Frequently Asked Questions
We've assembled a variety of questions
and answers to help you get a better understanding of Vacation
Ownership. If you have a question that we haven't covered,
please send us an e-mail and we'll do our very best to answer
it and then we'll add it to the list. You
can send your questions to Questions@VacationOwnership.com
GENERAL
QUESTIONS
What is vacation ownership?
Vacation ownership also known as
timesharing offers consumers the opportunity to purchase
fully furnished condominium style vacation accommodations
in a variety of forms such as fixed weeks, floating weeks,
points based clubs, fractionals and cruises for only a percentage
of the cost of full condominium or vacation home ownership.
Two basic types of timeshare units are sold: fee simple
where the buyer gets title to a fraction of the unit; and
right-to-use where the purchaser is entitled to use the
unit for a specified period of time, but does not have an
ownership interest. For a one-time purchase price and payment
of a yearly maintenance fees and taxes, purchasers own their
vacation either in perpetuity or for a predetermined number
of years. More than 5 million families have discovered the
benefits and affordability of buying one or two weeks of
vacation ownership rather than year-round ownership of a
condominium unit or second home.
Where are most vacation
ownership resorts located?
Vacation ownership resorts are found
across the globe in most every popular vacation destination.
You'll find vacation ownership resorts near beaches, ski
areas, attraction areas, major cities, rivers and lakes.
How does vacation ownership
work?
Each condominium, or unit, of a vacation
ownership resort is divided into intervals, either by the
week or points equivalent, which are sold separately. The
condominiums are priced according to a variety of factors,
including size of the unit, resort amenities, location,
and season. For a one-time purchase price and payment of
yearly maintenance fees and taxes, purchasers own their
vacation either in perpetuity (Deeded) or for a predetermined
number of years (Right to Use). Ownership entitles you to
a certain amount of time in that property per year. Owners
share both the use and the costs of upkeep of their unit
and the common grounds of the resort property.
What are the advantages
to becoming a vacation owner?
The advantages are numerous. Vacation
ownership secures affordable, diverse quality vacations
for life. Simply put, vacation ownership provides tomorrow's
vacations at today's prices. But there's more. Typically
your vacation ownership accommodations far exceed your typical
hotel room. Luxury rooms, kitchens, multiple bedrooms and
baths, they're really a home away from home.
How many people are vacation
owners?
It is estimated that more than 5
million families have discovered the benefits and affordability
of buying one or two weeks of vacation ownership rather
than year-round ownership of a condominium unit or second
home.
What are some of the most
common vacation options?
Whole ownership of a vacation home
or condominium... Pay rent to hotels & motels... Rent
or purchase a motor home...Or, Vacation ownership where
you receive all of the same benefits of condominium or vacation
home ownership at a fraction of the price because you only
purchase the time that you need.
If I purchase, when will
I receive my deed?
After the deed is recorded at the
county courthouse. It is then sent to you along with your
title policy. With most sales the usual time frame is approximately
ninety days. There are exceptions to this as some counties
take longer to process.
Can I ever sell my vacation
ownership?
Yes. Once you are the legal owner
of a vacation ownership week, you may sell it at any time.
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PRODUCT
QUESTIONS
What is deeded ownership?
Deeded ownership is when the property
title does not expire. Once you own it, it's yours until
you decide to sell it, much like home ownership. Deeded
properties may also be passed to your heirs.
What is Right-to Use Plan?
Under a Right-to-Use Plan, ownership
of the resort remains with the developer. The purchaser
reserves the right to use one or more resort accommodations
for a specified number of years, ranging generally from
10 to 50 years, after which all use rights return to the
developer. These plans come in a variety of forms, most
commonly as club membership.
What is a fixed time week?
With fixed time week, the unit, or
unit type, is purchased for a specific week during the year.
The first week of the year will be designated as week #1,
and the last week of the year will be week #52. That week
is reserved for the owner every year, subject to cancellation
if the vacation owner does not plan to use it in a given
year. The fixed time week may also be deposited for exchange
at another resort or the owner can rent it.
What is a floating time
week?
Floating time weeks refer to the
use of vacation accommodations usually within a certain
season of the year, often within a three- to four-month
period such as spring or summer. The owner must reserve
his or her desired vacation time in advance, with reservation
confirmation typically provided on a first-come, first-served
basis. The purchaser may also receive a deed under a floating
time arrangement. According to a recent national study,
approximately 70 percent of vacation ownership condominiums
in the United States are sold as floating time.
Is it better to own a fixed
week or a floating week?
If you intend to use the resort,
at which you purchased, for vacations every year, and it
is of importance that you can go to your home resort at
a certain time, then a fixed week would be high on your
priority list. A good example would be an individual who
owns at a ski resort and wants to take his vacation the
second week of February, each year. If, on the other hand,
you want the flexibility to use your resort at different
times each year, or if you want to use it strictly for exchange,
then a floating week would meet your needs
What is a points based club
or program?
Points-based clubs or programs provide
the flexible use of accommodations in multiple resort locations.
With these products, club members purchase points, which
represent either a travel and use membership or a deeded
real estate product. These points are then used like currency
to access the various size accommodations, season and number
of days at the participating resort. The number of points
needed to access the resort accommodations will vary by
the members' demand for unit size, season, resort location,
and amenities. A points based club or program may have a
specific term of ownership or be deeded in perpetuity.
In other words, a point system is a form
of vacation ownership in which you own a number of points
each year that represent the quality of the unit you have.
When exchanging, more points translate into higher season
ratings, larger accommodations, and better trading power.
For example, a low season studio unit may take 100 points
to reserve the time, but a high season two-bedroom unit
may require 300 points. Most systems will allow you to borrow
from future years or to carry over unused points to the
next year.
What are split weeks?
Split weeks are popular with consumers
who prefer shorter vacations, as the owner may split use
of the interval into two separate visits to the resort,
such as one three-night and one four-night stay at two different
times of the year. Reservations are usually granted on a
first come, first served basis and are based on availability.
What is biennial ownership?
Biennial ownership, or alternate
year ownership, allows use of a resort ownership product
every other year and costs less than annual ownership at
comparable resorts. Biennial ownership is an excellent vacation
option for families who can't take a vacation every single
year.
What is fractional ownership?
Fractional ownership enables consumers
to purchase a larger share of a vacation ownership unit
usually from five to 26 weeks. This type of ownership is
popular in ski, beach and island resort areas.
What is a "Lockoff"
or "Lockout" unit?
"Lockoff" or "lockout"
units are constructed so that they may be divided into two
or more smaller units for exchange or usage purposes. For
example, a two-bedroom lock-off may be divided into a one
bedroom and a studio, or some other configuration, which
the particular resort will provide. If you own one of these
types of units you have the ability to trade both parts
of the unit for two weeks. Or if you prefer, you can use
one of the parts for exchange purposes and vacation in the
other part, giving you the ability to vacation an additional
week each year. The real plus here is that even though you
have the ability to have two weeks of vacation, you still
only pay one maintenance bill.
What sizes of accommodations
are available?
Sizes of units vary from resort to
resort. While many resorts have a mixture of Studio's, one
bedroom's and two bedroom's, many others have three bedroom
units as well.
USAGE QUESTIONS
How can I use my vacation ownership?
There are many ways to use and enjoy
vacation ownership.
- Use it by staying at your home resort.
- Exchange it for another villa someplace
else.
- Loan it to family or friends.
- Space bank it for future use if you
can't use it.
- Rent it when your not using it.
What if I want to take a vacation
in another place?
You can travel the world with through
vacation exchanges. Vacation ownership offers unparalleled
flexibility and the opportunity for affordable worldwide
travel through vacation ownership exchange. Through the
international vacation exchange networks, owners can trade
their timeshare interval for vacation time at comparable
resorts around the world.
How does the vacation exchange
work?
Most resorts are affiliated
with an exchange company that administers the exchange service
for its members. Typically, the Exchange Company will directly
solicit annual membership. Owners individually elect to
become members of the affiliated Exchange Company. To exchange,
the owner places his or her interval into the exchange company's
pool of resorts and weeks available for exchange and, in
turn, chooses an available resort and week from that pool.
The exchange companies charge an exchange fee, in addition
to an annual membership fee, to complete an exchange. Exchange
companies and resorts frequently offer their members the
additional benefit of saving or banking vacation time in
a reserve program for use in a different year.
If we become owners at one
resort, do we have to return to that same resort every year?
The choice is yours. As an owner,
you can return to the same location year after year if you
want to. Or, you can exchange your vacation week(s) through
a professional exchange that your home resort is affiliated
with. Vacation exchange opens up a world of travel and vacation
opportunities.
May I loan my unit to family
and friends?
Yes you may. Sharing your
vacation ownership with loved ones is one of the greatest
benefits of all.
Can I bring guests along?
You may bring as many people as the
unit will sleep.
Do the resorts charge extra
for guests like a hotel does?
No, however you are not allowed to
have more guests than the unit accommodates. It's always
a good idea to check with the resort prior to arrival to
find out how many people the unit can comfortably accommodate.
What do I do if I can't
use my vacation ownership one year?
You can space bank your week(s) with
the Exchange company for future use, you can rent out the
unit or you can loan it to family or friends.
Are all vacation ownership
units equipped with a kitchen?
Most vacation villas are completely
equipped with everything you'll need to enjoy breakfast,
lunch or dinner just as if you were at home. We advise that
you always check with each individual resort to be sure.
Are pets allowed?
With very few exceptions, pets are
not allowed.
Is daily maid service provided?
This varies, but in most resorts
you check into a clean unit, then you get a quick clean
and dust about mid week. Most resorts have daily maid service
available at a nominal charge but very few people use this.
Most resorts, especially beach resorts, offer daily towel
exchanges.
COST QUESTIONS
Is vacation ownership really
less expensive than a hotel vacation?
Yes, it is. By purchasing time at
a resort, you're fixing your vacation costs in today's dollars,
beating inflation and getting all the extra value and benefits
that a traditional hotel vacation just cannot provide. For
example, on an average hotel room, at a cost of $150.00
per night, your total expenditures over 20 years of vacations
with just 3% inflation, would exceed $30,000.00 and all
you would have is credit card receipts to show for it. You
can also expect to save money by preparing some meals in
your own kitchen rather than eating out three times a day.
What are the costs?
Prices vary from resort to resort
and the unit price or points is based on product type, location,
unit size, amenities and supply. The average price for a
one-week interval is $10,000 plus an annual maintenance
fee of $300 - $500 per week. You can also expect to pay
an exchange fee ranging from $114 - $124 if the exchange
is within the USA and $135 - $162 for International exchanges.
What are annual maintenance
fees?
Annual maintenance fees are
fees paid each year to a HOA for the maintenance of the
resort. Just like taking care of a home, resort maintenance
fees help maintain the quality and future value of the resort
property. In a vacation ownership resort, all owners share
the maintenance costs. They pay for on-site management,
unit upkeep and refurbishing, utilities and maintenance
of the resort's common areas and amenities, such as pools,
tennis courts and golf courses. Just like residential condominium
owners, after management has been turned over to vacation
owners, they determine the fees through their HOA Board
of Directors. The amount of the yearly maintenance fee typically
depends on the size, location, and amenities of the resort.
Maintenance fees are assessed and paid annually by each
vacation owner.
Is financing available?
Yes, most resort developers offer
their own financing and will provide on the spot credit
approvals to credit worthy individuals.
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