Timeshare

Timeshare

Timeshare is also often referred to as "Vacation Ownership." No matter what words are used to describe it, timeshare is a great way to "own your vacation." Millions of families have discovered that a timeshare can give them the freedom and flexibility to enjoy exotic locations, historical landmarks and outdoor activities like golf and snow skiing. Timeshare also allows families to record a lifetime of memories year after year because they own their vacations and have locked in lodging costs that are not impacted by inflation.

Imagine taking your family on a dream vacation to a tropical island while stretching out in a three-bedroom condo. Now imagine traveling with your best friends on a golfing trip to Scotland or Ireland while staying in a medieval castle. A timeshare can make it happen. Today, 9,000,000 timeshare owners now have access to over 5,500 resorts in 95 countries. That's a lot of choices and it's one of the reasons why timeshares have become so popular.

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What are timeshares?

Timeshares are: affordable, flexible and easy.

When timeshare started over 40 years ago, owners purchased a week of time at a particular resort for a particular period. This type of plan was okay for families who liked to travel to the same place every year. Timeshare plans have evolved and now offer choices for everyone. Timeshare owners can now choose where they want to go and when. They can choose how long they want to stay and what size accommodations they require for a particular vacation. They can even choose to take a cruise or stay at an all inclusive resort through membership programs.

One of the most popular features of a timeshare vacation is that families typically stay in fully finished condominium-units with home-style amenities that often include kitchens, washer/dryer, entertainment centers and even hot tubs.

What sizes of accommodation are available?

There is a variety to choose from. Sizes of accommodation vary from resort to resort, and include studios to four-bedroom suites that sleep ten. The flexibility of timeshare today gives you the option to pick the type of unit that you need for a particular vacation.

How did timeshares get started?

The concept of Timeshares, or vacation ownership as it is now often referred to, originated in the French Alps in the 1960s. Now, more than 40 years later, it is one of the most popular vacation options for families who want to get more for their vacation dollars. Timeshares are one of the fastest-growing sectors of the worldwide hospitality industry, seeing a double-digit annual growth rate over the past two decades.

Why are timeshares so popular?

Flexibility in locations, size of units, time of year and length of stay are positives often cited by owners. Members also enjoy the ability to own their vacations, which ultimately protect them from paying higher future lodging costs.

But perhaps the most important reason for timeshare's popularity is because the yearly experiences that families enjoy by staying in spacious accommodations at world-class resorts that feature numerous amenities and activities.

How do timeshares work?

In some timeshare systems, owners receive a deed to a particular property or unit that entitles them to a certain number of points/credits/intervals that are used for a number of nights in that resort each year. These points/credits/intervals can also be exchanged for other resorts. In other systems, timeshares are not tied to a specific property and are purely points/credits/intervals based. Points/credits/intervals are allotted annually and can be used for resort stays at any resort owned or operated under the particular timeshare plan. More points/credits/intervals can usually be purchased in order to lengthen or expand vacation options within the particular timeshare system.

Whether points/credits/intervals, timeshares can sometimes be "banked" for future use, often for up to one or two years. If owners join an exchange program with a third party exchange company, they can trade their points/credits/intervals for resort stays at other timeshare resorts affiliated with the same exchange company, thus giving them access to many other destinations. The best way to understand the differences between different timeshare systems is to talk to a timeshare specialist.

How much do timeshares cost?

The price of a timeshare will depend on the popularity of the location, the size of the unit, and the points/credits/intervals purchased. Use our Vacation Savings Calculator to see how timeshares can save you money over hotel rooms over time. And our Vacation Cost Estimates section will show you what your vacation dollars can buy.

Why do I need to vacation?

The foremost reason to buy a timeshare is for vacations. So the first question to ask is: why vacation? Taking regular vacations is key to both physical and mental rejuvenation. Vacations allow you to make the time for your family and rediscover together the magic in even the simplest activities.

So whether you see vacation time as the chance to rekindle family relationships, recharge your batteries, expand your horizons/enrich your life, vacations have the same result: supreme relaxation.

What is a timeshare like?

Timeshares can offer extensive amenities and well-designed accommodations, from studios to four-bedroom units that sleep 10. Typically, the units are completely - and tastefully - furnished. All the comforts of home are usually there, including a fully equipped kitchen, TVs, microwave, and often a washer, dryer and a hot tub.

Amenities and activities may include golf courses, swimming pools, tennis courts, boating, skiing, restaurants and sometimes even events and activities for children.

Timeshares offer so many choices, and are so easy and fun, you'll never want to vacation any other way again.

What about maintenance fees?

Maintenance fees are essential to ensure that the resorts where you stay are well maintained and updated. For deeded timeshares, maintenance fees are most often based on: the size of the unit, the location, and the length of the interval. For points-based timeshares, maintenance fees are generally based on the amount of points owned. Fees include costs of running the resort, maintenance of the property, insurance, utilities, and replacement of fixtures, furniture and appliances.

What if I can't vacation one year?

Many timeshares allow you to rollover, or "bank" your time to the next year and you can enjoy a longer vacation then. Or you can let family or friends enjoy the unit.

My kids are growing up - what if my vacation needs change?

The beauty of timeshares is the ability to keep up with their owners' changing needs. Whether you are single, married, have young or adult-age children, or are retired, timeshares can be adapted to fit your lifestyle. With more and more timeshares offering greater flexibility, chances are good you can find a timeshare that will fit to whatever life stage you are in. And with most programs you can pass your timeshare on to your children.

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Tom and John Quigg are here to answer all your Timeshare questions: Timeshares