What is Timeshare Vacation :
Timeshare is a form of ownership or right to the use of a property, or the term used to describe such properties. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each sharer is allotted a period of time (typically one week, and almost always the same time every year) in which they may use the property. Units may be on a part-ownership or lease/"right to use" basis, in which the sharer holds no claim to ownership of the properties
Evolution and History of Timeshare
Timeshare began sometime in the late 1960's. By the mid- 1970's, the idea to lease the same unit for the same time every year became popular. Then in 1974, RCI (Resort Condominiums International) came into being. For a small fee, you could exchange your unit and week in your location for a similar-sized unit and week in a different location. Thus, if you were tired of always going to the same place, you could exchange and go somewhere else. Families from all over Europe were vacationing more frequently and determined that it was more affordable for several families to jointly own a chalet or apartment and take it in turns to use it for a period of time hence sharing the ownership of a vacation home
Timeshare entered the US in the 1970s and have grown from strength to strength ever since. Early Timeshare developments were mostly located in the South and converted from Motels and Hotels producing one bedroom and studio (efficiency) style units. In 1974 the vacation exchange company RCI was established, timeshare exchange and flexibility of use was created enabling consumers greater options Worldwide through the exchange of their Timeshare Ownership.
The rapid growth of the Timeshare industry continued into the 1990s expanding the exchange portfolio into Asia and Eastern Europe adding to the 2300 or so developments and 4 million Timeshare Owners Worldwide. Through out the decade the multi billion pound Timeshare market continued to attract both entrepeneurs and large corporations. Some of the Worlds best known travel and leisure names reilised the benefits of adding Timeshare interests to their mainstream business models- Hilton, Sheraton, Disney, Marriott's, Ramada, Four Seasons, Hyatt, Ritz-Carlton and Radisson became firm industry figures. By the turn of the century millons of time share owners, family and friends were owners of vacation ownership all over the World making the timeshare industry a huge success.
Regulatory Bodies of Timeshare :
Regulation has been a keen provider to increased Timeshare interest with many countries adopting messures to protect both the buyers and sellers of Timeshare Ownership. In the Western World, timeshare is a highly organised and regulated industry. Trade bodies include the Organisation for Timeshare in Europe (OTE), the American Resort Development Association (ARDA) and the Canadian Resort Development Association (CRDA) who work tirelessly to apply codes of conduct and a strict code of ethics.
Benefits of Timeshare :
Here are some of the benefits of owning a Timeshare
Free place to stay
Since you own the Timeshare, when you leave after visiting the resort for a week your bill is zero. Although you do pay the yearly maintenance fee, this is way better than paying as you leave.
Unlike a hotel room, Condos are spacious. Including a kitchen, bedroom or rooms, furnishings, TV's, etc. Also, you will get to use the grounds of the resort, such as; Tennis courts, pools, spas, etc.
No extra charges for unexpected guests
There would be no extra charges for extra people like a hotel, your guests never have to pay extra.
Own and don't rent
You can sell your Timeshare anytime that you want, When you rent a hotel you will never get your money back.
Own one week but use many weeks per year
Worldwide Bonus time is available for Timeshare owners. These can be extra weeks or weekend getaways offered by major exchange companies RCI and I.I. These bonus weeks have no maintenance fee and can be used on an unlimited basis.
Timeshare is a wonderful opportunity for you to combine the benefits of luxury accommodation and holiday ownership for a small initial capital outlay. It is usually used on a week per year basis with the shares divided into 51 weeks and each shareholder (timeshare owner) paying an annual maintenance levy in proportion to the number of weeks they own.
The timeshare accommodation is usually much larger and of a higher quality than standard motel units. The decor and furnishings are more attractive as units are individually decorated to suit owners and not just casual renters. Professionally managed timeshare relieves the owners of the burden of maintaining a holiday home. The costs of maintenance, management, cleaning, insurance etc are included in the yearly maintenance levy.
1. Studio apartment : Single room with kitchenette and all modern amenities
2. One-Bedroom Apartment : Single room with kitchenette plus one bedroom, equipped with modern amenities
3. Two Bedroom Apartment : Single room with kitchenette plus two bedrooms, equipped with modern amenities