Timeshare Buyer FAQ
Because the timeshare resale marketplace operates very differently from the sales process at a resort, a prospective timeshare buyer may lack understanding of how the secondary market works. That’s why we’re here – to answer your questions through our timeshare buyer FAQ and give you the information you need to make the process as simple and stress-free as possible.
While we try to anticipate your questions, timeshare resorts and club programs can operate very differently within the industry. If you have any questions about buying a timeshare at a specific resort or program, click here to contact us or please give us a call on 800-640-6886.
Q. Why should I purchase a timeshare?
A.Buying a timeshare means that you can own an interest in vacation real estate which will serve your vacation needs for as long as you wish. Timeshare weeks and most points-based club programs let you book vacations at your home resort, at other resorts within the respective network, or you can exchange to vacation at other resorts through an exchange company. Here are some pros and cons to owning timeshare:
- You will have guaranteed use of quality resort vacations in the future for yourself and others in your family.
- You will be enjoying some of the finest vacation accommodations available, with larger condo-style units that are much more desirable than the standard hotel room.
- Vacation worldwide at resorts that provide the consistent quality and service that you have come to expect. No surprises when you show up at an overseas resort.
- Buying timeshare on the resale market saves you thousands of dollars over buying at the resort – as much as 70% off the resort retail price.
- You will have beaten vacation inflation by paying for future vacations at today’s discounted resale prices, which means you save even more money.
Q. How does a timeshare work?
A. Timeshares operate similar to a leisure vacation resort, where you enjoy a vacation unit and the facilities of the resort. With many timeshares, you buy a deeded interest in the resort with preferred access to your favorite vacation time. Because you are an owner you can have a say in the operation of the resort – more so than just posting about a hotel on TripAdvisor.
Ownership usually takes the form of either a week of time at a specific resort or in a club program where points are used to make a booking at a particular resort.
Booking your vacation time is made through the resort or management company. You can also exchange your timeshare use to vacation at a different resort either through your branded program (such as Marriott, Disney or Hilton) or through an exchange company like RCI or Interval International.
Q. How long do I get to stay at the resort if I buy a timeshare?
A. Typically the ownership period is one week consisting of 7 consecutive nights. Deeded timeshares are normally sold in intervals consisting of a seven-night stay. With club programs, you can usually use your points for multiple, shorter stays at resorts within the network if you’d rather not use them all for a consecutive seven-night stay.
Q. Can I use the timeshare resort at other times in addition to my week usage?
A. Many resorts offer day-use access or additional time when owners can use the facilities at a reduced rate. For instance, timeshare owners living in Denver who own in Breckenridge can often use the facilities of their resort on ski weekends when making a day trip.
Q. Will I receive the major benefits that the resorts are offering if I buy a timeshare through BuyaTimeshare.com?
A. Most timeshare resorts provide the major benefits to owners who buy timeshare resales, such as access to all resort facilities. However, it is always best to check with the owner and the resort to verify the benefits which transfer and whether some do not transfer.
Q. What is a Gold Crown timeshare resort?
A. The top rating given to a resort in the Resort Condominium International (RCI) system.
Q. What does timeshare lockout mean?
A. Also known as a lockoff, this is a timeshare that is divided into two separate living spaces with two separate entrances but allowing for full use through a connecting doorway if desired. An owner who bought a lockout timeshare for sale will usually have the option of renting out the additional living space if they don’t use it and “locking” the common doorway while retaining privacy. Lockout owners can sometimes exchange one week for two weeks in a smaller unit through their exchange company.
Q. Timeshare weeks - What is a fixed week?
A. fixed week is a set time that a timeshare can be used annually, usually a continuous seven-night stay during a specific week of the year. Fixed weeks are given a number designation that will correspond to a specific week of the year. You can see which week number aligns with a particular week of the year by using a timeshare calendar.
Q. Timeshare weeks - What is a float week?
A. A float week is a vacation week that can be used during a predetermined time or season of the year, based upon availability. The week can usually be chosen from a group of weeks within a particular season. For instance, owners who enjoy ski trips may buy a floating week at a Colorado timeshare to be used for an available week during the winter. Some timeshare companies offer floating week options which can be selected at any time of the year.
Q. Timeshare weeks - What is a banked week?
A. A banked week is a week of timeshare deposited within the system of one of the exchange companies, to be saved or banked for use through a timeshare exchange at a later time.
Q. What is a Timeshare point system?
A. Timeshare points are a type of vacation currency which are assigned annually by a resort or club and can be redeemed for daily stays, weekend getaways, full week stays or other products. Additional points can be purchased but usage varies from resort to resort. Exchange companies also offer points programs such as RCI Points, but these are separate from a traditional point system offered through companies such as Hilton Grand Vacations or Disney Vacation Club.
Q. What is red, white/yellow, and blue/green time on a timeshare calendar?
A. A color-coded system used for rating the desirability of a timeshare week during a particular season of the year. Red is considered the most desirable, followed by white or yellow. Blue or green are considered off-peak season.
Q. How do I Buy a Timeshare?
A. When a buyer is interested in buying a timeshare through BuyaTimeshare.com, they will place an offer on a property through an advertisement on our website. The offer will then be submitted to the owner, who will either accept, decline or counter the offer until an agreed price can be negotiated between the buyer and owner.
If the owner has elected to use the services of a licensed real estate agent, then the prospective buyer may be contacted by that agent who will handle the negotiation process on behalf of the owner.
Once the negotiation process has been completed and a price has been agreed upon, either directly or through an agent, the timeshare sale will then proceed to closing. At this point, a buyer working directly with an owner will likely need to find a company to handle the document preparation such as the purchase and sales agreement. The buyer can use one of our affiliated brokerage companies, Timeshare Broker Associates, to manage this process for a nominal fee.
Owners who use the services of a licensed agent will have their agent handle this process and, in this case, the agent absorbs the cost.
Please click on How to Buy a Timeshare for additional information.
Q. What is involved in the timeshare closing process?
A. When an offer has been accepted to purchase a timeshare, the transaction will be referred to a timeshare closing company, much the same way a home purchase is conducted. Once the sales documents are signed and the sale goes to closing, there are a few areas which could be included in the process that add to the cost of a timeshare, but are required for closing:
- Timeshare transfer fee – depending on the resort and the ownership type, the resort may only need a transfer fee to be paid for the ownership to be transferred into the buyer’s name.
- Timeshare closing costs – these are costs for a closing, or title, company to oversee items such as the title search, deed transfer and communication with the resort. Deposits and subsequent payments from the buyer are held in escrow, which is managed by the closing company, and monies are released to the seller once the transfer of ownership is completed.
- Legal fees involved in timeshare closing – in certain states such as South Carolina, a legal review is required for timeshare resales.
The entire timeshare buying process can take about 4-6 weeks to complete, assuming both parties, and the approvals from the timeshare resort, operate in a timely matter. Additional costs such as the document preparation fees and closing costs sometimes come as a surprise to the buyer, who typically pays these fees, so keep this in mind when negotiating with the seller.
Q. Does BuyATimeshare.com recommend a timeshare closing company
A. Buyatimeshare.com has researched the various closing companies and recommends Fidelity National Timeshare and First American Title as two of the most reputable companies in the United States.
Q. What is timeshare bonus time?
A. Timeshare bonus time is when a resort will offer additional weeks or vacation days either at no cost or a reduced cost, usually as an incentive to purchase a timeshare at that resort. Exchange companies also offer bonus time depending on the level of membership or the exchange value of a timeshare.
Timeshare Buyer FAQ – What’s Next?
The timeshares for sale on BuyaTimeshare.com are regularly updated as owners add their timeshares to our platform. You can search the available inventory by using the search bar at the top of the page to search for a specific town or resort, then click on the page revealed through the menu. If you still need help, you can always call us on 800-640-6886 or contact us through the inquiry form.