Understanding Ownership

Purchasing and essentially pre-paying your future vacations at today’s prices guarantees that you won’t deprive yourself of that much-needed vacation each year. It’s easy, affordable and according to owners, very worthwhile.

Make a one-time purchase of furnished resort accommodations at a fraction of whole ownership costs and pay an annual maintenance fee. Each unit of a timeshare resort is divided into intervals most commonly by the week or some other combination of days. Often the amount of time you purchase is expressed in terms of “points”—a popular trend that is aimed at increasing the range of options for the use of your timeshare interval.

In a majority of resorts today, your vacation ownership interest will include a deeded interest in real estate. Other timeshare programs do not include an interest in real property, but are structured more like a membership. How you actually use your timeshare vacation is generally not affected by the absence or presence of a real estate interest.

The accommodations are priced according to a variety of factors, including size of the unit, resort amenities, location, and season of use. You own the vacation accommodations but only for the amount of time you choose – typically one or two weeks each year for a traditional timeshare. There are other types of timeshare programs, such as fractionals, offering longer use periods (as long as three months), but these are priced much more like a traditional vacation home.

Variety

Vacation ownership is not a “one size fits all” product -- instead, timeshares offer convenience for all types of vacations. Vacation ownership comes in a multitude of sizes, shapes and varieties -to fit a myriad of lifestyles, special interests and family needs.

In today’s fast-paced society, it is one of the more flexible ways to vacation, providing the best options with the most value. And, the process is simple. With a one-time purchase of a share of furnished resort accommodations, the benefits of timesharing give travelers the comforts of home with luxurious amenities and services at destinations across the globe.

According to a majority of timeshare owners, variety is the leading benefit of vacation ownership. Just take a look at these options:

Traditional timeshares allow buyers to purchase an increment of time, typically one week, in a condominium or apartment-type of furnished accommodation. Timeshare owners receive either a fixed week or a floating time reservation arrangement that may vary by unit type and season. More than two-thirds of timeshare interests today are deeded. Additionally, many timeshares offer a points-based program where you may purchase points that can be redeemed for all kinds of accommodations, resort locations, amenities, number of days used, and other travel services.

Fractionals and private residence clubs are interchangeable and refer to purchasing accommodations with related use rights in increments of more than two weeks and sometimes as long as three months (a quarter share). This type of ownership is almost always deeded and is a more affordable alternative to a second home. Owners benefit by avoiding the ongoing maintenance responsibilities of an entire second home, and usually enjoy a high level of service as part of the product.

By trading some or all of the time they own, consumers can take advantage of different vacation experiences at thousands of resorts around the world through exchange programs. An exchange company allows existing owners to trade their timeshare interests for comparable accommodations and travel-related services. From ski slopes to beaches, spas to luxury cruise ships, modern cities to quaint villages, championship golf courses to dude ranches, exchange offers a variety of vacation experiences.

When You Purchase

Vacation ownership is one of the most highly regulated vacation products in today’s consumer marketplace. Individual state timeshare laws govern the purchase process.

These laws usually address such issues as financial requirements for the developer, rescission rights, disclosures about the resort for consumers, and provisions for resort management. Be careful when purchasing a vacation product that sounds like a timeshare, but isn’t registered as one under state timeshare laws. When contemplating a timeshare purchase, consider the following:

• Buy because you plan to use your timeshare in the future. Consider your purchase as an investment in future vacations,not in terms of a real estate or other type of financial investment.


• Choose a vacation that fits your lifestyle. Think carefully about what you value most in a vacation and travel experience, then explore the wide variety of vacation ownership products and options available. Choose those which will best suit yourfamily’s needs today and into the future.


• Visit a timeshare resort on your next vacation, or rent a unit to experience the quality accommodations and recreationalopportunities. While you’re there, talk to existing owners about their experiences. Many development companies also offermini-vacations (also referred to as “mini-vacs” or “sampler” programs), which may provide discounted options for a stayat the resort.


• Read all documents carefully and understand what type of product you are being offered. Ask for a clear explanation of theterminology and terms, such as “fee simple” (a real estate interest) or “right-to-use” plan (no real estate interest).


• Ask if the resort is a member of ARDA. Member companies of ARDA agree to adhere to the ARDA Code of Ethics.


• Look for signs of good property management, such as well-maintained facilities and resort amenities, good housekeeping,and friendly service. Take a look at the resort’s annual budget, which is usually available through the property’s HomeOwners Association (HOA).


• Verify the resort’s affiliation with an exchange company and learn about the resort’s internal exchange policies andmember benefits.


• To maximize your opportunities for exchange, buy the most desirable unit in the most popular season or the largest pointspackage you can afford. If your primary goal in purchasing is to take advantage of the exchange benefit, know that thegreater the demand for the unit or resort you “bank” for exchange, the greater exchange flexibility you will gain.

Benefits of Ownership

Owning a timeshare offers families, groups and individuals some of the most flexible and enjoyable vacation alternatives.

Flexibility -- Once you own a timeshare, the vacation choices are almost limitless. Vacation ownership, in most cases, allows you the flexibility to choose different locations or destinations, unit sizes, and even different times of the year inwhich to spend your vacation.

Affordability -- The longer you own a timeshare, the more affordable vacationing becomes, especially when you compare it to the annual, ever- increasing expense of renting multiple hotel rooms for family members, and paying for pricey meals outside your room. With a timeshare, which contains a kitchen or kitchenette, families and groups can enjoy affordable meals in the comfort of their own unit, allowing for more family time and less hassle. Which means more time for making lasting memories.

Variety -- Accommodations in most timeshare resorts offer everything from studio units to two and three-bedroom villas, providing flexible vacationing in a variety of locales around the country and the world. Want to stay at the beach one year and somewhere in the mountains the next? Timeshare properties offer a staggering variety of vacation choices and options.

Exchange -- As a timeshare owner, you have the opportunity in most cases to visit your “home” resort each year, or exchange your stay to visit other resorts, destinations, spas (and even cruises or specialty tours) throughout the world—choices that suit many different lifestyles. Choosing a new vacation every year or returning to the same resort … you control where, when, and how you enjoy your vacation. Read More

Comfort -- When you own a timeshare, you are purchasing a home away from home—with accommodations that usually include:

• Spacious floor plans and home-like amenities (unlike traditional hotels or motels)
• Flexibility in space, for small groups and large ones alike
• Fully equipped kitchens and dining areas
• Washer and dryer, televisions, Stereo and DVD players, and more
• In addition to in-room amenities, timeshare resorts often include swimming pools and tennis courts, as well asspa and fitness facilities; golf, boating, skiing, water sports and planned children’s activities.