Everything You Need to Know About Time Share
The time share industry is sometimes evaluated as a scam. There have been several complaints by previous owners of time share deeds that the money spent was not worth it. The following were the usual complaints regarding time share:
1. Major Payment Upfront
The method of payment for time share is different from the usual renting arrangement. The customary renting arrangement gives the customer the option to decide every year on the quality and accommodation pricing. The method of payment for time share, however, requires a major payment for the time share deeds.
Complaints by owners of time share deeds also include the feeling of complacency because owners have no freedom of choosing other resorts; they return to teh same resortevery time share interval. Owners clamor for the opportunity to use their time share deeds in other resorts.
Presently, however, there exists time share exchange organizations that enable owners to exchange their time share deeds for use in other resorts which literally number to thousands all over the world. The most recognized time share exchange organizations are the Resort Condominium International (RCI) and Interval International (II). Although, lately, a number of independent time share exchange organizations are being established and the numbers are increasing.
3. Yearly maintenance fees
Owners of time share deeds have complained of increasing maintenance fees every year. The maintenance fees of resorts seem to escalate so fast that owners have difficulty ofkeeping with their due on time share intervals.
Financial pressure have even forced some owners to sell their existing time share deeds. Several websites have advertised these sales. Major online auction sites such as e-Bay have also included the sale of time share deeds in their websites.
It is notable, however, that most of the owners of time share deeds have no desire to relieve themselves of their time share ownership.Owners have correlated the quality of their accommodation as proportional to their cash outflow. This measn that as long as they remain contented with their stay in a particular resort, money would not be an issue.
Despite all these complaints regarding time share deeds, the benefits still outweigh the complaints:
1. Time share is real property
The innovative marketing of the new concept of time share transpired during the 1960’s. A developer of a ski resort in teh French Alps have thought of a way to increase the occupancy of his ski resort. The guests were presented with the option to own the resort instead of just renting it.
The developer of resorts purchaseland in a location. They develop a time share resort and sell potential customers deeded weeks or time share intervals of real property at a specific location. This means that customers can do whatever they want with the time share interval that they own.
2. Time share is flexible
Time share owners have the option to do the following with their time shares:
1. Use their time share deed
2. Rent out their time share deed
3. Give the time share deed as a gift
4. Exchange the time share internally within the resort group
5. Exchange the time share externally with thousands other time share resorts
Time shares are even flexible in terms of ownership. Owners can choose between these types of ownerships:
1. Fixed Week ownership
For a fixed week ownership, you get to own a deed to use a unit for a specific week.
2. Floating ownership
In this type ownership, you get to choose what week you will use your time share deed within a defined season. For example, the Summer season has several weeks, you get to choose or compete over the week that you prefer.
3. Rotating ownership
This type of ownership provides fair opportunity to all time share owners. A week is rotated to each member every year such that if you own week 19 this year, week 20 would be your time share interval for next year and so forth.
4. Deeded ownership
Deeded ownership provides authority to the owner to do whatever he wants. These deeds are real property, although, it is sometimes known as a fractional ownership since you only own a particular time share.
5. Right to Use ownership
The right to use ownership is limited for a number of years only. The owner also gets to abide by whatever is stated in the contract. By the time the termination date stated in the contract is reached, all power over the property would be automatically returned to the developer.
6. Ownership by Points program
The Points program is also an innovative way of enticing guests to acquire time shares. Guests have to reach a certain point which is equivalent to the level of ownership. The new owners would then have the option to schedule an accommodation with the resort for their availment of the time share/s.