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RCI® & Interval InternationaI® time share resales.....

At timeshares-time shares......we're twice as good!





What is timesharing?

Timesharing offers people the opportunity to purchase time at fully furnished vacation accommodations - usually in weekly increments - for a fraction of the cost of full vacation home ownership.

For a one-time purchase price and an annual maintenance fee, timeshare purchasers own their vacations forever, or for a predetermined number of years, depending upon the purchase agreement.

Timesharing can take a variety of forms. The most common is a resort condominium (which can range from a studio with a partial kitchen, all the way up to a five-bedroom unit with a full kitchen and luxury amenities). Lock-offs are another unit option. They are unique because they can be separated into smaller components by locking a door. Other less-common timeshare accommodations include hotel rooms, houseboats and motor homes.

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What are the advantages of timeshare ownership?

Timeshare owners experience luxurious resort accommodations that are rarely found in conventional hotel/motel rooms, but for a fraction of the cost of whole condominium ownership. For example, of RCI's 3,600 affiliated resorts:

• Nearly 90% offer one-bedroom units

• Nearly 75% offer two-bedroom units

• Nearly 90% offer a partial or full kitchen in each unit

• 27% have a washer/dryer in each unit

• More than 23% have a fireplace in some or all of their units

• More than 88% have a swimming pool on site

• Nearly 47% have a whirlpool or hot tub on site

• More than 41% have a sauna on site

. . . and the list goes on!


Unlike owning a vacation home, timeshare owners don't worry about taking care of the maintenance on their units and, if they're members of an exchange company, they aren't locked into returning to their same vacation home year after year.

Timeshare ownership can also be a hedge against inflation. By locking in the purchase price, consumers are assured future vacations at their home resort at today's prices. And owners who become members of a timeshare exchange company have the added flexibility of being able to trade their yearly timeshare allotment for a comparable timeshare at another resort.

Timesharing can be a terrific investment in vacations and seasoned owners understand and embrace this lifestyle purchase. As a matter of fact, the percentage of timesharers who own at two or more resorts actually increases the longer a person has owned. Forty percent of consumers who have owned a timeshare for eight years or longer own at multiple locations, compared to 25 percent of owners who have purchased within the last three years.

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What are the different types of timeshare purchase options?

Today's timeshare industry offers numerous purchase options to meet consumers' desire for vacation variety and flexibility. Although the availability of these purchase options varies from resort to resort, here are the most common:

• Fixed Week: Timeshare units sold for use during a specific week of the year.

• Floating Week: This can be any week reserved for the timeshare owner during a certain season.

• Fractional: Ownership is sold in multiple-week packages, usually four or five weeks in each year, or as a quartershare (13 weeks). This type of purchase option is popular in high-demand spots such as ski, beach and island resorts.

• Vacation Clubs: Rather than purchasing timeshare in a certain size of unit at a particular resort, Vacation club members purchase the opportunity to use a variety of timeshare accommodations at various resort locations, usually within one developer’s chain of resorts. Many clubs operate on a points system, but not all.

• Points Systems: These offer the greatest flexibility to the timeshare owner. Participants of these systems purchase points which they use as currency to reserve timeshare accommodations of various sizes, during different seasons and for varying lengths of time. The points can also be used for other vacation products such as airfare, hotel stays and car rentals.

• Deeded Agreements: These allow the timeshare owner to use his/her interval forever, just like buying a house. Under this agreement, the owner may rent, sell, exchange or bequeath the vacation interval. Deeded agreements can be for fixed or floating weeks.

• Right-to-Use Agreements: These stipulate that ownership of the resort remains with the developer. The timeshare developer gives the purchaser the right to use the specified resort accommodations for a certain number of years, usually ranging from 10 to 50, after which all rights return to the developer. These agreements can be for either fixed or floating weeks and are also commonly part of vacation club or points-based memberships.

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How much does it cost to buy timeshare?

In the United States, the average price of a seven-day timeshare unit at a resort in active sales is $10,325. The average price per unit size is as follows*:

• Studio $7,380

• One Bedroom $8,620

• Two Bedroom $10,790

• Three Bedroom $13,925

Timeshare financing is typically obtained through a five- to ten-year consumer loan, the terms of which are usually determined by the purchase price and the amount of the buyer’s down payment. Seventy-five percent of customers pay in installments.

Along with the purchase price of the timeshare, most resorts require an annual maintenance fee from each of their owners. Maintenance fees at U.S. resorts run an average of about $360. The exact fee usually depends on the size, location and amenities of the resort and the type of unit purchased. The fees pay for on-site management, insurance, emergencies, unit upkeep and refurbishing, maintenance of the resort’s common areas such as pools, golf courses, saunas, tennis courts, etc.

*Costs can vary greatly according to the location and overall quality of the resort and whether or not the week purchased is in a high-demand season.

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Common Timesharing and RCI Terms


  A   B   C   D   E   F   G   H   I   J   K   L   M   N   O   P   Q   R   S   T   U   V   W   X   Y   Z

 



A

Affiliated resort - A timeshare resort that has contracted with RCI to provide exchange benefits to its owners. Timeshare owners at affiliated resorts can join RCI and exchange their vacation ownership intervals, either in whole or in part, for a stay at other affiliated resorts or for other products and services.

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B

Banking - Depositing a week of timeshare into an exchange "bank". See also RCI Spacebank PoolTM.

be-back marketing - A follow-up program developed to stay in contact with potential timeshare purchasers who previously visited a resort for a sales presentation, but did not purchase an interval of timesharing.

Biennial - Use of a fixed week every other year. Owners are often referred to as either "odd" or "even" year owners.

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C

Clubs - A multi-site group of resorts that typically offer an interval exchange to other member resorts and often an option of unit sizes.

Counselor selling - A buyer-focused approach to the sales process. The function is to provide solutions to buyers' needs ensuring satisfaction with the decision to purchase timesharing.

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D

Developer - the company owning the resort; which constructs the accommodations and leisure facilities on-site. They make their profit from the initial sale to "owners."

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E

ENDLESS VACATION magazine - A bimonthly publication exclusively for RCI members that provides informative, practical vacation ideas for timeshare owners, and includes a feature that mentions specific timeshare resorts with available exchange space.

Exchange - The system that allows timeshare owners to trade the accommodations they own for comparable accommodations that have been deposited by RCI members into the RCI SPACEBANKTM Pool.

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F

Fair exchange policy - RCI's policy of ensuring that its members receive equitable vacation exchanges for their deposited vacation time. Fair exchange is determined by certain criteria that includes: season owned, unit configuration, ratings (from RCI members who have vacationed at the resort), and supply and demand.

Fixed week - A type of timeshare ownership in which usage rights attach to a specific week of the year each year in perpetuity. (All weeks technically fall at the same time of the year.)

Floating week based on fixed rotation - A type of timeshare ownership in which specific weeks are rotated among owners from year to year on a fixed schedule.

Floating week based on ownership rotation - A type of timeshare ownershipin which the owner purchases week(s) and works out the appropriate vacation time with the other owners on a rotating basis each year.

Fractional ownership - The selling of resort real estate in intervals of more than one week and less than whole ownership.

Fractional ownership interest - Less than owning the whole resort accommodation and usually greater than one-fifteenth, but typically not more than one-quarter interest. Generally, the fee title is given to the purchaser.

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G

Gold Crown Resort, RCI - A select number of RCI-affiliated resorts that have attained the highest level of excellence in resort accommodations and hospitality.

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H

Homeowners association (HOA) - The group of owners that administer the rules and regulations at a resort.

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I

Instant exchange - A type of exchange available through RCI from 2-to-45 days before the travel date. Certain fair exchange restrictions are waived.

Internal exchange - An RCI member's exchange to his resort or home resort system at a different time than the time owned by - or assigned to - the member.

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L

Lock-off units - A resort unit that can be split or "locked-off" into two separate units or combined to form one large unit.

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M

Maintenance fee - A fee, usually paid annually, that timeshare owners pay to cover the costs of running the resort on a day-to-day basis (upkeep and improvements). Also referred to as "management fee."

Maximum/private occupancy - Maximum occupancy refers to the maximum number of persons a resort unit will accommodate; private occupancy refers to the number of persons that a resort unit may accommodate, based on two adults per private sleeping area.

Mixed-use - Any combination of land use for a single project. Configurations can include combinations of the following: timeshare, hotel, homes, condominiums, lots and/or commercial facilities.

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O

Off-premise contact (OPC) - A marketing term used to describe people who approach potential buyers at a place other than the resort and may offer an incentive (e.g., a gift or tickets to a local attraction) to attend a sales presentation to find out more about purchasing options.

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P

Points - A symbolic measurement related to a timeshare ownership that is used to establish value for seasons, unit sizes, and resort locations. Points are used by some developers for internal exchange. RCI Points is a program for external exchange.

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Q

Quarter share - A type of fractional ownership that divides a unit of property into four separate shares.

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R

RCI comment card - Provided to RCI exchange guests to evaluate their vacation experience at an RCI-affiliated resort.

RCI Spacebank PoolTM - The pool of all vacation time deposited by RCI members.

RCI Weeks - RCI's traditional week-for-week exchange service that allows RCI members to deposit their timeshare interval and request an exchange for another full week at a comparable resort elsewhere. RCI Weeks was the name given to this program when the company launched its worldwide points-based exchange system in December 2000.

Rescission - A period of time granted by company policy and state statutes during which a person has the right to cancel a purchase contract for a timeshare without incurring a penalty. The person also receives a complete and full refund of his deposit. Rescission periods vary from state to state. Rescission rights are sometimes referred to as a "cooling-off period."

Resort of International Distinction (RID) - Resorts that have achieved excellence in providing outstanding resort vacation experiences for RCI exchange guests are given this award. Such resorts have met exacting quality and service standards. This award is the next highest ranking to RCI Gold Crown.

Right to use - A timeshare owner's right to occupy a unit at a resort.

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S

Season - Time distinctions into which deposited vacation time is divided based on demand. Each distinction determines trading power, as each resort may have different seasons depending on the geographic position, etc. RCI uses the following designations: Red = Greater Demand (popular); White = Average Demand (shoulder); Blue = Lesser Demand (off peak).

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T

Timeshare - A term used to describe the right and joint ownership of a resort property (e.g., a condominium) shared with others. Each "owner" owns a certain period of time and occupies a unit of accommodation on a regular basis for a number of years. Timeshare is sometimes referred to as "Vacation Exchange", "Holiday Ownership", "Multi Ownership" or "Group Ownership."

Timeshare interval - Period of use typically one week.

Trading power - A term used for the value assigned to a member's deposited vacation time and to the related exchange request. Trading power is the basis that RCI uses to find comparable vacation time for members. It is influenced by popularity of resort area, quality of resort, popularity of week/season, and size of accommodation unit.

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V

Vacation Experience Profile (VEP) - Composite evaluation of an RCI-affiliated resort derived from member comments.

Vacation ownership - A term often used to describe resort timesharing

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*RCI® and Interval International® registered. We are not affiliated with either Company.


 
 

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