As Holidays are no longer a luxury but an absolute essential to gain some break or time out from the stresses and strains of today’s living you might have thought of buying a Timeshare. “Holiday Ownership” offers a superb holiday choice and there are many reasons to buy and become an owner but please take note of some “contraindications” when considering a purchase.

Choose the right “Timeshare-Product” and understand its functionality. Not every product suits every family the same way and as the industry grows, more versatility is offered. Do your homework, investigate and make sure, what system is right for you. Look at the different options carefully and ask yourself what your holiday needs are.

Fixed Week (Overview). You buy a specific week, usually in a specific unit (Apartment or Villa). This is the perfect choice for families wanting to visit their “Home Resort” every year in the same week(s), being this the original timeshare concept. Make sure the contract states very clearly the Week Number(s) you buy, named and numbered from 1 – 53 and Apartment Number(s). Insist on that and ask for a calendar and a floor plan.

Floating Week (Overview). If you want to spend your holidays in your favourite Time share Resort but you need flexibility within the time periods you want to visit,  you may consider a Floating Week. You buy the use of one week in a season specified (in colours, and depending on resorts) high, mid and low season. The top Holiday Season might be mentioned apart, ask for that! You must book your wanted week without guarantee of a specific apartment and always subject to availability, every year. Ask how much time you have to make a reservation in advance.

Points (Overview). If you do not want to make your Home Resort your “second residence” and you wish to discover the world and need flexibility you should be looking into points, which is a form of holiday currency. You will be using your Points to pay for holidays based on size of the apartment, season and quality. You can choose from many Points schemes and Points Clubs, but remember that accommodation is always subject to availability and the points clubs stock (a kind of pool where all available weeks are deposited). Ask for a points chart and have a careful look at how many points would be needed if you would visit a specific week in a specific size of apartment at your Resort. Make sure points are backed by real estate. Ask. Ask, Ask…

Costs (Overview). When buying timeshare you will have to pay the cost of the week or the amount of points in question. Depending on the week number, season, size of apartment, demand and quality of the resort, or the amount of points needed to cover at least one week (7nights) in the season of your needs, this will be more or less; Ask and compare. “Any time, any place, anywhere for free” does not exist!!!

The contract of purchase should state the exchange company the resort is affiliated with. If you buy your timeshare for future exchanges or you like the idea of a points system, please ask for the membership-fees of the exchange-company or points-club in question. Ask for exchange or reservation fees.

Maintenance Fees (Overview).  All owners of a timeshare property share maintenance fees and any well run Resort should be kept “desireable” for owners and exchange guests. You would not buy into an “undesirable resort”, would you? If only sales personal would spend a little time to go into detail and explain the reason of the existence of any fees anyway! All timeshare products need to be maintained. (If you are promised not to pay any maintenance or management fees – it is not timeshare what you are offered, probably only a Discount Holiday Club – be careful and Ask!)

The costs include cleaning and maintenance, staff salaries, taxes, insurance and the operation of any common facilities like swimming pools, restaurants, tennis courts etc.  A part of the management fee is hold back to build up reserves to pay for the non-recurring costs such as furniture and appliances. Fees will vary from resort to resort and unit size and should be disclosed to you when you buy timeshare. Ask!

Now you know all the costs and fees and if you are a very rational person, you can sit down and work with numbers. You will be surprised about the mathematical logic and how much money you will safe on high quality holidays comparing with similar offers for renting or buying holiday packages. But the mathematic side should not be the reason for buying timeshare. Remember, Timeshare is a Lifestyle and if you want quality – you pay for quality.

All timeshare contracts are different but they should be written in your language (any official EU language) and include certain minimum information as stipulated by law (Directive 94/47/EC of the European Parliament).

An accurate description and completion date for the property and the names and addresses of any persons to whom any withdrawal notices can be sent. Your contract will be accompanied by a document which sets out your rights and obligations including details of the annual maintenance fee, the way the management of the resort is arranged, a description of the resort and its facilities.

A right to a 10-day (14 days in UK) cooling off period counted from the day you sign the timeshare contract must be included. Any verbal promises have to be included in the purchase documentation.

You can buy timeshare directly form the developer, at your favourite Resort, from a marketer, a resale company or privately. Shop around and make sure you have done your homework and have asked many questions.

Our little forum is the perfect place to ask anything.

You should not look at timeshare as a property investment, but make sure you buy at a resort you would love to return to. Look at it as leisure costs for future quality holidays and remember timeshare should be fun and enjoyed for many years to come.