TIME SHARE
Q: What is timesharing?
A: Timesharing offers people the opportunity to purchase time at fully
furnished vacation accommodations - usually in weekly increments - for
a fraction of the cost of full vacation home ownership. For a one-time
purchase price and an annual maintenance fee, timeshare purchasers own
their vacations forever, or for a predetermined number of years, depending
upon the purchase agreement. Timesharing can take a variety of forms.
The most common is a resort condominium (which can range from a studio
with a partial kitchen, all the way up to a five-bedroom unit with a full
kitchen and luxury amenities). Lock-offs are another unit option. They
are unique because they can be separated into smaller components by locking
a door. Other less-common timeshare accommodations include hotel rooms,
houseboats and motor homes.
Q: What are the different types of timeshare purchase options?
A: Today's timeshare industry offers numerous purchase options to meet
consumers' desire for vacation variety and flexibility. Although the availability
of these purchase options varies from resort to resort, here are the most
common:
* Fixed Week: Timeshare units sold for use during a specific week of
the year.
* Floating Week: This can be any week reserved for the timeshare owner
during a
certain season.
* Fractional: Ownership is sold in multiple-week packages, usually four
or five
weeks in each year, or as a quartershare (13 weeks). This type of purchase
option
is popular in high-demand spots such as ski, beach and island resorts.
* Vacation Clubs: Rather than purchasing timeshare in a certain size
of unit at a
particular resort, Vacation club members purchase the opportunity to
use a variety
of timeshare accommodations at various resort locations, usually within
one
developer's chain of resorts. Many clubs operate on a points system,
but not all.
* Points Systems: These offer the greatest flexibility to the timeshare
owner.
Participants of these systems purchase points which they use as currency
to
reserve timeshare accommodations of various sizes, during different
seasons and
for varying lengths of time. The points can also be used for other vacation
products
such as airfare, hotel stays and car rentals.
* Deeded Agreements: These allow the timeshare owner to use his/her interval
in
perpetuity, just like buying a house. Under this agreement, the owner
may rent,
sell, exchange or bequeath the vacation interval. Deeded agreements
can be for
fixed or floating weeks.
* Right-to-Use Agreements: These stipulate that ownership of the resort
remains
with the developer. The timeshare developer gives the purchaser the
right to use
the specified resort accommodations for a certain number of years, usually
ranging
from 10 to 50, after which all rights return to the developer. These
agreements can
be for either fixed or floating weeks and are also commonly part of
vacation club or
points-based memberships.
Q: What is the first thing I should look for when considering
a timeshare purchase?
A: As a matter of course when considering a timeshare purchase, you should
ensure that the company offering and selling the product is a TISA member.
TISA members are required to adhere to an exacting Code of Conduct, which
ensures best practice in all aspects of their business dealings. TISA
membership is ultimately a guarantee of fair and professional trading.
Q: How do I choose my timeshare?
Use the following guidelines to choose your weeks.
A: The TIME of year that you decide you want to holiday in
Each year is divided into 3 types of season
Red = high season
White = mid season
Blue = low season.
Obviously, the majority of people would prefer to holiday in the high
season, such as
summer and school holidays. If you are able to holiday at a less popular
time of
year, then you can buy a timeshare at a lower price in lower season.
A: The SIZE of the unit.
0/2ST = 2 sleeper studio or hotel apartment
1B2/4 = 1 bedroom sleeps 2 privately and 4 in total (2/ sleeper sofa)
2B4/6 = 2 bedooms sleeps 4 privately and 6 in total (2/sleeper sofa)
3B6/8 = 3 bedooms sleeps 6 privately and 8 in total (2/ sleeper sofa)
Holiday accommodation is designed in units that sleep from 2 people upwards.
The
smallest unit is a studio apartment which has a bed-sitting room sleeping
a maximum of
2, but the average unit is either a 2 bedroomed unit, sleeping 4-6 ,
or a 3 bedroomed unit
to sleep 6-8.
A: The TYPE of resort accommodation offered.
This comes in a choice of 3 categories:
1. Gold Crown Resorts - top quality, five star resorts
2. Resorts Of Distinction – luxury four star resorts
3. Standard Resorts – comfortable three star family resorts
Q: Do I have to take my holidays in the same place each year?
A: There is no obligation to use/holiday at the resort that you initially
purchase at. Most owners never actually use their home resort, but use
it as a smart means of exchange to open the door to other exciting destinations.
A: By becoming a member of RCI, you can space-bank your week and swop
it for someone else’s week, anywhere in the world, at anytime of
the year, in a similar resort and unit type.
Q: How do I use RCI facilities?
A: As a paid up member of RCI, you have an amazing selection of holiday
destinations from which to choose. By exchanging your holiday ownership,
you have access to over 3 700 resorts worldwide as well as the added range
of RCI Holiday Choices including cruises, tours, hotels and guesthouse
accommodation options. Follow these easy steps to booking your dream holiday,
but remember, there is a limit to the time and space available at all
resorts, so it is important to follow the process.
1. Deposit your holiday ownership
Make sure you have your RCI membership number and ownership details on
hand.
If you own conventional timeshare (fixed resort, unit number and week),
simply call
RCI and deposit your week/s into the SpaceBank pool
If you own flexi-ownership (season, size and resort, not a fixed unit),
call your resort
and request that your week be deposited into the RCI SpaceBank pool.
If you own points within a Club, call your Club guide who will advise
you of the
necessary procedures for an exchange as well as resort availability.
2. Make your choice and request your holiday
Refer to either the Local or International Directory of Resorts. We recommend
that
you select a minimum of 3 resorts and 3 travel dates to increase your
chance of an
early confirmation. Consider our range of RCI Holiday Choices for a different
holiday
experience, as well as our exclusive packaged holidays, including flights,
car hire,
and travel insurance. You can also call an RCI guide who will offer expert
advice,
and submit your request.
Remember to search for accommodation with a similar value to your ownnership.
It’s important to time your exchange request - the earlier you
request, the more
likely you are of getting your chosen resort. For local holidays, request
up to two
years to seven days ahead. For international holidays, request up to
two years to 90
days ahead, subject to resort calendar availability. An exchange fee
may be
payable to RCI on confirmation of your exchange request depending on
your holiday
ownership.
3. Confirm your holiday
Your holiday confirmation will be sent to you via mail, email or fax.
Remember to
take it with you to your host resort and present it when you check in.
Your
confirmation letter also provides you with valuable information on the
resort check
in/out times, directions, services, additional charges, as well as activities
at or near
the resort.
Then you’re ready to go – Happy Holidays
Q: How does timeshare work for my family?
A: Holiday for life without escalating holiday accommodation costs.
A: Holiday worldwide at any time of the year.
A: Use RCI’s exchange system for exciting holidays worldwide.
A: Luxurious resorts offering a wide range of facilities from snow skiing
to safari resorts
A: Self catering, family holidays suitable for all lifestyles and even
the most discerning holiday maker.
A: Most cost effective holiday method.
A: Inheritable asset for heirs
Q: What do I actually get in return for my money?
A: You are investing in an exclusive timeshare property in a RCI holiday
resort that is exchangeable worldwide.
A: You have the choice of the size, location and grade of the property
you invest in - just as you would on buying a house to live in.
A: This is a valuable investment that will provide you with holiday accommodation
each year, in perpetuity.
A: Should you wish at any time to sell your timeshare, you may do so,
or you could leave it in your will to your children so that they could
benefit from it for their lifetimes also.
A: You can also let friends use your timeshare or rent the week out privately
or through the resort.
Q: What are the major benefits of clubs and points schemes?
A: Membership with RCI offers flexibility of choice in your holiday options,
as do clubs and points schemes. The latter offers flexibility of holiday
investment. Through all of these you can choose when, where, for how long,
the sort of accommodation, recreational facilities, and the number of
holidays you want to have each year - at a price to suit your pocket.
If your club or points scheme is affiliated to RCI, it vastly increases
your selection of options.
Q: How do I convert my holiday credits into holiday?
A: Clubs and points schemes offer units/starts/points as part of the
membership package. These are the "currency" of your timeshare
holiday, and with them you purchase holidays that have a corresponding
points value. The "points price" of your holiday will vary depending
on the quality of the resort, the type and size of the accommodation,
and the period and duration of your visit. The points allocation for each
week is assessed annually to take into consideration factors such as school
holidays. These are usually published annually in a points value guide
to help members in their selection of holiday options.
Q: Do I have to use all my holiday credits each year?
A: Points are allocated to paid-up members each year. Most clubs and
pints schemes allow their members to accumulate their unused points, providing
membership and reservation fees are kept current. These accumulated points
enable members to have a wider choice of holiday options in the following
years. Generally, after three years members forfeit their unused points.
Unused points can also be rented, to generate income for the member.
Q: Can I sell or bequeath my points/stars/units?
A: Yes, your points are an asset that can be resold, or left to your
heirs.
Q: How can I broaden my holiday options?
A: Many clubs and points schemes allow members in good standing to borrow
on future points allocations. This allows the broader options, such as
extending the duration of their holidays. Alternatively, members have
the option of buying more points and steadily increasing their holiday
portfolio.
Q: How far in advance should I book my holiday?
A: Because of the growing popularity of timeshare holidays it is recommended
that you book as far in advance as possible, and at least a year in advance
if you plan to visit a popular resort or destination area during peak
seasons. Out of season, there is less pressure, but even so, you should
make your reservation at least six months in advance. Generally speaking,
the more notice you give, the better chance of successfully booking your
first choice.
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