What You Should Know Before Buying A Time Share

By:Dennis Conner

The concept of time shares originated in the 1960’s and quickly became a worldwide phenomenon, following the idea of a ski resort developer in the French Alps. He proposed the suggestion that holiday makers could stop renting an individual room and instead could buy the hotel. Obviously, this would require a huge sum of money and commitment and so it developed into the time share principle.

Primarily concerning apartment style condominiums, but also found for houseboats, camping grounds and even luxury cars and planes, individuals pay a lump sum to own a share in a property. Several part owners then share the responsibilities for the running costs and utility bills but in return gain use of the property for some of the time at no cost.

The division of time amongst the owners can be difficult. Peak season times often include public holidays such as Independence Day, or the vacations from school for families, and so these times are often in high demand. Some time shares work on a fixed contract basis where each owner gets the same time to use the property each year. In this case, the first to invest would have the initial choice of dates and the last may well only have the property at the times when the other owners don’t want it. Other ways to divide the time are available, these can involve a rotational timetable or a floating system, where owners specify a number of weeks, from which one will be picked for them to use the property. Fixed week contracts are prevalent though and so it is important to check the available dates and indeed the system in use before buying into a property.

There are also deeded ownerships and right to use ownerships. These are very different and it is vital you know which scheme you are buying into before committing to anything. Deeded ownerships are where the owner physically buys a piece of the property. The rights are the same as with any real estate and so it can be left to an heir if the original owner dies and they will then be able to continue to use the property or sell their share. Right to use contracts are for a specified period of years, during which the owner can use the property during their weeks as if they owned it but at the end of the contract all rights would go back to the overall owner. This is effectively a long term rental situation and not a purchasing one.

Buying into a timeshare is a legally binding contract and it should be seriously considered before you sign on the dotted line. There is almost always a rescission period where you have the right to cancel but it is normally only a few days long and is a complicated process. Should it not be followed exactly the right to rescind may well be ignored.

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Article keywords: timeshares, vacation property

Article Source: http://www.articles2k.com

The author is a regular contributor to many websites including Timeshare Ideas where more timeshare tips are freely available.

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