Timeshare Buyer FAQ
What is a Timeshare?
Owning timeshare allows you to prepay for your vacation accommodations in advance, providing your family with a lifetime of luxurious vacations at today's fixed, low rate. Timesharing (also called vacation ownership) enables individuals on a variety of budgets to enjoy annual, week-long vacations at premium resort properties without the exorbitant costs and hassles of outright ownership.
The main difference between traditional real estate and a timeshare property is that ownership of a timeshare is shared by multiple individuals who each have an interest in the property and can use it during specific times each year. Timeshare owners also split maintenance costs for the property, making it a much more affordable way to vacation than outright ownership.
What is a Timeshare Resale?
Simply put, a timeshare resale refers to an interest in a timeshare property that is being resold by the current owner. Compared to the alternative (purchasing from a resort), by-owner timeshare resales are much more affordable. In fact, in almost all cases, resale timeshares are priced between 20% to 70% less than the identical resort timeshares.
Why? Sales of resort timeshares occur primarily through resort-funded timeshare sales presentations which include free giveaways to attract attendees. In order to cover administrative costs for the presentation and marketing expenses for the incentives, resort timeshare prices are inflated. If you buy timeshare resale, on the other hand, you pay only the actual fair market value of the property, making timeshare ownership even more cost-effective!
If I Buy a Timeshare Resale, Do I Still Have to Pay Maintenance Fees?
Yes – buying resale doesn't alter the concept of timeshare ownership. Owners share the cost of maintaining their units as well as the common grounds of the resort property by paying a maintenance fee of $ 695.00 annually at the Lake Placid Club Resort. When pooled together, these low fees pay for beautification, capital improvements and general "wear and tear" upkeep of the property and grounds. Property Taxes are an additional $ 97.22 a year at the LPClub Lodges.
If I Buy Resale, Can I Still Take Advantage of Timeshare Exchange?
Yes. You just have to join your home resort's exchange company or an affiliated independent timeshare exchange company for a nominal fee. The largest and most prominent independent exchange companies include Resort Condominiums International (RCI) and Interval International (II). These two companies handle 95% of all timeshare exchanges and are affiliated with over 7,500 resorts around the globe. The LPClub Lodges are affiliated with both of these exchange companies.
The concept of timeshare exchange is quite simple. By exchanging your timeshare, you trade your week at your resort for another timeshare owner's week at another resort, enabling you to travel the world with the purchase of a single property. The process of timeshare exchange is also quite simple. Owners deposit their timeshare weeks with an exchange company, and can then select from thousands of comparable weeks deposited by other timeshare owners within the exchange network!
What is the Difference Between Deeded, Leased and RTU Timeshare Resales?
A deeded timeshare resale property is similar to traditional real estate in that you will own the timeshare indefinitely. Accordingly, the deeded property can be sold, rented, given away, donated or even willed to your heirs. The Lake Placid Club Lodges are Deeded weeks.
Leased timeshare resale properties and RTU (right-to-use) timeshare resale properties are the same thing. Leased timeshare ownership enables you to use a specific week at the property for a set amount of time, typically ranging from 20 to 99 years. When the lease matures, the right to use the property terminates, and the timeshare interest normally returns to the resort.
The Lake Placid Club Lodges are Fixed week ownership.
Fixed week ownership allows you to use a timeshare unit for a specific, "fixed" week annually for as long as you own the timeshare. Weeks are identified by a unique number starting with the first full week of the year (week one) and continuing through the end of December. A fixed week will typically start on a Friday, Saturday or Sunday depending on the resort. View our timeshare calendar for an idea of what weeks might suit your needs as a timeshare owner.
What is the Difference Between Red, White, Blue Time?
These colors serve as a rating of the overall desirability of particular weeks at a timeshare resort. Red is considered peak season and the most desirable time of year to own. Red is followed by white (mid-season), and then blue, which are considered off-season.
What are Points? And Can I Buy Them on the Resale Market?
The points system is one of the newest forms of timeshare ownership, and, yes, you can purchase points memberships directly from current owners on the timeshare resale market. This system enables the owner to prepay for an allotted number of annual points that can be used for their vacations. The more points purchased, the more flexibility offered when wishing to travel during high season. Likewise, more points may mean a larger unit or a more desirable destination or resort.
Another advantage of the points system is that owners can enjoy more flexible usage options. Points owners are not required to all their points at once. Instead, they can book single night stays or week-long getaways depending on how many points they have. While flexibility is a major advantage to the points system, it's important to keep in mind that satisfaction is largely based upon resort availability.
If I Buy Timeshare Resales, Do I Need a Lawyer to Handle the Closing?
Yes you do. The attorney will complete the entire process of the closing including deed preparation, escrow of funds, closing statements and recording fees all for one low flat-rate. A licensed attorney will finalize the title work with a review and guarantee of accuracy.