In simple explanation........what is a time share ?

Question

In simple explanation........what is a time share ?

Answer 1

( It is spelled as one word, not two words: TIMESHARE. )



Timeshare at its core is essentially a group of people sharing the cost of a vacation home.

The word "timeshare" has grown over the decades to include a wide variety of vacation products and plans. Also known as "vacation ownership" "holiday ownership" and "interval ownership" , its umbrella covers traditional deeded timeshare ownership, fractional ownership, private residence clubs, points clubs, and more. Some would even broaden the term further to include campground memberships and the " condo hotel" concept, in which a condo is purchased outright but the owner is only allowed to use it for a specific periods of time and it is rented by a hotel management company for the remainder of the time.

Regardless of how loosely or rigidly you choose to define the term, the basic premise of timeshare is simple. You and a group of other people share the purchase cost of a vacation accommodation, in increments of one week (or more) per year of use, thus guaranteeing your ability to use that accommodation during the period of time you choose, either for life or for a specified number of years. Accommodations range from hotel rooms to condos, from cabins to luxury houses and castles, from yachts and cruise ships to RVs and houseboats.Owning timeshare in the traditional sense means a condominium/villa/house/hotel unit, etc. is subdivided into 52 separate units of time (52 weeks in 1 year), and usually sold to a maximum of 51 owners (leaving one week each year closed down for annual renovations and/or maintenance). Each owner would own 1/51 of the unit. Each share repesents one week of vacation. Each owner is entitled to ownership rights and privileges of the shares that they purchased.

This system makes vacation home ownership possible for many people who cannot afford a second home or who otherwise would not be able to enjoy such resort facilities. It is important to remember that purchasing timeshare should never be viewed as a financial investment with the expectation of gaining a profit in either reselling it or renting it to someone else. Timeshare is an investment in lifestyle, in future holidays, in family time together, and when viewed that way it can be a good investment indeed.

Answer 2

When you go to a resort, example..Disney World, and you sit in a room with about 50 salesmen/saleswomen and about 200 families with screaming kids waiting to go to Disney.  They get you in that room with an offer like 4 "free" tickets to any theme park and it will only take an hour of your time.

They give you a whole run around on why buying time shares is a good investment because it saves you on hotel stays.

Then they bring out the payment plan at the end which goes by your income.  Average would be about $200 per month.

You pay this monthly payment and if you decide you want to travel, see if the same time share company you are paying to is where you want to go.  If so, you can reserve it for a week.

IT'S A RIP OFF

Answer 3

It's when you rent somewhere for a vacation, but you aren't going to be staying in the place for an entire month or whatever, so you go in on the cost with someone else (or several other people), and then you stay there a week or so, then everyone else gets their turn to stay there whenever.

Answer 4

You are buying a share of the time in a year, usually split into weeks, so if you are asked for say 10,000.00 pounds for 2 shares, you will have two weeks every year for life (or agreed time limit, could be 99 year lease or something), and some you can swap destinations with your weeks, but you are buying a period of time, not the actual property. You will find for example the price will be higher for the high season weeks in the summer and much much lower in the wintermonths, because of the weather.You may have to pay a small fee for the annual upkeep of the extrior of the property. Just be extremely careful if you are thinking about it, they can be hellish expensive. Funnily enough I have been looking at the house prices in Bulgaria on the net today, and you could buy a house for the price of a good timeshare,

Answer 5

The 2 previous answers gave great answers.  Time share seems to be an American thing.  There must be comfort in going to a place and knowing you are going to be surrounded by a whole lot of other Americans and staying in condos etc. just like home.