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    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
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    #1

    Jun 29, 2016, 06:47 AM
    Time Share
    A person has a timeshare. One week of the year he was in Orlando. Next year he was in Mexico.
    Currently he has paid off his timeshare. He only pays Miscellaneous fees.
    Now how does that work? Does he still continue as before.
    joypulv's Avatar
    joypulv Posts: 21,593, Reputation: 2941
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    #2

    Jun 29, 2016, 07:18 AM
    There are different kinds of timeshares. There are kinds with a term limit (such as 20 years) and 'forever' ones that can be left in your will just like a house.
    There are kinds that can trade with others within a timeshare organization such as RCI.
    Fees can be very expensive. Some are a rip-off. E.g., I think housekeeping fee of $1,000/week is ridiculous.
    There are taxes and such...
    It all depends, and the terminology is confusing.
    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
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    #3

    Jun 29, 2016, 09:38 AM
    Yes it is puzzling .
    nickty's Avatar
    nickty Posts: 1, Reputation: 1
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    #4

    Jun 29, 2016, 10:36 AM
    It is confusing.
    ScottGem's Avatar
    ScottGem Posts: 64,970, Reputation: 6056
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    #5

    Jun 29, 2016, 12:18 PM
    As a time share owner maybe I can clear it up, it is not that confusing. There are two types of time share ownership and 2 types of Exchange methods.

    Time share ownerships are either by deed or by contract. A Deeded Time Share is owned just like a piece of property. It can be sold, left to heirs etc. So it can be used as long as you pay your maintenance fees. A Contract property can only be used during the term of the contract. Once that term expires, you can no longer use nor do you continue to pay maintenance fees.

    One of the advantages of Time share ownership is the ability to exchange your share to stay at other resorts. However, there are several options involved there. First there are local exchanges. If your resort is part of a multi-resort ownership, you can exchange within that ownership, usually for a lower fee. But the number of resorts is limited. So the next level is through an exchange company. There are 2 major ones , RCI and II. Resorts belong to one of these companies and the Time Share owner also belongs (for a fee). This allows the owner to deposit their week with the exchange company and use that to exchange to another, affiliated resort.

    Now within the Exchange companies there are 2 ways to exchange. Some resorts uses a Weeks type plan, others a points type plan. With a Weeks type plan you have purchased a week, you deposit that week and you exchange for another week. Points exchanges are more flexible. Your week is assigned a point value. You can then use those points to purchase time at another resort. Points can also be used to purchase other travel expenses.

    For example. I had to go to Florida in April for a family event. I was able to do this with minimal cash outlay. I have both Points and Weeks time shares. So I was able to use the Points to pay for airfare and the Weeks to exchange for a resort stay.

    The main problem with Time shares is the maintenance. The annual maintenance fees can range from several hundred to thousands of dollars depending on where your resort is and how much you own.
    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
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    #6

    Jun 29, 2016, 12:47 PM
    This person goes to Barcelona , Mexico and other countries. So when he pays his maintenance fees are they for all those places he visits. Sometimes it is not the same
    Apartment or hotel. I do not know what type of time share he has. He tells us ,it is paid off?
    tickle's Avatar
    tickle Posts: 23,801, Reputation: 2674
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    #7

    Jun 29, 2016, 12:56 PM
    Quote Originally Posted by pastor1189 View Post
    This person goes to Barcelona , Mexico and other countries. Why is he asking you these questions ? So when he pays his maintenance fees are they for all those places he visits. Sometimes it is not the same
    Apartment or hotel. I do not know what type of time share he has. He tells us ,it is paid off?
    do you mean barcelona spain ? Unless the time share is owned by the same organization he would be looking at the same costs per season. He must be a very wealthy man in your parish if he has time shares in many countries. I question that. Sounds like Trump (just kidding). No, each one would be different values. I cant imagine a time share in Mexico costing the same as one in Spain, or any other country. Mexico for US citizens or Canadians is the cheapest it can get.
    ScottGem's Avatar
    ScottGem Posts: 64,970, Reputation: 6056
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    #8

    Jun 29, 2016, 01:52 PM
    The maintenance fees are for the upkeep of the home resort. They are used to pay salaries, maintain the units, grounds, provide amenities, etc. at the home resort.

    Each owner decides on a yearly basis whether to "bank" their week (or points) or use them to stay at the home resort. Once banked, they can be used to exchange within their Exchange pools.

    Time shares aren't cheap. They can cost tens of thousands. So they are typically purchased through a loan. So his loan is paid off. That doesn't indicate whether it's a contract or deeded.
    ScottGem's Avatar
    ScottGem Posts: 64,970, Reputation: 6056
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    #9

    Jun 29, 2016, 01:58 PM
    Quote Originally Posted by tickle View Post
    do you mean barcelona spain ? Unless the time share is owned by the same organization he would be looking at the same costs per season. He must be a very wealthy man in your parish if he has time shares in many countries. I question that. Sounds like Trump (just kidding). No, each one would be different values. I cant imagine a time share in Mexico costing the same as one in Spain, or any other country. Mexico for US citizens or Canadians is the cheapest it can get.
    He probably belongs to either RCI or II. He banks his week with whichever Exchange company he is a member of. Then he searches for available time shares within the Exchange company that match the buying power of his banked time.

    For example, we went away the first week in June. I chose the Berkshires because that was what was in my buying power. I would have preferred a week later in the summer but that was not available for the buying power I had in the bank. So your ability to exchange depends a lot on your flexibility to travel and the value of your deposit. Times shares owned in Orlando Fl have a lot of buying power. Time shares owned in less popular resorts have lower buying power.
    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
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    #10

    Jun 29, 2016, 02:02 PM
    He tells me for years he swaps with other people in different locations.
    Sometime the months may be different. Sometime his month of July in Mexico
    Is being used by someone else,but they offer him another location for consolation
    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
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    #11

    Jun 29, 2016, 02:56 PM
    Very good
    ScottGem's Avatar
    ScottGem Posts: 64,970, Reputation: 6056
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    #12

    Jun 29, 2016, 06:44 PM
    Quote Originally Posted by pastor1189 View Post
    He tells me for years he swaps with other people in different locations.
    Sometime the months may be different. Sometime his month of July in Mexico
    Is being used by someone else,but they offer him another location for consolation
    That sounds a little different. In most Exchanges you don't swap directly with other people. You just search for whatever is available through the Exchange services,

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