CHAPTER 1

THE RIGHT TIME SHARE

The basic concept behind a time share is that you can use your share of the property at a specific time. The time share condo is the most popular type of condo, however, there are many other different types of time shares available. This includes campgrounds, cruises, and recreational vehicles. You have the ability to purchase different types of ownership that can anywhere from flexible to quite rigid depending on the term of that particular time share. For instance you may be committed to a specific destination or a specific time of year that you can use your time share.

Time shares first became popular during the 1960's in Europe. The price of property was increasing and this made it difficult for most people to buy a vacation home where they could get away from the city. When a shared ownership was established the cost of vacation homes for each person were reduced, making it possible for many families to own a share in their own home. Developers could reduce the single cost of a home by spreading out the cost equally among several owners. There are many common costs that are spread out among the owners of a time share. This includes management fees, maintenance fees, and the cost of maintaining recreational areas such as tennis courts and swimming pools. The fees for these costs will vary from one time share to the next and when you a buy a unit you will be given all of the specific information.

Perhaps the most important piece of advice that you can get before you buy is time share is to be absolutely certain that you are getting what you want at a price that you are going to be able to handle for several years to come.

Usage Rights

There are different types of time shares based on ownership rights and usage rights. Following are the different types available:

• Fixed week time share:  In this type of time share, each buyer gets to own the rights to the property for a specific period each year.
  
  
• Floating time share:  In this type the buyer chooses the time to use the time share. This type of time share is not contracted out as in fixed type.
  
  
• Right to use time share:  Here the buyer actually rents the property for specific period each year and is not owned by the individuals.
  
  
• Points Club:  Here different groups of time share owners take part in a points sharing club. The points are utilized to use timeshare property of the group members based on reservations.
  
  
• Fixed and Flex Weeks:  With timeshares you own a portion of time within a year. Within the three basic systems of timeshare, there are two common methods for ownership of time: fixed weeks and flex weeks. With fixed weeks, you buy a timeshare for a specific week or weeks during the year. This is the most straightforward method since you can deposit the timeshare directly with the resort's exchange company or one that you find yourself. With flex weeks, you purchase the right to a certain block of weeks during the year, but others also have rights to those weeks and you might have to negotiate using a week that may not be convenient. Buying under a flex week plan, however, is cheaper.

Exchange Companies

You can purchase a timeshare either to use yourself as a vacation place, or primarily as something to exchange for other vacation timeshares in other locations. If you choose to go with an independent exchange company, you will still need to prove that you own the timeshare's availability for that week and that all utilities and maintenance are paid for. Making a timeshare available with an exchange company for a week, you should expect to be able to choose from timeshares of similar value for the same amount of time. It helps if you can be flexible in dates and locations for the timeshares you're hoping to use.

Some exchange companies allow you to browse their spacebank (a term for the timeshares that are available at one exchange company) before having to place or deposit your own timeshare; others require you to deposit a timeshare before accessing their spacebank. You'll specify the geographic location, time of year, length of stay, minimum size unit, and any amenities you'd like. If you don't immediately find what you want, it may only be a matter of the exchange company not having what you need at that moment. Everything in the world of timeshare is based on availability and that fluctuates daily.

Why Time Shares Make Sense

A vacation time share is more popular than ever. The largest and most respected companies in the resort industry are now selling time share resort condos. Marriott and Disney have produced blistering sales statistics, among others. The fact that strong consumer legislation now governs the timeshare industry, combined with the fact that solid developers are now the rule, has given the time share industry the stability once only accorded to luxury hotels. Following are reasons why time shares are so popular:

• Stay without paying:  Time share owners are delighted when they check out at the end of their week's stay, because their bill is ZERO! (And zero for the rest of their lives because they OWN their accommodation as deeded property!) The money saved here quickly pays back the low initial purchase price.
  
  
• Not just a hotel room:  As opposed to being a hotel room renter, enjoy status and fine treatment as a condo owner. It's a much higher style of vacation. Condos are spacious, have kitchens and private bedrooms. Sleep up to 10 persons. Most resorts have great activities/tours all arranged and often free. Spend your time enjoying vacationing. Save the hours and hassle of planning, because it has already been done for you.
  
  
• Save money on dining out:  Because the condos have kitchens, a family can easily save $100 a day by not dining in expensive restaurants for every meal.
  
  
• No extra charges:  There is no charge for extra people like there would be in a hotel, and no extra costly occupancy taxes so common with hotels.
  
  
• Earning income:  Owners can rent-out their time rather than using it.

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