timeshare 101

Getting to know Timeshare...

What's the deal

This Timeshare 101 is for you to understand what is timeshare. This is the place to begin your journey into savings monies from your next vacation onwards.

At Liztme.com we aim to impart our combined knowledge from our experience on timeshare with you.

We hope this will shed some light of some Timeshare Basics you need to know. Take your time reading this and start thinking of where your next vacation destination will be.

If you already know the basics, we suggest you jump straight to the Timeshare Terminology.

What is Timeshare?

A timeshare is when a group of people buy into a property and divide the time usually in weekly intervals. This is normally a condominium or resort-style development.

They usually divide the property into 52 weeks and you can buy One, Two, or Ten Weeks. It’s up to you. The more you buy, the higher the liabilities which are the yearly Maintenance Fees. You can choose the size of the unit you like which is usually according to your family size.

When traveling, you can return to the same resort you purchase or choose a different resort in the Exchange System. You can EXCHANGE either the TIME, LOCATION, or BOTH. That is how timeshare is summarized.

4 Types of Timeshare

The timeshare Interval

Generally, timeshares Intervals come in either Annual or Biennial usage. You can choose according to your travel pattern (do you travel every year or once every 2 years)

Hence, if you choose every year, you get a week of inventory every year and if you choose biennial; you get a week every other year. The Maintenance Fees will be invoiced accordingly.

If you choose biennial, the resort usually offers Bonus Weeks which you can opt for if you don’t have entitlement to use. These options vary from resort to resort.

Types of timeshare Units

After deciding on which type of timeshare and interval, now look into the Unit Type.

This depends very much on how comfortable you want to be on your vacation for privacy’s sake or for your pocket’s sake.

Type of Units ranges from Studio to 3 or 4 bedrooms. The studio is for 2 people and 3 bedrooms normally can fit 6 to 8 people. Just remember, the bigger the unit the higher the Maintenance Fees.

timeshare Exchange

The major attraction of a timeshare is to travel worldwide. This will not be possible without the Exchange. Exchange happens when you change a LOCATION or TIME.

The 2 largest companies doing exchanges are RCI (Resorts Condominium International) and II (Interval International).

With owning a timeshare, the resort will be affiliated with an exchange company. To exchange, you have to deposit your week with the exchange company and you can choose at a different time or location with up 4500 resort choices.

Maintenance Fees

Maintenance Fees are paid by timeshare owners yearly, depending on the timeshare. This covers the cost of running the resort, upkeep, utilities, insurance and taxes. The fees vary according to the type and size of the unit purchased.

Maintenance Fees are highly dreaded subject in Timeshare. This takes a toll on owners as the fees increase with time. This will end as a burden if you are not using your timeshare or renting it out to at least cover for the fees.