are alternatives to selling your timeshare. We discuss those in detail in the paragraphs to follow.
One of the best alternatives to selling a timeshare is to rent your timeshare instead. You can either work this out with your timeshare developer if he can do it. The developers usually have special classifieds for timeshare, it would be a good idea to put an advertisement in those classifieds as they target people interested in timeshares. You can also search for a real estate agency specializing in renting timeshares or vacation homes. Most popular travel destinations have agencies that specialize in this. But remember there can be a fee if you choose to rent your timeshare through a real estate agency. You can also sell your timeshares by yourself by either advertising directly in classifieds or telling your friends, neighbors, family members and colleagues to see if anyone is interested in buying a timeshare. If not, internet is the best place to find out where you can put your timeshare for rent. There are many popular auction sites like eBay which has timeshare rental section on their auction website.
Another alternative to selling your timeshare is timeshare exchange. Timeshare exchange is getting popular with many people facing problems with fixed schedule. And also many people get bored of going to the same place over and over again and they want a change. Timeshare exchange enables them to exchange their timeshare unit with similar unit at other timeshare location and at different time. Most timeshare companies have this facility and offer free exchange in the first year and charge a free from there on. But you can also go directly to a good exchange company and place your unit for exchange. But you have to remember that you can trade in only similar units only. You can’t trade in a one bedroom for a two bedroom. Also you cannot rent the exchanged timeshare to somebody else. You may also be charged a fee for this service and you will get a timeshare in exchange depending on availability.
Last but not the least, instead of selling your timeshares why not donate your timeshares to a charity if you don’t want to for through the hassle of selling, paying huge upfront fee and much more. The donation is just like how you donate your cars, boats or stocks. Donating your timeshares to charity is tax deductible. But be sure to donate it to a right charity organization who can utilize its full potential. You can compare this with any losses you may incur if you sell your timeshare, donating a timeshare could bring you a handsome tax deduction.
Timeshare Presentations: How to survive?
Have you ever attended a timeshare presentation? I wish you would never attend one. It is traumatic experience sitting through a timeshare presentation. Compare it to buying a used car from a dealer; this is even more frustrating experience as more money is at stake here. What is a timeshare presentation? It is nothing but a sales pitch by the timeshare companies to force people into buying their timeshares. It begins with an invitation offering you an expensive free gift in return of attending the presentation. Now you go to the presentation thinking that there is no harm in attending and you get a free gift also in return, but you realize that you have made the biggest mistake of life only when you sit through the painful presentation.
The expensive gift turns out to be a gimmick and you are subjected to sheer pressure tactics of selling. The presentation usually last for ninety minutes and may go on and on in some cases. After the presentation, the salesperson will encircle you and will ask you if you have any questions. They go to the extent of literally pressurizing you. They want you to either make a commitment or sign a paper before leaving the presentation. When you say constant no to him, the manager will approach and offer you a good deal. Sometimes it becomes very hard to resist the temptation after being offered such great deals. But you have to go mentally prepared to say no to them at any cost. Tell them clearly that you have already spent your precious time and can’t spare your time further. Say that you have an appointment with somebody and you have to leave immediately. And do not forget to take your gift before leaving the presentation after all that was the reason why you attended the presentation.
The salesperson and the managers would do their best to convince you to sign some papers by offering many offers, but you should stick to your resolution to not to fall into the trap by constantly saying into your mind that “no, I can’t afford to buy a timeshare” and “will I be able to make payments every month”. Politely say “no” to any offers however attractive it may look. Also say them that you need time to decide, take their contact number or fax number and tell that you will notify them about your decision. Also tell them that you would not tolerate any courtesy calls or emails.
You can also tell them that you already have a friends or family members in that timeshare location and you don’t need to buy a timeshare. Also another reason you can give them to escape is that you just came to the presentation for the free gift or you can also say that you just wanted to educate yourself about timeshares and it is too early to make a decision about buying a timeshare. You can also say that you are not one of the frequent vacationers and would be able to vacation year after year and even if you go for a vacation you don’t like to go to the same location every year. Also say that you are not in the financial position to invest in anything now or in near future. Thus we have seen it all depends on our mental setup to sit through a presentation and still survive it.