How timeshare work?

Some people see them as the chance of a lifetim¬e, ¬an opportunity to own a piece of a beautiful resort where they c¬an have a dream vacation every y¬ear. Others think they're shady deals to be avoided at all costs. And lots of people sit through the sales pitch just to get the free gifts.

Most of us have either been approached by someone with an offer to buy a timeshare, or we know someone who has. Although they have a reputation as scams, most timeshare deals are genuine, legitimate real-estate offerings. However, that doesn't necessarily mean they're a good idea for everyone.

Usually, when you think about buying real estate, you envision an entire piece of property that you own by yourself. You can use it whenever you want and do whatever you want with it.

A timeshare is a different kind of real-estate purchase. Instead of paying full price for the property and owning it yourself, you pay a share of the price. This share allows you to use the property for a certain period of time every year. The rest of the year, other people who purchased shares get to use the property. How long you get to stay there depends on your share. A 1/52 share will get you one week per year.

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There's really just one kind of property that people only want to use once a year -- vacation property. That's why you'll find the vast majority of timeshares in vacation hotspots like Florida, Colorado and Mexico. A timeshare provides a nice place to stay while on vacation, so people who tend to return to the same vacation spot year after year are prime candidates for timeshare ownership. They never have to worry about finding accommodations for their annual trip, and the property is maintained for them, although share owners do have to pay maintenance fees.

Most timeshare purchases are deeded (or "fee simple") timeshares. This means that the purchaser is buying an actual share of ownership in the resort. Non-deeded timeshares, also known as right-to-use, certificate or vacation-interval timeshares, are more like a club membership. The purchaser owns the right to use the property for a specific time period but doesn't own any real property. The terms of a non-deeded timeshare can include an expiration date, while deeded timeshares confer permanent ownership.

While a 1/52 share is average, there are smaller shares (1/104, or one week every other year) and larger shares (1/12, which gives you an entire month to use the property each year). Larger shares can usually be split up for use at different times of the year. The specific time of year that a share can be used can affect the price -- a share in the middle of prime tourist season will be more expensive. The specific time when your share can be used is scheduled ahead of time, although it may be possible to trade shares with other people at the same resort or even with timeshare holders at other resorts. We'll discuss timeshare trading in more detail later.

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Timeshare prices can vary tremendously based on share size, location and time of year, not to mention all the variables that affect any other real-estate value, ¬such as condition of the property and the market for timeshares at the time. A new (or retail) timeshare usually sells in the neighborhood of $10,000, although that can vary by thousands of dollars in either direction. Purchasing a used timeshare can be significantly cheaper, with prices as low as $1,500.

The initial purchase price is not the only cost to consider, however. All timeshare resorts charge share owners annual fees for maintenance, utilities and taxes. Annual fees in the $300 to $400 range are typical, although larger shares or peak-season shares can have higher annual fees, often more than $1,000 every year. These fees are due whether the share owner uses the property or not. Resorts can increase the fees each year -- the initial fees at the time you buy are not locked in. However, some timeshare contracts include a specific clause that limits future fee increases. Sometimes, the annual fee does not cover property taxes, so share owners would then be responsible for those costs, as well.

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Timeshare resorts will also tack on extra real-estate fees when the share is sold, such as a transfer fee and a recording fee. If the resort decides to make a major improvement to the property, or it has to make major repairs, it might be able to assess a large fee to the shareowners to cover the costs. Check the terms of your timeshare contract carefully to see if the resort could hit you with a large, unexpected assessment fee in the future.

Another hidden cost that is easily forgotten is the cost of travel. Owning a timeshare is useless if you can't afford to get to it. Flying to Mexico or Florida or Colorado every year could grow very costly.
Once you've read the contract, weighed the pros and cons and compared the total cost of the timeshare to other annual vacation packages, you just might decide to take the plunge and buy a timeshare. How can you get the most bang for your buck?
If you are content to visit the same place at the same time each year, then a standard, static timeshare will work out just fine. You'll have the same property waiting for you each year, with no worries about finding a place to stay.

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However, if you'd rather visit different places each year, or you're not always sure you can vacation at the same time every year, then this arrangement might not work out. Flex plans and points systems can provide some options.

Under a flex system, the purchaser buys a share in a particular season at the resort. This season is a window of one or more months during which the share owner can schedule his or her vacation each year. Weeks are assigned on a first come, first served basis, so you need to book your week far ahead of time (up to two years) to get the week you want, especially during peak season.

A points system is more flexible. Each share owner has a certain number of points that can be used for different types of accommodations at different times of the year. If you want a large suite at peak tourist season, it might cost 500 points, while a small hotel room during the slow season might only cost 200 points. This allows owners to alter their vacation plans from year to year, although early booking is still a good idea.