1. What is a Timeshare/Vacation Ownership?
2. Renting a Timeshare
3. Selling a Timeshare
4. Buying a Timeshare

1. WHAT IS A TIMESHARE / VACATION OWNERSHIP?

With vacation ownership, consumers purchase a unit/suite at a resort for a specific week (or equivalent points). Many timeshare owners enjoy vacationing at their resort each year. Others opt to visit different resorts by either working through the resort's exchange service or by renting at a different resort (and then rent out their unit at their resort!). Owners of timeshares also pay annual maintenance fees that cover utilities, maintenance of property, onsite management, etc.

Timesharing has changed over the past 40 years, with amenities and activities to suit just about everyone. Timeshare units are larger than hotel rooms, usually having bedrooms and a full kitchen and bath. Most have washer/dryers, VCRs, a dining area and other amenities.

Timeshares have become a popular option for families and group travel as there are multiple sleeping areas for children, parents and other adults and vacationers can opt to eat in the suite when desired. In fact, over 3 million U.S. households now own a timeshare resort!

Timeshare owners cite several benefits including, flexibility in traveling, opportunity to travel to other locales and resorts, and consistency of quality in their facility.

Timeshare owners are so satisfied with their purchases, that surveys indicate owners want to purchase more weeks within the next 3 years with the average number of weeks owned per household increasing to 1.8.

Renting a timeshare week for vacation can be transacted either 1) directly between the renter and owner or 2) through the renter and the resort management.

Tips on renting a timeshare:

• Contact the owner through the www.MyResortNetwork.com website and inquire about availability and ask any other questions you might have. At that time, owners and renters can continue discussion through e-mail or exchange phone numbers or both.
• Agree upon a rental price and specific days
• Clarify deposits that may be required
• Ask the owner to contact the resort to inform them of the agreement
• The owner should ask the resort to send confirmation and check-in instructions to the renter. Confirmation directly from the resort provides added security that the owner actually owns the unit they have posted for rent.
• The owner and renter should agree on when the balance of the fee is due (day of check-in? when confirmation from resort received? It's up to the 2 parties involved)
• Call the resort in advance to double-check reservations and get any other questions answered.

Although short-term rentals are not typically listed, you can contact the timeshare owner and ask if he/she is willing to rent for a long weekend or partial week.

3. SELLING A TIMESHARE

If you wish to sell your timeshare, keep these tips in mind:

• Many factors influence the resale price, including the season, location, unit size, age and availability of new resorts in your area. Do not necessarily expect to receive the same amount that you originally paid for your timeshare.
• Look at other sale prices for comparable units and/or resorts at www.MyResortNetwork.com to assist in establishing a reasonable asking price.
• Many real estate brokers and timeshare resale companies expect up-front fees to market your property. If you decide to sell your timeshare through a broker, check with them about the up-front costs and resale guarantees. (NOTE: The brokers that advertise on www.MyResortNetwork.com do not charge up-front fees)
• Lower cost options for timeshare resales are available on the internet, such as www.MyResortNetwork.com.
• This website does not charge to list a timeshare for resale
• If you sell your timeshare, be sure to notify both the resort and any exchange company you belong to.
  

4. BUYING A TIMESHARE

The American Resort Development Association (ARDA) offers tips for timeshare buyers:

• Buy because you plan to use the vacation ownership in the future. It's an investment in future vacations.
• Choose a vacation that fits your lifestyle
• Look for signs of good management (service, housekeeping, amenities, etc)
• Keep in mind that timesharing is HIGHLY regulated, with state laws governing the purchase process from developer to buyer.

Before entering into any contract, contact the resort directly to verify that the owner does indeed own the week and unit being sold. In addition, it is wise to include a careful due diligence process to ensure satisfaction. Ask to see the unit personally or view photos of the unit. You might also want to talk to the resort management or owner's association to assess if any problems exist with the unit.

Timeshare closings are similar to real estate closing and require transfer of titles and other legal documents. A timeshare closing company can handle all the paperwork for you and most charge nominal fees. Timeshare Transfer, Inc is a reputable firms specializing in timeshare closings.