How Do Timeshare Vacation Properties Work?

How Do Timeshare Vacation Properties Work?
Timeshares for vacation properties can be structured in several ways, from a basic contract that provides use of a property for a certain number of weeks, to arrangements that allow you to use different properties throughout the world or to buy additional credits that allow you to extend your vacation stay. Some timeshares let you roll over unused credits each year. Others give you the flexibility to break up your vacation days into different durations at different resorts. Read on to learn more about timeshare vacations.

Instructions

Difficulty: Moderately Challenging

Things You’ll Need:
  • Money to invest in a timeshare Legal advice
  • Money to invest in a timeshare
  • Legal advice
Step 1
Decide what type of timeshare you wish to buy, either at a fixed location or a flexible contract that lets you book vacation time at multiple properties. Purchasing a timeshare is similar to buying real estate, except you are paying for access to a property for specific times each year rather than buying the property outright.
Step 2
Review the price structure to understand what you are buying. You can purchase time at a specific resort or structure your purchase in the form of points or credits that can be used at other properties owned by the company or partnership from which you are buying a timeshare.
Step 3
Review the listings of available locations if you are considering buying a flexible timeshare. You'll want to know if there are other properties you would wish to visit during your vacation time.
Step 4
Find out if the timeshare locks in prices at a specific annual amount, if you are paying up-front and in-full for certain benefits or if the price can fluctuate (which typically means increase) under the terms of the contract.
Step 5
Understand how the credits or points work if you are reviewing a flexible timeshare with access to different properties. Credits for using a ski resort in the Swiss Alps might be greater than the number of credits needed for time in a beach resort, for example. It often depends on the location and the quality of the accommodations.
Step 6
Consult with your attorney or experienced legal counsel to get advice on the benefits and any potential drawbacks to any real estate contract before you buy.

Tips & Warnings

 
Don't get pressured into buying a timeshare while you are on vacation. Reputable timeshare property management companies will understand that you need to evaluate your options and review the contract materials.

Article Written By James Clark

James Clark began his career in 1985. He has written about electronics, appliance repair and outdoor topics for a variety of publications and websites. He has more than four years of experience in appliance and electrical repairs. Clark holds a bachelor's degree in political science.

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