Timeshare, which is also called shared vacation ownership is a product purchased by a consumer which gives him/her the exclusive use of accommodation in property for a determined or determinable recurrent period of time (time modules) annually. Timeshare units are priced according to the size of the unit, the amenities provided by the resort, the location of the resort and the season in which the week is sold. For example, in-season weeks will cost more than out of season weeks.
It is important to know that timeshare products come with the responsibility of paying an annual levy, which is paid to the Management Association – a non-profit body made up of all the owners of the resort. These annual levies also pay for on-site management, furnishing replacements, amenities and the general upkeep of common areas as well as amenities like swimming pools and tennis courts. Timeshare purchases are typically financed by either a loan from the developer or credit card finance. Terms depend upon the amount of the purchaser’s deposit and the cost of the particular transaction.