What
is a Timeshare?A
timeshare is the name given to piece of real estate
where a number of individuals share ownership in the
subject property. As opposed to a standard home
where an individual or, for example, a husband and
wife share ownership, a timeshare is almost always
owned by a number of people who have no relation to
one another whatsoever.
Timeshare properties can
often be found in warm destinations where people
like to vacation. As an example, coastal towns and
cities in Florida (Daytona Beach) and South Carolina
(Hilton Head Island) offer huge numbers of timeshare
properties. They can also be found in cold weather
areas (ski
resorts in Colorado) and all over the world
(Ireland, Mexico, Spain) as well. Most of these
timeshares are located in resort communities.
Timeshare properties are much
more than simple hotel rooms. Typically, they
include one to three bedrooms, multiple bathrooms, a
full kitchen and a living room. These
condominium-style units are almost always fully
furnished. Indoor and outdoor swimming pools are
common at most timeshare properties.
The typical timeshare
ownership unit is one week. Timeshare ownership is
very similar to that of a condominium except that
your ownership is limited to a certain week (or
weeks, if you purchase multiple intervals) during
the year. If your one-week time period is in demand,
the price will be higher. For instance, a timeshare
for a week on Hilton Head Island, South Carolina in
April will cost far more than a week at the same
resort location in the sweltering heat of August.
Timeshares can be sold or
passed down to heirs as with other forms of real
estate. Many people not only look at their timeshare
as a means to have a great vacation, but they also
view it as an investment. Should they decide not to
use the property for their own usage, they can rent
their timeshare to others. Also, the value of many
timeshares increases with the passage of years, so
long as the destination remains attractive.
Most timeshare agreements
allow owners to trade and swap locations. For
instance, an owner in the Bahamas could swap his
weekly ownership for a similar timeshare in Hawaii.
Many major hotel companies, such as Marriott
International, manage and sell timeshares at resort
locations.
