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Other considerations

A selection of questions you should be asking yourself.

1) The annual maintenance will vary with different resorts. You will have to personally place a value on this. If your buying a fixed week at a specific resort you want to own at and you have chosen an apartment that has all the extras. The resort itself has all that you would require gym, saunas, entertainment, swimming pool, views etc. Then you would appreciate that you might have a higher maintenance then an owner who is looking for any resort for exchange puposes only.

Those who have decided that they have no desire to return to a particular resort on a regular basis will have a different criteria for timeshare ownership and this maybe just looking for a resort that just has a high demand week as they are going to use this mainly for exchange purposes. So all the extras you want is not important to them in their ownership.

Their research is for a list of high demand resorts and weeks and they may also be looking at those resorts that have a lower annual maintenance.

2) Is the resort a part of a Group of resorts under the same management? What advantages does this bring and is this something you might use? Could you exchange the weeks internally within your group or access additional cheap rentals without exchanging my week?

3) Budget and controlling on going costs. Some timeshare owners want to consider a resort within driving distance. This could be family for the years while the children are at school they don’t want to pay out for all those flights. If you have young children it’s not just the flights, but travel time, young children can get restless! 

4) If you’re retired and may see at some point you won’t want to jump on a flight every year for various reasons. It may be wise to plan ahead and consider a resort just a tank of petrol away that will cater for all your holiday needs. The resort ideally will be popular to enable you to exchange and explore the world in the meantime. A resort just a drive a way can be less stressful and of course you will save on flight money. 

5) If your considering a specific resort this should be your pimary consideration that the resort is a good fit for you and your family not what Exchange Company it is affiliated too. Most timeshare owners have found that the timeshare they own is affiliated to either RCI or Interval International or both. This seems to satisfy most timeshare owners needs. However it is worth checking out to see if there are any restrictions that may exempt you from joining other Independent Exchange Companies. 

Even non-weeks owners in timeshare who belong to a points system and don’t have a week to trade with an Exchange Company may still have access to bonus weeks within an Independent Exchange Companies system.  

6) What types of ownership are there? Ask and ensure your satisfied that this suits your requirements. Most timeshares have either a set leased term or have contracts written in Perpetuity within Europe.

If your purchasing outside of Europe the majority of timeshare will include a deeded interest in real estate. There will also be programs that do not include an interest in real property, but are structured like a membership. How you use your timeshare ownership is generally not affected by not having an interest in real estate.

Can I will my will my timeshare to family and friends? Yes check with your timeshare company in most instances you may wish to will this to family and friends. If your timeshare is used wisely and understood especially with bonus weeks this can be a real asset to anyone wishing to take advantage of quality holidays. 

However if you have no family or beneficeries that wish to own your timeshare than if for whatever reason timeshare does no longer suit your holiday style or this could be a lifestyle challenge then you could consider selling your timeshare. Timeshare Weekly will have an area dedicated to selling timeshare and this will evolve in time. 

If this is a lifestyle challenge like a health issue or was now a financial challenge due to a change in circumstances then talk to your timeshare company thay may just allow you to hand back the timeshare with notice.

Exit Program Ask your Timeshare Company do they have an Exit Strategy beyond selling or transfering my timeshare to a friend or family.

7) How should I own? What would best suit me? what's a fixed week and how does that compare to a floating week or a points system which one is best suited to our holiday needs?

Fortunately what types of timeshare are simple to review and the notes below
 will help guide you.

Timeshare Points The key word with a Points based system is flexibility. Review this article so you can see the difference between owning a Points membership or a Weeks membership  view here

Fixed week ownership means that you have the right to access a specific week and apartment to occupy, exchange or rent every year. Your deed will specify a specific unit and week number.

The advantages of owning a fixed week. This enables you to access a specific week and apartment every year. That’s particularly important for example school holiday time. If you visit the resort with a view to purchase you maybe able to select ownership of a specific apartment. The resort has all the facilities you require and the apartment has all the extras that are important to you.

Floating week or flexi week This means you may be deeded a specific unit number and a week, but you have no claim on that week or unit. You will have access to a broad range of weeks depending on the ownership you select. The ranges of weeks are set by the resort and will be the same from year to year.

The advantages of owning a floating week This allows you to accommodate changes that may occur with your holiday time if for example you are employed and you can't claim the same holiday time every year. So this system provides you some flexibility. It is still important that you abide by the resort club rules to secure your chosen week within your range of weeks at your earliest convenience. 

The disadvantage of owning a floating apartment there is no guarantee that you can secure a time of your choosing. If the view is important to you this also may not be available, as some resorts may not have a view available that’s to your satisfaction.