subject: Timeshare Information: The Basics [print this page] In the most basic sense, a timeshare is the property that is owned by a large number of people who have no relationship to each other. Although it is common for a hotel resort to be a timeshare, it should not surprise you to find a campground or cruise ship with a timeshare program as well. The trend in timeshare ownership has been increasing since the 1960s, when it first gained ground in Europe. As property ownership costs were rising dramatically, people desired an affordable way to own a vacation property. With a timeshare property, the maintenance and ownership costs are spread out to all the owners as opposed to one individual owner. Timeshare ownership is still increasingly popular today.
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 property locations are often associated with vacation destinations. As such they are typically found in warm climates such as Florida and the Caribbean. But they may also be found near ski areas, major lakes or other popular tourist attractions. Timeshares often have two or more bedrooms, full kitchen, living area and at least two bathrooms. In this sense, they typically offer more than a standard hotel room. It has become commonplace for a timeshare property to have a indoor or outdoor pool, as well as a wide variety of other amenities.
Most timeshare properties are owned in one-week increments. The price of purchase a week of use varies depending on the location and the time of year that you own the property. Essentially, rates vary depending on demand during different seasons at that location. For instance, the ownership of a timeshare property during the month of June in Southern California will carry a higher cost than it will during the month of October. It is common for resorts to use color codes that indicate increasing demand during various high use seasons. Therefore the color red may indicate a high demand for the timeshare property and you can expect that to translate into a higher cost of purchase.
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 can be traded with other properties in most of the cases. While it may be easy for the owners of the high demand 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 and many locations to choose from. As with any major purchase, it is important to thoroughly research your decision. However, a timeshare should be considered as a long-term investment for your family if you like to vacation. There are many advantages to ownership of a timeshare property, and it will surely provide you with years of enjoyment.
