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What is a timeshare? |
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Timeshare is fractional ownership
in a vacation property. A group of owners share use of
the property by dividing the rights to use the property
for specific time periods. Although the property
is usually a residential project such as a condominium
or resort, developers have applied the timesharing concept
to other types of properties, such as campgrounds and
RV parks. Almost all timeshares are resort or vacation
properties.
The timeshare developer divides occupancy of each of the units into time-based
intervals, usually one week. The developer then sells these intervals to
buyers. Each owner of an interval receives the right to use a specific unit for
a specific time period. Each timeshare owner shares the usage of the property
along with the other owners. |
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What is the difference
between deeded and “right to use” timeshares? |
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A
deeded timeshare is ownership in real property just
like your home. A “right to use” timeshare
is non-deeded.
It is like a lease where you receive the right to
use the unit for a specified number of years. There
also points based timeshares that can be deeded or
non-deeded. The majority of timeshares sold at Paradise
are deeded for life and that means you can sell the
timeshare unit, give it away or bequeath it to your
heirs, just like any other real estate property. |
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What is
the difference between fixed and floating weeks? |
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In
a fixed week system, your occupancy right is guaranteed
to be the same week and the same unit every year. In
a floating week system, you have the right to use a
unit during a specified season but you must contact
the resort to reserve a specific week during the float
period. If you usually vacation at the same
time every year and are interested in returning to
the same location frequently, a fixed week will suit
you best. This way you know the week the timeshare
will be available to you and exactly what unit you
will occupy. The Hyatt High Sierra Lodge in Incline
Village offers fixed week timeshares. However, if you
want to vacation in the same location frequently but
your vacation times change from year to year, a floating
week is a better fit. Most resorts at Lake Tahoe offer
floating week timeshares. |
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How
long do I get to stay at the resort if I purchase? |
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Usually
one week or 7 nights. Timeshares are typically sold
in intervals consisting of a seven-night stay. |
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Can I
use the resort at other times in addition to my week
usage? |
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YES.
Most resorts offer additional time to owners at a reduced
rate. This benefit is most commonly known as bonus
time. |
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Will I
receive all major benefits that the resorts offer if
I purchase through Paradise Timeshare Resale? |
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YES! All
major benefits transfer to you when you purchase a
timeshare on the resale market. The property's Homeowners
Association benefits and rules apply to all owners
regardless of how the property was acquired. |
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Will I
have to pay any outstanding maintenance fees in addition
to the purchase price? |
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NO! Every
sale is processed through an escrow company and is
guaranteed to be free of outstanding balances. The
only additional purchase expense will be escrow closing
costs. |
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Will I
receive clear title on the property? |
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YES! Every
sale is processed through a title and escrow company. |
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Do I have
to pay a maintenance fee on my timeshare? |
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YES. A
timeshare property's Homeowner's Association collects
an annual maintenance fee from the timeshare owners
to keep the property in first class condition. Your
maintenance fee also covers all utilities, insurance,
furniture and deferred maintenance. As an owner, you
can actively participate in your homeowner's association
if you wish. |
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Can I
exchange my timeshare to a different resort? |
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YES! Timeshare
weeks can be reserved at your home resort or traded to
other resorts for a fee through an exchange company such
as RCI (Resort Condominiums International) and II (Interval
International). |
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Why should I purchase
a timeshare? |
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Purchasing
a timeshare can divert your lost vacation dollars into
a piece of vacation real estate that will serve your
vacation needs for the rest of your life. You will
stop vacation inflation, which means you SAVE MONEY!
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Benefits
to owning a timeshare: |
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- You will have guaranteed
quality future resort vacations for yourself and
others in your family. You simply cannot put a
price on this precious time together with your
loved ones. The warm memories of your family vacations
will last for a lifetime!
- You will enjoy a higher style
of vacation as opposed to staying in a hotel. You
are treated with the respect of an owner, not a renter.
- You will build your own equity
rather than that of your vacation landlord AND enjoy
some of the finest vacation accommodations available.
- You will have the privilege
of using Bonus Time at your resort, so you can enjoy
mini-vacations in addition to the timeshare week(s)
you own.
- You will save hours of planning.
Timeshare resorts frequently have great activities
and tours arranged for owners. You can relax and enjoy
this precious vacation time with your family and friends.
- You will save money! Timeshare resorts
generally offer accommodations that are much larger
than the standard hotel room. They often have kitchens
and private bedrooms. That kitchen alone could easily
save you $100 or more per day by not dining in expensive
restaurants for every meal. You can stock up the refrigerator
just like home.
- When you purchase a deeded timeshare;
you own it for life just like your home. You can sell
it whenever you want or will it to your loved ones
as a special gift.
- You can rent your timeshare
week and use the extra income to cover your expenses.
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This is the perfect time to purchase
a timeshare and guarantee a fabulous vacation every year.
Simply call one of our knowledgeable timeshare professionals
at 1-800-996-2001 to
learn the many advantages of timeshare ownership. |
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