Once You Become An Owner
Understanding Ownership RightsOnce you buy timeshare property or any kind of vacation property you have rights as an owner that you should be immediately aware of. Once the sales process is complete and funds have been dispersed there are some things to look into. Many times an owner packet is sent to the buyer of a timeshare property. If you buy timeshare property on the resale market, you may have to request an owner’s packet from the resort. This collection of material contains useful information about your timeshare and may explain some of the rights you have as an owner. Review DocumentationAside from reviewing the documentation provided by the owners packet, it is also important to review the CCNR that accompany the purchase of your property. CCNR is an acronym for covenants codes and restrictions. This will detail the rules and regulations of utilizing your timeshare property essentially stating what you can and cannot do. If you cannot find all the answers to your questions pertaining to your newly acquired property, it is best to call the resort directly and ask for any supporting documentation that addresses your question. Any uncertainties are best resolved as soon as possible since you do not want to assume anything about the ownership of your timeshare property and discover your assumption is wrong when you arrive for vacation. When discussing the options available in this guide, I briefly mentioned considering maintenance fees and determining what amount of yearly fees could be afforded. Some resorts are very strict on when maintenance fees are due and the penalties for late payment can also be stiff. It is important to find out as soon as possible when your maintenance fees are expected to be paid. Some resorts may allow you to pay maintenance fees or membership dues years in advance. If you have the ability to pay multiple years at once, it could be cost effective if you factor in the amount that maintenance fees increase over the years. This may be a new concept to some resorts, and some may not even offer this benefit, however, if the option is extended to you, you should definitely consider the savings if you envision yourself staying with the same resort for multiple years. By reviewing your covenants and restrictions, and becoming familiar with the rules and regulations set forth by your resort, you are on the right path to avoiding common oversights and mistakes that new timeshare owners sometimes face upon their first purchase. One mistake you do not want to make with a timeshare property that requires you to reserve your week of use, is wait until the last minute to make reservations. With floating week timeshare property as well as points programs, you must make reservations to stay at your desired resort. Some weeks may not be booked, while some weeks may not have any openings for the next several years. This information is important in planning and scheduling the use of your timeshare property and the sooner you make reservations, the better. If you are unable to make and commit to reservations immediately after purchase of a floating week or points option, you should definitely call the resorts and find out what is available and for what intervals. If you develop your vacationing plan and reserve your interval as soon as possible, you have more leeway on the exchange market should you choose to exercise that option. Another reason to determine what is available in the floating week and points inventory is because you may be able to attain a property in high demand and put it up for exchange on the market. This will ensure you have a reserved interval with enough value to get what you want once you do have a vacation itinerary established. Planning Your VacationAside reviewing your paperwork, going over the covenants, codes and restrictions and making reservations you may also want to create a list of contact information for the resort where your property is located. This will come in handy when it’s time to develop an itinerary for your vacation. Whether your intended stay at your resort is one week, two weeks or longer, your time there will undoubtedly seem to fly by, and you will benefit from a well scheduled itinerary to ensure you can make the most of your time spend at your vacation destination. You must consider that some of the attractions or activities at your vacationing destination may only be in operation at specific times of the year or even only during certain days and hours during the week. You can add the phone numbers and contact information to your contact list that you develop for your resort so you can always stay updated on the status of operations at the attractions and destinations you plan to visit while you are using your timeshare property. Another option to consider and plan for is transportation. Sometimes an owner of a timeshare property may try to select a resort that is within walking distance of all the attractions to visit, activities to attend and sites to be seen. If this is not a possibility, consider the option to arrange for transportation whether it’s a rental car, concierge service, or taking advantage of a resort’s shuttle service if they have one. If you buy into a points program, you may be able to utilize points for rental car services. Like all avenues of marketing, some attractions such as amusement parks, restaurants, sight seeing services, etc., may offer discounts, group rates or coupons. Some of the more popular theme parks charge up to $50 per entrance fee and even and extra parking fee of $20 or more per vehicle. Coupons for $10 off per person are not hard to come by for some of the main stream theme parks and amusement parks. Often you can find promotions where a parking fee is waived or as consolation you may receive a weekend pass instead of a day pass. When you develop a schedule for your vacation, you can use your itinerary as a guide for shopping for discounts, coupons and promotions. A customer service representative may be able to help you find these discounts as well. Sometimes the money you save can add up significantly and since you have the luxury of time in planning your vacation from one year to the next, it’s a great idea to shop around for these methods of savings. ConclusionIn conclusion, the avenues available to the consumer to buy and sell timeshare resales. Not only is there a wide market available for every income level and economic background, but also an array of options to meet the demands of the most selective vacationer. When you embark upon the path of purchasing any form of vacationing property, consider all the options available to you. Also, take your time. The timeshare market is always a buyers market and you have the luxury of completing the process at your pace. Don’t give into the pressure to buy retail quickly on the retail market or when taking tours of timeshares. More often than not, you will always be able to find the property you fall in love with on the resale market. Buying rights to your dream vacation is a big deal and should not be done on a whim unless you can afford the consequences of a bad decision. Take the time to develop your list of desired and required amenities, determine your first second and third choice of not only vacation weeks but destinations as well. Talk it over with everyone that will be involved in your vacationing plans. This will be a commitment to vacationing for a long time ahead, and is a well deserved way to reward yourself and your family. You owe it to yourself to give your path of purchasing the attention it deserves
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