What does it mean when a condo is insolvent?

What does a time share condo rental mean?

• What does a time share condo rental mean?

• Answer:

  A time share in its most basic form is when a whole bunch of people buy a house, condo or other property together and each owner gets a set amount of time to use it. For example if 52 people split up the cost to purchase a beach house, and each person gets to use it 1 week per year. In most cases, you get a fixed week at about the same time of year each year. It would cost more for a one week share in the middle of summer than it would for a one week share in the middle of winter (assuming the location is more desireable in the summer). I highly recommend you do not purchase a timeshare. After the initial purchase, you will still have to pay maintenance fees every year toward the cost of maintaining the property whether or not you actually use your week. Most people get sick of going to the same place at the same time of year for vacation and most of the time the maintenance fees make it so the ongoing cost isn't much cheaper than just staying in a hotel of your choice when you want to go on vacation. Just search online for second hand timeshares and you'll find hundreds of people trying to sell their portion of a timeshare for pennies compared to what they originally paid just because they're sick of paying maintenance fees for a property they never use. If you're looking into RENTING a timeshare, it can be a good option. This means someone else owns a share in the condo and they aren't going to use their week. So you pay them a rental fee in exchange for using their week, just like you'd pay a hotel for a week-long stay. When the vaction is over, you're not tied down to timeshare contracts, you just pay a one-time fee for a one-time stay and that's the end of it. So renting a timeshare isn't a bad thing, and you can often get good deals because owners are just trying to recover their maintenance fees.