Vacation Ownership "Time sharing" is the right to use specific weeks of a resort during a specific time period. Simply put, it is the pre-purchase of future vacation weeks called resales.

Resales are more accommodating than a mere hotel room. Condominium-style units usually feature fully-furnished kitchens, generous living areas, and ample sleeping options for family or friends.

Ownership of vacation property is very similar to ownership of a condominium except that your rights are limited to a certain week (or weeks, if you purchase multiple intervals) during the year. The form of ownership can be deeded, leased or licensed. The license is somewhat different, in that it is most commonly a resale membership in a club. Providing you are a member in good standing, you have the right to use the club and all its amenities. Be sure to read and understand all the terms and conditions of your club membership before you make the decision to buy.

Most vacation ownership's consist of either a deeded interest or a leased interest for a specific number of years. Deeded units are owned outright forever. It is an absolute right that can be sold, leased, or even willed to your heirs. The less common leased interest is much like an apartment lease except right to use it is restricted to a specific week during the year. Upon the expiration of the lease term your right to use it will generally terminate and return to the resort. With leased resales you should know the terms and conditions of the lease prior to making the decision to purchase.

Your use can be either Fixed or Floating. Fixed time is a specific week during the year (See Weeks Calendar) usually defined by a number. With time share resales, generally the week will begin on a Friday, Saturday or Sunday and is given a number starting with the first week in January and continuing through the end of December. Example - week 14 might be April 7 through April 13 Floating time means you have the right to select any available resale week within a certain season of the year. Therefore, if you own a summer season week you could pick any week that falls within the defined summer months. However, competition between existing time share resale owners for prime weeks in very desirable locations can impact availability. It is important to find which type of use best fits your specific time share needs. Each resort is different and offers various benefits to its time share resale owners. Many resorts give special reduced rental rates for extra nights or use of other resorts that are owned by the developer. This can add to your flexibility and provide substantial savings on vacation costs. Also, consider how and where you normally vacation. This is very important in making your decision about where you should purchase and what you will have to trade. We welcome your comments and appreciate your feedback for this time share resales information guide.

Time share history and why a "time sharing" became popular.
The time share resales industry (Time sharing - to share time) can be traced back to Europe in the 1960s. Superdevoluy™, a ski resort in the French Alps, was the first in the world to use the time share resales program. The ownership of individual weeks guaranteed reservations for those who wanted to ski the area every year. It was an immediate success. By the 1970s, some faltering condominium projects on St. Thomas, Fort Lauderdale and Puerto Rico were converted over to time share resales. Thereafter, timesharing became an increasingly popular vacation alternative. Once the information spread and the United States embraced the concept of vacation ownership, it began to gain wide acceptance worldwide.

Since time sharing began, the resales market jumped to over 50 million by the mid- 1970s and have climbed to 6 billion annually today. The time share resales industry has grown substantially over the years with approximately 5 million time share sales since 1980. Currently, there are over 5,000 vacation ownership resorts in 90 countries around the world. Exchanging a vacation ownership week in one resort for that of another resort was introduced in 1974 and brought new elements of variety and flexibility to the vacation experience. Although there are many exchange companies available that provide excellent service, the two major players are Resort Condominiums International (RCI™), which has approximately 3,500 member resorts, and Interval International (II™) with approximately 1,800 member resorts. Combined, these two companies provided over 1,600,000 exchanges last year.

During a 30-year span, the time share resales industry has grown from small (15-20 unit) hotel conversions to the high-quality condominium resorts of today. The time share resales industry has evolved from that of a few scattered entrepreneurs, to well managed professional development companies. This change in the time share resales industry has brought with it a noticeable change for the better. Definitive leaders have emerged and created standards and ethics for time share management, marketing and sales practices. One such organization is the American Resort Development Association (ARDA) whose members are required to comply with an established "Code of Ethics." The recent entrance into the marketplace by major hospitality chains such as Disney™, Hilton™, Ramada™, and Marriott™ has greatly enhanced the quality and image of the time share resales industry. The time share resorts of today are luxurious, have a wide array of amenities, and are well located. With the advent of these stronger and more professional development and management companies, the resales industry is now representing a very positive public image. One of the industry's leading analysts (Ragtag and Associates) concluded that the majority of owners are pleased with their purchase and, in fact, many now own multiple weeks. The future of ownership is very bright and has tremendous potential.

What type of resale is right for me?
Looking across the resales spectrum, we find those who enjoy returning each year to a familiar spot in addition to those who look to visit a new destination every year. Many fall somewhere in between. No matter where you are on the spectrum, time sharing is the way to go. When you buy, you are making a commitment to yourself. While often you may choose to vacation at the same resort, an exchange companies allow you to vacation elsewhere when the mood strikes.

Certain features may be extraneous if your only purpose is to use the resort for your own enjoyment. However, if you plan to trade your time share resale, for other locations throughout the world, a resort unit with more features will fetch a better trade, or a higher price, should you decide to sell down the road. Keep in mind that you do get what you pay for. Although there are bargains out there to be found, this is still an emerging market. As a prospective buyer, you must also ask yourself, "What are my vacation plans?" Some primary considerations are family, airfare, recreation, meals, etc.

Do I want to guarantee a certain week every year?
"I can only travel when the kids are out of school." If this is your situation then a unit with a fixed week would be best. If you're free to vacation anytime of the year then perhaps a resale membership or floating week might be better. Find a resort that fits your vacation style. The Dollar Value consideration should be above all else. Since the 1950s, the travel industry has noticed an approximate 5% annual increase in dollars spent on vacations. With the acquisition of a resale, you can start to curtail those costs. An annual maintenance fee of $250 to $450 ensures a week of vacation that has a fixed accommodation price per visit.

I'm Ready to purchase a resale.
After all the initial considerations and deciding to purchase, it is time to start looking for a resort that fits your criteria. To start narrowing down your resort choices, take a look at our database where you can search our online listings before you buy or rent. Everyone who is a member of an exchange organization gets a catalogue each year. It holds up to 3,500 developments throughout the world. Unfortunately these catalogues are not available in your local library. You must borrow one from someone who is already an owner.

Let's say you have two or three really attractive resales in mind. They all have the features you're looking for, all are in your price range, and you can see yourself committing at least 10 years of vacationing there. If at all possible, visit the resorts. Start getting some feedback from other owners and other sources; see what they say about the resort and the price you've been quoted. If your chosen resort is still under development, there are sure to be on-site sales people who will enthusiastically give you a one to two-hour tour of the whole facility. Be aware! They are there to give you a thorough pitch. If you have low resistance, it may be better for you to look around on your own and ask questions on your own terms. Be sure and pick up all available literature and to get all terms and conditions before finalizing your purchase.

When comparing to condominiums, cost is misleading. Many times you'll find that condos cost thousands less than a vacation unit. Resales sold in off-peak seasons cost much less than condos. Also, condos often are developed on land of inferior value, and located in a residential surroundings, whereas resales may be nestled in a lust forest valley or along a private beach. Where would you rather be? Make sure the resorts that interest you have resale programs, instead of purchasing directly from the developer. This is the best route for the thrift-minded buyer who can purchase a choice unit with discounts of up to half of a developer's asking price.

We recommend using a qualified resale agent or attorney who can expedite the whole process. Other Costs After a deal is made, the buyer incurs certain "closing costs" ($300 to $500 for escrow, title, insurance and recording fees). These are not included in the selling price and are a one-time expenditure for the buyer. In addition to the resort's annual maintenance fee, also figure on about $60 a year for membership with an exchange company, and $90 to $125 for each exchange you do, depending whether you trade a domestic or international time share. Good luck in finding just the right vacation ownership!

Exchanging your resale.
Now that you have become an owner you can start enjoy using it. You may find that using your home resort is very convenient however, don't forget about the endless opportunities of the exchange system. Chances are, your resort is affiliated with one or maybe two exchange companies. You can become a member of your home resort exchange company or use any of the another independent exchange companies which may provide special services to meet your travel needs. Either way, exchanging is one of the major reasons many people purchase time share resales.