Timeshare FAQ's
What is a timeshare?
Timesharing or vacation ownership describes a method of use and ownership of a specific property. Typically, you are allowed to use the property for a set time each year. After paying an initial investment in the timeshare, you then pay a yearly maintenance fee for the property's upkeep.
What are maintenance fees?
Maintenance fees are the cost of operating the resort. All resort owners share in the fee, which is used to build up reserves to pay for non-recurring costs like furniture and appliances. A reserve is also set aside to pay for other capital costs incurred due to physical deterioration. The fees may be subsidized until all the timeshares are sold, when they are subject to increase by the homeowners association which takes over the resort's management. Some states regulate how much reserve is kept for future spending.
How much are maintenance fees?
Maintenance fees range from $300-$1000. They vary from resort to resort depending on location, size of unit, amount of amenities, etc. Special assessments are charged occasionally to handle a specific problem at a resort that has not been funded.
What fees are involved in buying a timeshare?
The initial purchase price of the timeshare, closing costs, an annual membership fee with the exchange company, and sometimes a membership transfer fee.
Is an appraisal necessary to sell a timeshare?
No. As in residential real estate, "market comparables" are typically used to assess a property's fair market value. Appraisals are rarely used, and in most cases, are just another way of collecting an upfront fee.
Can we take our pets when we timeshare?
Not usually. Most resorts do not offer pet friendly timeshares.
What sizes of accommodation are available?
Timeshare accommodations are quite varied. Their size can be as small as a hotel room or as large as a 4 bedroom unit.
How do I sell or rent my timeshare quickly?
Exposure. Exposure. Exposure. Whether selling or renting your timeshare, you need as much exposure as you can get. Our resale network of websites puts your property in front of as many buyers and renters as possible.
Is it possible for me to begin advertising my timeshare today, but still use my time this year?
Yes. You should continue to utilize your time while your timeshare is being advertised. If you accept an offer or actually sell your timeshare before your planned vacation, you may still use your time if the annual maintenance fees have been paid.
What is the difference between buying a resale timeshare and buying a "new" developer timeshare week?
The price you pay the developer for your timeshare includes all of the marketing costs to sell the property. Buying resale generally saves you 40% or more.
Should I rent my timeshare?
Yes - it's a good idea to rent your timeshare if you want to offset your maintenance fees occasionally, or put potential buyers into the unit to preview it. Renting a timeshare is like taking a new car for a test drive. Potential owners love to try a unit out before they buy and get a feel for whether it's right for them. The property's owners can then offset the maintenance fees and pocket a few dollars each year.
Why do I have to pay up front to sell my timeshare?
The simple fact is that only a few people can sell timeshares - agents, brokers and you. By law, brokers and real estate agents are allowed to charge commission on the sale. That's how they get paid. Since we cannot charge a commission, we charge a $100 administrative fee for one year's worth of advertising.
