Okay call me dumb, but what exactly is a timeshare?

Question

lol, i think i'm more confused than before!

Answer 1

Its a expensive scam dont buy in to it =]

Answer 2

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 3

It is when you own a piece of property with a group of other people and you get to use it for a period of time.

Answer 4

its a place, condo or something of the sort, that you "share" with others for a period of time..so for instance..if you own a timeshare condo in the bahamas..perhaps for the first 2 months of the summer, it would be yours for that time period and you can do as you please but would have to be out for the next people when its their time. and costs are split over a larger scale

Answer 5

It is when you buy a period of time in a property you share with other people who buy a different period of time.

This is a way of insuring you have a period of time for a vacation.

You don't have to go to the same location year after year.  You can trade your timeshare location and dates with other members of the same organization.

Answer 6

A vacation home you buy and  go to every year

You can rent it to people too

Answer 7

Dumb.

Answer 8

A timeshare is a contracted property inwhich you pay a fee like 5,000 for 3 years, and then when you use the property you pay a really small fee, like 150 to rent the place for a week, usually you have a set amount of weeks you can use it and then you can also trade it for other destinations. It is not actually yours, you are sharing it with other people who use in on the weeks you are not there.

Answer 9

its like renting a house but sharing it with other people so it doesn't cost as much, or something like that.

Answer 10

What exactly are timeshares, and how do they work?

According to Yahoo! Reference, a timeshare is a joint ownership or lease of vacation property by several people who take turns occupying the premises for fixed periods. Timeshares aren't deeded real estate, but are more akin to club membership.

Timeshare "owners" lay claim to specific weeks during the year. The costs of these weeks vary with popularity. For instance, on Cape Cod, a sunny, summer week will cost you more than a brisk October respite.

Timeshares work in a number of ways. They are often condominiums or apartments in popular vacation areas. Management companies maintain them and sell weekly lots.

Timeshares aren't generally considered good real estate investments due primarily to their low resale value. They're usually billed as an alternative to future vacation costs. Those thinking about joining the club will want some advice on getting the most for their money and avoiding scams.

Answer 11

It is when you "own" a share of a property, almost always a vacation property, that amounts to the right to stay one or more specific week(s) in a specific room / condo.

Some large time share companies (Marriott is one of the largest, RSI is another) allow you to trade your "week" for time at another property. For example you "own" the 1st week in August @ a property near Disney World, you MIGHT be able to trade that for a week in Cancun in January. Emphasis on might.

Very important, almost always buying a timeshare on the resale market is a lot cheaper than buying it from the original timeshare company, i.e. Marriott, RSI etc. This exposes the fact that these timeshare "investments" almost always decrease in value.

Ask yourself "do I want to go to the same place on the same week for my vacation every year?"

BTW most of those "free" vacations offered are sales techniques for timeshare companies.

Answer 12

It's a way to con money out of people into thinking they own property, when in reality they don't.

They buy an apartment in a block which they share with upto 26 other people each paying a similar amount for the apartment. They have the right to stay in that apartment for a two week holiday for life. It doesn't end there. They still have to pay community fees.

It has been big business here in Spain for decades.

Answer 13

It's like renting a house. But, someone gets to use it when you aren't using it.  

Answer 14

Hello there!

No question is a dumb question, just remember that and never stop asking questions. It's what educates us all!

A time share is when you own a piece of property, or in my example a houseboat. You have a set amount of time that you are allowed to use this 'houseboat' as if it were your own. It is commonly used to reduced the cost of owning something outright. We used to do a time share for a houseboat down at Lake Powell in Utah. We chose to do two weeks out of the year, one in Spring & one in Summer.

I hope that makes sense now?

I'm not sure where you are located, but here's an example of a place offering time shares: http://www.dexknows.com/category_Time+Sh...

-Dex

Answer 15

read here:

http://en.wikipedia.org/wiki/Timeshare

Answer 16

i don know either..

after u get to know let m know too..

Answer 17

when you invest money on property that is being bought in sections by others, you can vacation every once in a while but its not completly yours

Answer 18

well say you have a house in jersey for the whole school year but you also have a timeshare in florida which is when some one else lives in the house while your in jersey but leave when its time for you to go down there. so basically its just shared time for a home.

Answer 19

i guess im dumb too LOL i didnt know until i saw ur answers  thanx for asking

Answer 20

The time you share with someone or towards something?

I'm assuming,  I don't hear people use that word.