Untitled Document
GENERAL QUESTIONS
What is vacation ownership?
Vacation ownership also known as timesharing offers consumers the opportunity to purchase fully furnished condominium style vacation accommodations in a variety of forms such as fixed weeks, floating weeks, points based clubs, fractional and cruises for only a percentage of the cost of full condominium or vacation home ownership. Two basic types of timeshare units are sold: fee simple where the buyer gets title to a fraction of the unit; and right-to-use where the purchaser is entitled to use the unit for a specified period of time, but does not have an ownership interest. For a one-time purchase price and payment of a yearly maintenance fees and taxes, purchasers own their vacation either in perpetuity or for a predetermined number of years. More than 5 million families have discovered the benefits and affordability of buying one or two weeks of vacation ownership rather than year-round ownership of a condominium unit or second home.
Where are most vacation ownership resorts located?
Vacation ownership resorts are found across the globe in most every popular vacation destination. You'll find vacation ownership resorts near beaches, ski areas, attraction areas, major cities, rivers and lakes.
How does vacation ownership work?
Each condominium, or unit, of a vacation ownership resort is divided into intervals, either by the week or points equivalent, which are sold separately. The condominiums are priced according to a variety of factors, including size of the unit, resort amenities, location, and season. For a one-time purchase price and payment of yearly maintenance fees and taxes, purchasers own their vacation either in perpetuity (Deeded) or for a predetermined number of years (Right to Use). Ownership entitles you to a certain amount of time in that property per year (Normally 8 Nights & 7 Days). Owners share both the use and the costs of upkeep of their unit and the common grounds of the resort property.
**What are the advantages to becoming a vacation owner?
The advantages are numerous. Vacation ownership secures affordable, diverse quality vacations for life. Simply put, vacation ownership provides tomorrow's vacations at today's prices. But there's more. Typically your vacation ownership accommodations far exceed your typical hotel room. Luxury rooms, kitchens, multiple bedrooms and baths, they're really a home away from home.
How many people are vacation owners?
It is estimated that more than 5 million families have discovered the benefits and affordability of buying one or two weeks of vacation ownership rather than year-round ownership of a condominium unit or second home.
What are some of the most common vacation options?
Whole ownership of a vacation home or condominium... Pay rent to hotels & motels... Rent or purchase a motor home...Or, Vacation ownership where you receive all of the same benefits of condominium or vacation home ownership at a fraction of the price because you only purchase the time that you need.
If I purchase, when will I receive my deed?
After the deed is recorded at the county courthouse, it is then sent to you . With most sales the usual time frame is approximately ninety days. There are exceptions to this as some counties take longer to process.
Can I ever sell my vacation ownership?
Yes. Once you are the legal owner of a vacation ownership week, you may sell it at any time.
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PRODUCT QUESTIONS
What is deeded ownership?
Deeded ownership is when the property title does not expire. Once you own it, it's yours until you decide to sell it, much like home ownership. Deeded properties may also be passed to your heirs.
What is Right-to Use Plan?
Under a Right-to-Use Plan, ownership of the resort remains with the developer. The purchaser reserves the right to use one or more resort accommodations for a specified number of years, ranging generally from 10 to 50 years, after which all use rights return to the developer. These plans come in a variety of forms, most commonly as club membership.
What is a fixed time week?
With fixed time week, the unit, or unit type, is purchased for a specific week during the year. The first week of the year will be designated as week #1, and the last week of the year will be week #52. That week is reserved for the owner every year, subject to cancellation if the vacation owner does not plan to use it in a given year. The fixed time week may also be deposited for exchange at another resort or the owner can rent it.
What is a floating time week?
Floating time weeks refer to the use of vacation accommodations usually within a certain season of the year, often within a three- to four-month period such as spring or summer. The owner must reserve his or her desired vacation time in advance, with reservation confirmation typically provided on a first-come, first-served basis. The purchaser may also receive a deed under a floating time arrangement. According to a recent national study, approximately 70 percent of vacation ownership condominiums in the United States are sold as floating time.
Is it better to own a fixed week or a floating week?
If you intend to use the resort, at which you purchased, for vacations every year, and it is of importance that you can go to your home resort at a certain time, then a fixed week would be high on your priority list. A good example would be an individual who owns at a ski resort and wants to take his vacation the second week of February, each year. If, on the other hand, you want the flexibility to use your resort at different times each year, or if you want to use it strictly for exchange, then a floating week would meet your needs
What is a points based club or program?
Points-based clubs or programs provide the flexible use of accommodations in multiple resort locations. With these products, club members purchase points, which represent either a travel and use membership or a deeded real estate product. These points are then used like currency to access the various size accommodations, season and number of days at the participating resort. The number of points needed to access the resort accommodations will vary by the members' demand for unit size, season, resort location, and amenities. A points based club or program may have a specific term of ownership or be deeded in perpetuity. In other words, a point system is a form of vacation ownership in which you own a number of points each year that represent the quality of the unit you have. When exchanging, more points translate into higher season ratings, larger accommodations, and better trading power. For example, a low season studio unit may take 100 points to reserve the time, but a high season two-bedroom unit may require 300 points. Most systems will allow you to borrow from future years or to carry over unused points to the next year.
What are split weeks?
Split weeks are popular with consumers who prefer shorter vacations, as the owner may split use of the interval into two separate visits to the resort, such as one three-night and one four-night stay at two different times of the year. Reservations are usually granted on a first come, first served basis and are based on availability.
What is biennial ownership?
Biennial ownership, or alternate year ownership, allows use of a resort ownership product every other year and costs less than annual ownership at comparable resorts. Biennial ownership is an excellent vacation option for families who can't take a vacation every single year.
What is fractional ownership?
Fractional ownership enables consumers to purchase a larger share of a vacation ownership unit usually from five to 26 weeks. This type of ownership is popular in ski, beach and island resort areas.
What is a "Lockoff" or "Lockout" unit?
"Lockoff" or "lockout" units are constructed so that they may be divided into two or more smaller units for exchange or usage purposes. For example, a two-bedroom lock-off may be divided into a one bedroom and a studio, or some other configuration, which the particular resort will provide. If you own one of these types of units you have the ability to trade both parts of the unit for two weeks. Or if you prefer, you can use one of the parts for exchange purposes and vacation in the other part, giving you the ability to vacation an additional week each year. The real plus here is that even though you have the ability to have two weeks of vacation, you still only pay one maintenance bill.
What sizes of accommodations are available?
Sizes of units vary from resort to resort. While many resorts have a mixture of Studio's, one bedroom's and two bedroom's, many others have three bedroom units as well.
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USAGE QUESTIONS
How can I use my vacation ownership?
There are many ways to use and enjoy vacation ownership.
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Use it by staying at your home resort.
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Exchange it for another villa someplace else.
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Loan it to family or friends.
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Space bank it for future use if you can't use it.
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Rent it when your not using it.
What if I want to take a vacation in another place?
You can travel the world with through vacation exchanges. Vacation ownership offers unparalleled flexibility and the opportunity for affordable worldwide travel through vacation ownership exchange. Through the international vacation exchange networks, owners can trade their timeshare interval for vacation time at comparable resorts around the world.
How does the vacation exchange work?
Most resorts are affiliated with an exchange company that administers the exchange service for its members. Typically, the Exchange Company will directly solicit annual membership. Owners individually elect to become members of the affiliated Exchange Company. To exchange, the owner places his or her interval into the exchange company's pool of resorts and weeks available for exchange and, in turn, chooses an available resort and week from that pool. The exchange companies charge an exchange fee, in addition to an annual membership fee, to complete an exchange. Exchange companies and resorts frequently offer their members the additional benefit of saving or banking vacation time in a reserve program for use in a different year.
If we become owners at one resort, do we have to return to that same resort every year?
The choice is yours. As an owner, you can return to the same location year after year if you want to. Or, you can exchange your vacation week(s) through a professional exchange that your home resort is affiliated with. Vacation exchange opens up a world of travel and vacation opportunities.
May I loan my unit to family and friends?
Yes you may. Sharing your vacation ownership with loved ones is one of the greatest benefits of all.
Can I bring guests along?
You may bring as many people as the unit will sleep.
Do the resorts charge extra for guests like a hotel does?
No, however you are not allowed to have more guests than the unit accommodates. It's always a good idea to check with the resort prior to arrival to find out how many people the unit can comfortably accommodate.
What do I do if I can't use my vacation ownership one year?
You can space bank your week(s) with the Exchange company for future use, you can rent out the unit or you can loan it to family or friends.
Are all vacation ownership units equipped with a kitchen?
Most vacation villas are completely equipped with everything you'll need to enjoy breakfast, lunch or dinner just as if you were at home. We advise that you always check with each individual resort to be sure
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COST QUESTIONS
Is vacation ownership really less expensive than a hotel vacation?
Yes, it is. By purchasing time at a resort, you're fixing your vacation costs in today's dollars, beating inflation and getting all the extra value and benefits that a traditional hotel vacation just cannot provide. For example, on an average hotel room, at a cost of $150.00 per night, your total expenditures over 20 years of vacations with just 3% inflation, would exceed $30,000.00 and all you would have is credit card receipts to show for it. You can also expect to save money by preparing some meals in your own kitchen rather than eating out three times a day.
What are the costs?
Prices vary from resort to resort and the unit price or points is based on product type, location, unit size, amenities and supply. The average price for a one-week interval is $10,000 plus an annual maintenance fee of $300 - $500 per week. You can also expect to pay an exchange fee ranging from $114 - $124 if the exchange is within the USA and $135 - $162 for International exchanges.
What are annual maintenance fees?
Annual maintenance fees are fees paid each year to a HOA for the maintenance of the resort. Just like taking care of a home, resort maintenance fees help maintain the quality and future value of the resort property. In a vacation ownership resort, all owners share the maintenance costs. They pay for on-site management, unit upkeep and refurbishing, utilities and maintenance of the resort's common areas and amenities, such as pools, tennis courts and golf courses. Just like residential condominium owners, after management has been turned over to vacation owners, they determine the fees through their HOA Board of Directors. The amount of the yearly maintenance fee typically depends on the size, location, and amenities of the resort. Maintenance fees are assessed and paid annually by each vacation owner.
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