What is a Timeshare?
A timeshare is a popular vacation property ownership arrangement that allows multiple individuals to purchase the right to use a property for a specific period each year. While timeshares may not be directly related to our corporate travel management services, we believe it’s important to provide you with relevant information.
In a timeshare, the property, which can be a resort, condominium, or apartment, is divided into fixed or floating time intervals, typically one or two weeks. Buyers acquire a specific time period, usually for a set number of years, during which they have the privilege to use the property. This concept is often marketed as an affordable way to own a vacation property without the full financial commitment and responsibilities of sole ownership.
As a timeshare owner, you pay an initial purchase price and may be required to pay annual maintenance fees to cover the property’s upkeep. You have the flexibility to use the property during your allocated time or exchange it for accommodations at other affiliated resorts or locations through timeshare exchange companies. Some owners also choose to rent out or sell their timeshare ownership to others.
While timeshares offer benefits such as access to desirable vacation destinations and amenities, it’s essential to carefully consider your individual vacation preferences, financial obligations, and the terms and conditions of the timeshare contract before making a purchase decision. It’s worth noting that timeshare ownership is not directly connected to the services we provide at Executives Travel Management, which focuses on corporate travel management to enhance your business travel experiences.
We hope this information clarifies the concept of timeshare ownership. If you have any further questions regarding our services or any other travel-related topic, please don’t hesitate to reach out to us. We’re here to assist you in making your business travel seamless and enjoyable.
Does this mean I have to visit the same property every year?
Definitely not! Most timeshares come with a membership to an exchange company either Resort Condominiums International (RCI) or Interval International (II).
These are the world’s two largest timeshare exchange organizations which together enable over one million timeshare members to swap/exchange the accommodation they own to then enjoy a different holiday in another part of the world.
What are maintenance fees?
After the initial purchase price of your timeshare, there will be a yearly commitment in the form of “management” or “maintenance fees”. These generally cover all the expenses associated with the running and upkeep of your accommodation and resort. Staff wages (reception/guest services, cleaners, resort management, groundsmen, security, lifeguards, etc) often make up a large percentage of the fees together with the taxes, utilities, maintenance, and refurbishment of the accommodation, common areas, and onsite facilities.
If you own a “fixed” or “floating” week the fees are normally split evenly amongst the members with some consideration for different sizes of accommodation. The same is true for “points” products although the fees are often determined by the number of points owned.
The management company of the resort or the owner’s committee in which you own will usually collect the fees with the accounts being made visible to all members. The total amount of fees due will vary greatly depending on many factors including the location of your resort, the level and quality of onsite facilities, the unit size, the quality of the furnishings, the frequency of cleaning services etc.
What is the difference between resale and new timeshare weeks?
In the vast majority of cases, there is absolutely no difference in the ownership one has buying a resale when compared with purchasing from the developer or marketing agent. In some cases, there may have been additional rights offered to the original purchaser as an incentive at the point of sale which are not always transferable.
Why are resales so much cheaper?
The level of investment required to develop and then market a new resort is very substantial with large sums of money tied up for long periods of time.
Businesses want to see a return on this money which, together with very high marketing costs, means that the “new” price is often much higher than any intrinsic value the timeshare product has. Much the same as the price of a new car does not reflect its actual worth or resale value, timeshares do not hold their value.
Is timeshare a financial investment?
Absolutely not! Different products will deliver varying degrees of value and hopefully, the annual savings will amount over the years so that your holiday accommodation has cost less than comparable lodgings purchased through a travel agent or rental agency. However, you should not view timeshare as an investment in the same way you may view your house or home.
We have many customers, for whom the primary aim of their purchase was to secure high-quality accommodation for their family at locations for which their fellow guests are also owners.
What’s the difference between “Red”, “Silver”, “Gold” and “Platinum” weeks?
Different colors are often used to represent different seasons at particular resorts although unfortunately there is no standard system.
As a very rough rule-of-thumb, Red = High, White = Mid and Blue would be Low season whereas Platinum = Peak School Holidays, Gold = High and Silver = Mid or Low Season. Please seek advice from one of our consultants on this.
What are my legal safeguards when dealing with Executives Travel Management?
Buying through ETM you can be sure that you are in safe hands. Once your submitted offer has been accepted. All purchasers will be required to hire a Fully Insured closing company that will handle the Sale. Your monies are deposited in an Escrow account.
This means that no funds will be released until the title has been transferred to the purchaser’s name, ensuring both parties to the agreement of sale are fully protected. All purchasers have an unconditional 14-day cooling-off period, during which time they can pull out of the sale.
How long will it take to purchase my week once I have had an offer accepted?
Purchasing a week can take anything from 3 weeks to 60 days to complete, depending on the cooperation of the resorts themselves. The closing company hired by the purchaser has to ensure that all legal procedures are adhered to and that each timeshare week is free of any liens and encumbrances. The closing company will keep you informed about what is happening.
Where does Executives Travel Management market and advertise properties for rent/sale?
Executives Travel Management utilizes a multitude of advertising, digital marketing techniques as well as face-to-face marketing to make information concerning the property available to corporate event planners, large companies and executives that have a frequent need for travel and are accustomed to spending top dollar on hotel accommodations.
How long will it take to sell my timeshare?
It could take 90 days to receive and accept an offer to sell your timeshare. In other cases, it may take longer, depending on the demand for your particular week or resort. You can often gain a quicker sale by being realistic with your price. The cheaper the week is, the more likely it is to be snapped up.