- What is a timeshare?
Timeshare is fractional ownership in a vacation property. A group of owners share use of the property by dividing the rights to use the property for specific time periods. Although the property is usually a residential project such as a condominium or resort, developers have applied the timesharing concept to other types of properties, such as campgrounds and RV parks. Almost all timeshares are resort or vacation properties.
The timeshare developer divides occupancy of each of the units into time-based intervals, usually one week. The developer then sells these intervals to buyers. Each owner of an interval receives the right to use a specific unit for a specific time period. Each timeshare owner shares the usage of the property along with the other owners.
- What is the difference between deeded and “right to use” timeshares?
A deeded timeshare is ownership in real property just like your home. A “right to use” timeshare is non-deeded. It is like a lease where you receive the right to use the unit for a specified number of years. There also points based timeshares that can be deeded or non-deeded. The majority of timeshares sold at Paradise are deeded for life and that means you can sell the timeshare unit, give it away or bequeath it to your heirs, just like any other real estate property.
- What is the difference between fixed and floating weeks?
In a fixed week system, your occupancy right is guaranteed to be the same week and the same unit every year. In a floating week system, you have the right to use a unit during a specified season but you must contact the resort to reserve a specific week during the float period. If you usually vacation at the same time every year and are interested in returning to the same location frequently, a fixed week will suit you best. This way you know the week the timeshare will be available to you and exactly what unit you will occupy. The Hyatt High Sierra Lodge in Incline Village offers fixed week timeshares. However, if you want to vacation in the same location frequently but your vacation times change from year to year, a floating week is a better fit. Most resorts at Lake Tahoe offer floating week timeshares.
- How long do I get to stay at the resort if I purchase?
Usually one week or 7 nights. Timeshares are typically sold in intervals consisting of a seven-night stay
- Can I use the resort at other times in addition to my week usage?
YES. Most resorts offer additional time to owners at a reduced rate. This benefit is most commonly known as bonus time.
- Will I receive all major benefits that the resorts offer if I purchase through Paradise Timeshare Resale?
YES! All major benefits transfer to you when you purchase a timeshare on the resale market. The property’s Homeowners Association benefits and rules apply to all owners regardless of how the property was acquired.
- Will I have to pay any outstanding maintenance fees in addition to the purchase price?
NO! Every sale is processed through an escrow company and is guaranteed to be free of outstanding balances. The only additional purchase expense will be escrow closing costs.
- Will I receive clear title on the property?
YES! Every sale is processed through a title and escrow company
- Do I have to pay a maintenance fee on my timeshare?
YES. A timeshare property’s Homeowner’s Association collects an annual maintenance fee from the timeshare owners to keep the property in first class condition. Your maintenance fee also covers all utilities, insurance, furniture and deferred maintenance. As an owner, you can actively participate in your homeowner’s association if you wish
- Can I exchange my timeshare to a different resort?
YES! Timeshare weeks can be reserved at your home resort or traded to other resorts for a fee through an exchange company such as RCI and II.
- Why should I purchase a timeshare?
Purchasing a timeshare can divert your lost vacation dollars into a piece of vacation real estate that will serve your vacation needs for the rest of your life. You will stop vacation inflation, which means you SAVE MONEY
- Benefits to owning a timeshare:
- You will have guaranteed quality future resort vacations for yourself and others in your family. You simply cannot put a price on this precious time together with your loved ones. The warm memories of your family vacations will last for a lifetime!
- You will enjoy a higher style of vacation as opposed to staying in a hotel. You are treated with the respect of an owner, not a renter.
- You will build your own equity rather than that of your vacation landlord AND enjoy some of the finest vacation accommodations available.
- You will have the privilege of using Bonus Time at your resort, so you can enjoy mini-vacations in addition to the timeshare week(s) you own.
- You will save hours of planning. Timeshare resorts frequently have great activities and tours arranged for owners. You can relax and enjoy this precious vacation time with your family and friends.
- You will save money! Timeshare resorts generally offer accommodations that are much larger than the standard hotel room. They often have kitchens and private bedrooms. That kitchen alone could easily save you $100 or more per day by not dining in expensive restaurants for every meal. You can stock up the refrigerator just like home.
- When you purchase a deeded timeshare; you own it for life just like your home. You can sell it whenever you want or will it to your loved ones as a special gift.
- You can rent your timeshare week and use the extra income to cover your expenses.
This is the perfect time to purchase a timeshare and guarantee a fabulous vacation every year. Simply call one of our knowledgeable timeshare professionals at 1-800-996-2001 to learn the many advantages of timeshare ownership.
