Renting or owning!? You make the decision.

Authors Avatar

                                    Vacation ownership:

                             Renting or owning!? You make the decision


Until a few years ago, the time share industry was a parish of Florida tourism because of sales tactics and insolvent developers. But today, as the major hotel companies develop time shares and consumer protection laws have put the brakes on the industries more questionable practices. “Resort” time shares, nowadays, run from converted hotel rooms to brand new three bedroom town houses represent one of the fastest – growing segments in real estate, said Pauta Morabito, senior manager at E&Y Kenneth Le Venthal Real Estate group in Miami.

What is vacation ownership?

Vacation ownership also known as timesharing offers consumers the opportunity to purchase fully furnished condominium style vacation accommodations in a variety of forms such as fixed weeks, floating weeks, points based clubs, fractional and cruises for only a percentage of the cost of full condominium or vacation home ownership. Two basic types of timesharing units sold: fee simple where the buyer gets title to a fraction of the unit: and right-to-use where the purchaser is entitled to use the unit for a specified period of time, But does not have an ownership interest. For a one-time purchaser price and payment of a yearly maintenance fees and taxes, purchasers own their vacation either in perpetuity or for a predetermined number of years. More than 5 million families have discovered the benefits and affordability of buying one or two weeks or vacation ownership rather than year-round ownership of a condominium unit or second home.

Advantages of a vacation property ownership

By locking in the purchase price of accommodations, vacation ownership helps assure future vacations at today’s prices at a top rated resort with amenities, concierge service and ambiance that rival the top-rated ski areas.

The most frequently cited reasons why current owners purchased their vacation homes and condominiums are: the high-quality accommodations and service at the resorts where they own and the cost-effectiveness of vacation ownership.

Unlike a hotel room or a rental condominium, which require payment for each use ay rates that often increase, vacation ownership enables vacationers to enjoy a resort year after year for the lifetime of their ownership, while paying only a one-time purchase price and a yearly maintenance fee. Truly a home away from home, vacation ownership provides the space and the flexibility to suit the needs of any size family or group. While most vacation ownership suites have two bedrooms. Unlike hotels, there are no charges for additional guests. Also, unlike hotels, most units include a fully equipped kitchen with dining area, washer and dryer, linens, stereo, televisions,VCRs and more.

Owners share both the use and the cost of upkeep of their unit and the common grounds of the resort property. Vacation ownership purchases are typically financed by consumer loans of ten to twenty years, with the terms dependent upon the purchase price and the amount of the buyer’s down payment. The suites are priced according to a variety of factors, including the size of the unit, resort amenities, and location.

Join now!

More importantly, vacation owners can travel around the world through exchange vacations. Vacation ownership offers unparallel flexibility and the opportunity for affordable worldwide travel through vacation ownership exchange. Through the international vacation exchange networks, owners can trade their timeshare interval for vacation time at comparable resorts around the world. Most resorts are affiliated with an exchange company that administers the exchange service for its members. Typically, the exchange company will directly solicit annual membership. Owners individually elect to become members of the affiliated exchange company.

Exchange companies and the resorts frequently offer their members the additional benefit of saving or ...

This is a preview of the whole essay