Las Vegas Timeshares
What is a timeshare? Technically, owning a timeshare means that at a specific "time" - which is usually a week - you have access to the "share" you own in a property which is a large timeshare resort.
Timeshares became popular in the 1960s since most people found it almost impossible at that time to afford a full time vacation home of their own due to increases in price of properties. Developers realized that if they created a shared ownership, this would reduce the costs for individual owners and they would then be able to sell more real estate to a larger number of people.
What are the costs that individual owners pay for their timeshare? Each owner pays for their unit. They also share fees for management and maintenance as well as costs incurred for upkeep of common areas such as pools and tennis courts. Lending institutions will provide financing to prospective buyers for new timeshares sold by the developers. However, most of the time, resale units sold by individual owners are sold for cash.
One of the benefits of purchasing a Las Vegas timeshare is that you are assured that your vacation is paid ahead of time and you do not have to be concerned with hotel bills that increase every year. In addition, you have the option of preparing food in your unit kitchen instead of having to pay costly restaurant prices.
Las Vegas has a number of timeshare resorts where owners of individual units will offer their unit for rent to vacationers. Following is a list of some - but by no means all - of the Las Vegas timeshare resorts:
- Tahiti Village
- World Mark
- Polo Towers
- Olympian Palms Resort Club
- Marriott Grand Chateau
- Royal Vacation Suites
- Westgate Flamingo Bay
- Royal Aloha Vegas
These Las Vegas timeshare resorts offer a number of amenities to owners:
- 2 bedroom/2 bath unit which sleeps six
- dishwasher/microwave
- telephone in unit
- hot tub/jacuzzi
- some units have fireplaces
- washer/dryer in unit
- health club on premises
- pool
- spa
There are various types of timeshare ownerships such as the following:
Fixed Week: This type of timeshare is also called "fixed week/fixed unit". In this program, you own the rights to a specific week in a specific condo. You can use this same week every year at your Las Vegas "home resort" or trade the time through an exchange to another Las Vegas timeshare or to a resort in another area.
Floating or Flex Time: Here you do not own a specific week but you own a week in a specific range of time - for instance a 2 bedroom/2 bath in the time period from January 1 to April 1.
Points/Club Membership: In this system, a specific number of points or credits are purchased that represent a unit size and a period of time. Like money, the points are used to buy the vacation time, resort and size of unit you wish.
Fee Simple: In this type of program, the buyer purchases an actual deeded interest in real estate. This information is recorded with the land court of other appropriate authorities and there is no expiration of ownership.
Leasehold: This type of option provides the same rights to the owner as in the Fee Simple program. The only difference is that the Leasehold has a specific expiration date. This may include a first right to renew the ownership interest before the Leasehold expires.
