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Frequently Asked Questions about Buying Timeshare (FAQ)

This page covers many of the good reasons to buy a timeshare resale using the convenient self-service, subscription resale option offered on this website.

Q. Why is buying a timeshare a good idea?

Timeshare resorts offer larger accommodation on average, with more amenities and a more comfortable vacation experience than a typical hotel stay. When comparing a timeshare unit with an equivalent hotel room, timeshare comes out as a less expensive choice but with more resort amenities and excellent options such as separate bedrooms, multiple bathrooms and full kitchens. Through exchange providers, you can use your timeshare to visit your choice from nearly 5,000 timeshare resorts around the world. Plus, ownership allows you to secure the best locations and time of the year to vacation.

Q. How much time do I get to vacation with a timeshare?

Timeshares are typically sold in seven day intervals, giving you a full week of vacation time. However, points products usually allow you to break that time up into multiple shorter stays. It really depends on the ownership.

Q. Are the resort facilities available to use at different times apart from my usage time?

In most cases the resort will have a day use policy allowing you to use the resort facilities at times in addition to your vacation time. Some resorts charge for this, others do not, so it’s best to check with the resort.

Q. What is a Premier resort?

Interval International’s highest status level for its top affiliated resorts.

Q. What does Gold Crown resort designation mean?

RCI’s top level of designation for its affiliated resorts.

Q. The term lockout – what does that refer to?

A unit which can be split into separate living areas and linked through an internal connecting door. When the door is locked, one area is “locked out” from the other and can be occupied separately, with each area having separate external entrances. Owners sometimes buy lockout units for the larger combined living space and option of multiple bedrooms, but with the option to rent out the portion they don’t wish to use if they want to downsize during a vacation. These units can also bring in better exchange value with the exchange companies.

Q. I see terms such as fixed week and floating week, but what’s the difference?

A fixed week is a set week in the calendar when you can occupy your timeshare every year. Floating week ownership is when you can book a week during a given season or from a designated number of weeks. Some resorts give a choice to reserve floating weeks from any week of the year, but floating weeks are always subject to availability.

Q. What is meant by a points product?

Points ownership is offered either by larger brands or through individual resorts as a way to provide more flexibility to vacation ownership. The points are a type of vacation currency which can be used every year to book vacation time at a resort, with points renewed annually. This allows for varied vacation time, such as shorter stays, long weekends, or full week vacations.

Q. How do the exchange companies work?

Exchange companies such as RCI, Interval International and Dial an Exchange allow timeshare owners to deposit, or bank, a week into their system and book a different week of vacation time from their selection of resort options. Owners need to become a member of the exchange company to participate in their program and this “exchange” of your week for a different week comes with a booking fee. Exchange companies use a color-coded system to identify seasons based on popularity, with Red being the most popular followed by White and Blue (for RCI) and Yellow and Green (for II).

Q. How do I buy a timeshare?

In one of two ways. You can either search our selection of resorts on offer here at Gateway Timeshare Resales and make an offer on the one you want, or you can contact us, tell us what you’re looking for and let us do the work for you. In either instance, you’ll see a timeshare you want and can make an offer to buy the timeshare. The offer will be taken to the owner by one of our licensed agents and the owner can accept, decline or counter that offer. Our agent will contact you with the owner’s response and the negotiation will continue until a sale price is reached. The process then moves to closing.

Q. What happens during the closing process?

Once the parties have agreed to the sale price, our agent will prepare the necessary purchase documents for signatures. Once the documents are signed by both parties, the transaction is turned over to a third-party closing company which handles the remainder of the process. This ranges from receiving the initial deposit to be placed in escrow to handling title search, transferring ownership, recording deeds, registering new ownership with the resort and releasing funds to the seller. Please be aware that the buyer is responsible for all closing costs and the process can take between 60-90 days depending on the reaction time of the seller, buyer, resort and relevant regulatory agency.

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