Timeshare Buying Frequently Asked Questions
Do you want to learn how to buy a timeshare? You may even be wondering, Should I buy a timeshare? Our timeshare resale specialists at GrandeVistaOrlando.com can assist you in the process of buying a timeshare at Marriott’s Grande Vista. Below, we’ve listed answers to the most frequently asked questions about buying a timeshare resale so you can make an educated decision. You can also contact us with any additional questions.
Timeshare Buyer Questions
What is a timeshare resale?
Timeshares are a type of joint property ownership, also known as vacation ownership. When you buy a timeshare, you guarantee yourself a set amount of time (usually a week) in a specific resort each year. Buying a timeshare is typically much less expensive than purchasing a vacation home. A timeshare resale is a timeshare that is being sold by the current owner instead of directly from the resort and is generally priced lower than the property’s original value. Timeshare resales are the way to go if you’re looking for a timeshare vacation without the high price tag. Browse our selection of Marriott Grande Vista resales.
What is the difference between a timeshare and a hotel?
When you stay at a hotel, you usually only get a studio room with a small bathroom. Timeshares, on the other hand, are generally larger and feature more amenities. An average timeshare includes a condo-style unit with multiple bedrooms, bathrooms, separate living and dining areas, and a kitchen or kitchenette. Marriott’s Grande Vista accommodations include guest rooms as well as private one-, two-, and three-bedroom villas. These luxury villas are large enough for the whole family to spread out and relax.
Most timeshare resorts also offer more amenities than the average hotel. For example, guests at Marriott’s Grande Vista resort enjoy a golf course, a full-service spa, swimming pools, and on-site dining options.
Why are timeshare resales less expensive than timeshares sold directly from the resort?
When you purchase a timeshare from a resort, the price is often inflated by marketing-related incentives that timeshare developers and resorts use in their high-pressure sales presentations. Those who buy a timeshare from a resort are subject to these administrative and marketing costs, regardless if they attend the promotions. When you buy a timeshare resale from a current owner, you only pay the market value of that timeshare. A timeshare’s market value is often 20 to 70 percent less than the retail price.
How expensive are timeshares?
There are several variables that affect the price of a timeshare, including but not limited to: the time of year, location, resort amenities, size of the unit, and market demand. Marriott’s Grande Vista, for example, is located in Orlando, a highly desirable destination. Weeks when holidays like Christmas and New Year’s Day occur (weeks 51 and 52, respectively) are especially popular here, and are likely to be more expensive than a week during the off-season. There will also be a significant price difference between a one-bedroom villa and a three-bedroom villa at the Grande Vista.
How do I legally become a timeshare owner? Do I need a lawyer?
You do not need to hire a lawyer when you buy timeshare. There are a number of reputable timeshare closing and title transfer companies to assist you with the timeshare closing process. These companies can handle the entire process, including deed preparation, management of the escrow of funds, and preparation of timeshare estoppel certificates and closing statements. They will handle any single aspect of the closing you may not want to handle yourself. GrandeVistaOrlando.com can recommend a reliable, trustworthy timeshare closing company.
What are the different types of timeshare ownership?
- Deeded Timeshare: A deeded timeshare is one you own entirely. This means you can sell it, rent it out, or even leave it to your heirs. There is no expiration date on a deeded timeshare. All timeshares at Marriott’s Grande Vista are deeded properties.
- Leased Timeshare: A leased timeshare, also known as a right-to-use timeshare, is one in which you can use a specific week (or weeks) at the property for a certain number of years, usually 20-99. Once the lease period ends, the selling resort typically regains the right to use the property. When buying a leased timeshare resale, it is important to ask how many years are left on the contract. Many resorts will offer you the chance to renew the contract on the year it expires.
- Licensed Timeshare: Licensed timeshares usually involve buying a vacation club membership. Vacation club owners receive an allotment of points to use toward vacations at resorts within the club’s network. Marriott’s Grande Vista is also part of the Marriott Vacation Club Destinations program, which uses a points-based system.
What are vacation clubs and points? Can I buy them on the timeshare resale market?
A vacation club membership is a type of points-based timeshare ownership. Rather than owning a set resort week or interval, members are given an allowance of usage points. They can exchange these points for vacation accommodations at resorts within the club’s network. Marriott’s Grande Vista, for example, is part of the Marriott Vacation Club. Marriott owners can choose to pay a one-time fee or a low monthly payment, which is determined by the number of points they buy.
A resort’s popularity and location, the season, and size of the suite are all factors that determine point values for each night at a resort. A resort week in higher demand is worth more points.
Members can enjoy more flexible usage options with a points-based ownership. Book vacations for a shorter or longer period than the traditional week-long timeshare interval. You can even book a smaller or larger unit.
You can purchase vacation club memberships on the resale market because membership is guaranteed with a legal deeded or right-to-use contract that can be transferred to a new owner.
What are the kinds of timeshare weeks?
- Fixed Week: When you buy a fixed week timeshare, you can use your unit for a specific week each year for as long as you own the property. Fixed weeks usually start on a Friday, Saturday, or Sunday.
- Floating Week: You can use a floating week timeshare anytime during the year based on the resort’s availability.
- Flex Time: A flex timeshare week is one you may only use in the specified season (e.g., winter flex or spring flex). Some timeshare resorts indicate seasons of flex weeks with industry lingo, like blue weeks and red weeks. High and low seasons vary based on the resort, so flex time can vary by location.
- Biennial: When you own biennial timeshare usage, you can use it every other year. This can also include a fixed week, float week, flex time, or points. Usage of a biennial timeshare is usually specified to even or odd years.
Note that you can find both fixed and floating weeks at Marriott resorts on the resale market.
What do the timeshare season colors mean?
The season color of a certain week at a timeshare resort is based on the overall popularity of that week. Colors are based on a sliding scale ranging from red (peak season) to green (off-season). Season color systems vary for every resort, vacation club, and timeshare exchange company. Marriott typically identifies seasons at its resorts as (in order of desirability) Platinum Plus, Platinum, Gold, Silver, and Bronze. Certain Marriott resorts, however, use individual color scales for seasons, like Red, White, and Blue.
Why do I have to pay maintenance fees?
You will be responsible for mandatory maintenance fees when you purchase a timeshare. The resort management company or homeowners association uses these fees to cover property taxes, utilities, insurance, and maintenance expenses including beautification of the unit and property. Timeshare owners usually pay maintenance fees on a yearly basis, which is the case with Marriott’s Grande Vista. Most Marriott resorts will send owners the bill for their annual dues between November and December of a given year, and payment is due in January of the following year.
Can I receive financing if I buy a timeshare resale?
Yes, financing is available for most timeshare buyers. You can speak with one of our timeshare resale specialists at GrandeVistaOrlando.com to discuss your financing options. Call us at 1-855-793-8210 to learn more about timeshare resale financing.
What is a timeshare exchange company?
Another benefit of buying a timeshare is the ability to exchange your week. You can choose to purchase a membership to a timeshare exchange company to trade weeks with other timeshare owners. This means you can either return to your home resort every year or trade for any of the affiliated resorts worldwide. You can also alternate between these two options. There is a separate membership fee for these third-party exchange companies, but you’ll have the choice to cancel or renew each year.
Marriott’s Grande Vista is affiliated with Interval International, and with an Interval membership, you can enjoy numerous benefits. Interval International is one of the world’s leading timeshare exchange companies and offers a variety of vacation opportunities to members. Marriott’s Grande Vista has been rated an Interval International Premier Resort, so you can rest assured you’ll receive quality accommodations, amenities, and service during your Orlando vacations.