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Key West, Florida

A division of Sea Winds Realty

808 S.E. 46th Lane, Cape Coral, FL. 33904

keywesttimeshare@aol.com

Frequently Asked Questions

1. What does a timeshare really mean?

 

Timeshare ownership means that condominium units in a resort are sold by the week. Each week of the year starting in January is numbered starting with week #1 through week #52. You select the week or weeks that you prefer to use the unit

and once purchased you will return each year for the same week and the same unit that you selected.

2. What are points and how can I use them?

 

Most resorts attach a point value to the timeshare units. The value will vary depending upon the amount of bedrooms and the time of the year. If you decide not to use your deeded week then you can exchange for another week using the point value of your unit. It is a form of currency that you can spend giving you more flexibility with your purchase.

3. What expenses do I have beyond the purchase price?

 

You should expect to pay an annual maintenance fee and a small property tax bill for each week you own. These bills will likely be combined in one invoice by the resort mangers and will likely run between $750.00 - $1,300.00 per week depending upon location. In the case of Key West, Florida this is well below the cost of renting a basic hotel room for a week.

4. What if I don't use my unit?

 

If you do not use your unit then you will have several options determined by the resort. These options include reserving a unit at the same resort for a different week or going to another resort throughout the country. The final option would be to convert your week's point value to a master group (RCI or Interval International) which allows you to book resorts all over the world.

5. Can I rent my unit myself?

 

Most resorts allow you to rent your own unit if you decide not to use your deeded week. A small processing fee will likely be charged by the resort to register your tenant.

6. Will the resort rent my unit for me?

 

Most resorts will rent your unit for you, but expect to pay a substantial commission.

7. How do I spend my points?

 

Spending your points within the resort organization is as simple as calling and making a reservation. Most resorts are very professional at this part of the business.

8. Am I buying a unit or am I buying points?

 

In most cases you are buying a specific unit. You will own it until you decide to sell it to someone else. You may also leave it to someone else in your will. Points are simply a value attached to the unit used for trading for another week if you choose not to stay in your unit. Some resorts use the principal of floating weeks . This means you are buying into a club with tremendous flexibility. You may use the resort for any week you choose with a different week each year if you prefer. This can be a great program if your schedule changes year to year.

9. How do I know what to buy?

 

First, DO YOUR RESEARCH!! We will council you to make sure you find the right fit for your needs. We own timeshare units ourselves and can give you first hand advice.

10. Why does the date for my unit vary slightly every year?

 

The specific date that you check into your unit each year will vary slightly as the calendar adjusts. The actual date will vary by one or two calendar days depending upon leap year etc. Check out our weekly calendar on our website tool bar for accurate dates for the coming years.

11. Do I get a vote?

 

As an owner you are a member of a condo association and therefore have the right to elect officers to your association. An annual meeting will be held along with timely board meetings where you can voice your opinions.

12. Do I pay property taxes?

 

Yes, you will be responsible for your share of the property taxes each year. Expect to pay $75.00 to $150.00 per year. This is determined by the location and value of the resort. Usually this bill is included in the annual maintenance bill from the resort.

13. How hard is a timeshare to sell?

 

Selling a timeshare unit is like selling any other form of real estate. Correct pricing is always important and market conditions will always determine demand.

14. What are the downsides to buying a timeshare?

 

You are buying real estate which means that you are assuming a responsibility. You want to plan to use the unit you are purchasing each year or to plan to trade it for another location that will give you pleasure.

15. Are there any tax benefits?

 

A timeshare unit does have some of the elements of a second home but you should consult your tax accountant for specific benefit information.

16. How do I trade my points for other timeshare units?

 

Many resorts have several locations in their company system. Trading to go to another company owned property is as simple as calling to make a reservation. Also most resort associations are members of either RCI or Interval International. By calling the reservation office you will be able to convert the points from your resort to points within one of these master associations. Then you will be able to travel to other timeshare resorts throughout the world.

If You Want To Explore An Annual Vacation Home

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If You Want To Explore An Annual Vacation Home

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