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what exacly is timeshares
What is Timeshares
Well the technical definition of a Timeshare is: a form of vacation property ownership. Each owner has a specific time they can use the property. A time share is a name given to a piece of property shared among a number of owners. This involves the use and cost of maintaining the property.
But as more and more properties are being converted into timeshares, flexible options cannot be ruled out. This flexibility offers owners the option of choosing more than one timeshare destination and also more than one specific time of a year.
Although the majority of these properties are condominium resorts it will not be a surprise if you find a hotel, motor home, cruise, houseboat, yacht, private jet or a campground timeshare. The choices are increasing every day. The idea of a timeshare property originated in Europe in the 1960s when the property rates were skyrocketing and it was impossible for people to afford a full time vacation home. But by sharing the ownership, the burden of maintenance and other costs on a owner 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 it is owned by a number of people who have no relation to one another, unlike a standard home ownership.
Timeshare properties are usually found in warm destinations like Orlando where people like to vacation a lot. They can also be found in cold weather areas near ski resorts. These 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 these 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 this week the price may vary. For example, a week 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 by your children like any other real estate property. They offers not only a great vacation but also great investment. Most people rent their timeshare to others when they do not use them. 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 weeks to get a high season timeshare unit in exchange.
Timeshares can be purchased through financing, 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 you the owner. Fees may vary and always make sure to find it out before buying.
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 week. 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.
