When you buy a timeshare, you buy the right to use holiday accommodation for a set amount of time each year.it would mean purchasing the amount of holiday time you need, at the time of the year you want in the type of accommodation that is right for you. Therefore, the buying price is less and the upkeep cost makes sense because the annual charges are shared.
For a one –time purchase price & an annual maintenance fee, timeshare purchasers own their for a predetermined (25/30) years. Apart from this vacation exchange adds flexibility & variety to time sharing by allowing timeshare owners to trade the accommodation they have subscribed with other similar accommodation at other throughout the world.
Every unit at each resort has 52 weeks in a year at its disposal of which two weeks are allotted as maintenance weeks which are not sold to any customer. A member can purchase any week of a particular unit at a particular Destination resorts for a specific season. This of course, means that there can be a maximum of 50 holiday owners for each unit. The basic concept of a timeshare can therefore be summed up by saying that it is a one-time payment that entitles you for a week at various resorts every year for 25-30 years .
Thus a timeshare ownership may be defined as “A person pays a capital sum to promoter of a timeshare resort and, in consequence, acquire a right to the use accommodation and facilities in that resort for a defined period each year.”
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