Understand the Meaning and Usage of Time Share and Condominium.
Time-Share
When a property is shared or arrange for holidaying with the cost in guarantee time or form of ownership for using the property within the given time period. There are 52 weeks in a year, the timeshare company could technically sell that one unit to 52 different owners. You have chosen a specific location and set a week or two. It can be Fixed Week ownership(Changing of the week are not allowed), Floating week Ownership (have the option of selecting the week within the time limit), Point System Ownership (AKA “Time Share Exchange Program”, you may be allocated certain points which you can use or access to other resort in the same system)
But what they don’t mention are the growing maintenance fees and other incidental costs each year that can make owning one unbearable.
Condominium
Con (In Latin) means ‘together’ and dominion means ’ ownership’ either its ‘joint dominion’ or ‘co-ownership’. The property can be use or hold rights by multiple parties within the allotted period of time. . In purchasing a condo-hotel, you have the flexibility to use your unit whenever you want, though there are usually restrictions that prohibit making it a permanent residence.
Difference between Time Share and Condominium
Time-Share |
Condominium |
| 1. Properties may use for a certain time and within certain days/months/years. eg: Mr. X has a membership for 5 years and he is eligible to use 4 nights each year from the timeshare membership.
2. This timeshare cannot be exchanged/sell to other parties/friends. Cannot generate revenue. 3. Limited Facilities are allowed to use 4. Comparability less expensive 5. Historically, timeshares value depreciates from the time. Values have been poor because of the large number of re-sales on the market and a continuous stream of new developments competing with them. The fact is, most people who buy a timeshare will have it for life, whether they want to or not. 6. Membership has a Categories for Off-Season, Season, or Prime season and Utility depends on the categories.
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1. One Property but, can hold right by multiple parties till the ownership lasts. eg: Mr. Y has Ownership for 5 years and he is eligible to use 20 nights within 5 years from membership. So he can use 20 nights within 1 year to 5 years. Later he can buy the ownership as per terms or can leave the Ownership.
2. He can sell his nights/gift/ exchange transfer his nights to anybody and can generate revenue. 3. Can use all the available facilities. 4. More Expensive 5. Because condo hotels are a relatively new type of property investment, they are limited to just a handful of locales across the country. The supply is small and demand is currently high and growing, all of which contribute rapid and significant appreciation. Another factor to keep in mind when reselling a condo-hotel unit is that you’re selling not only the actual unit but also the luxury lifestyle that comes with an amenity-filled, high-service property. 6. Does not have categories.
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