by Diana Tierney

Created on: May 10, 2007   Last Updated: May 21, 2007

Timeshares can be either a rewarding experience or a complete nightmare. What makes the difference is knowing what you are purchasing and gaining a knowledge of how to play the "Timeshare Game." As a reservationist for a number of years at one of the top timeshare travel agencies I learned a few things about the industry and saw people who got their money's worth and those who continually lost their vacation (and in essence their money) because they were not educated in the process of using their vacation.

First of all know what it is that you are buying. As with all contracts the truth is in the details. Know what is in your contract, when you can book your time and what happens when you don't use your time. If there is a specific time period that you would like to travel to your new resort ask about the availability prior to signing the contract. Also make a phone call to the reservation department and inquire about availability. This will give you an idea of what it is like to get into the resort. There are some resorts that have certain time periods blocked out for specific owners. For example one resort in Hawaii had specific weeks for owners of Christmas. If your contract did not say that you were a Christmas owner you could not book at that resort during that time.

When it comes to the reservations process there are some very specific things to remember, holidays are not always going to be available at short notice. There are some flukes of course but generally speaking the high times to travel are booked as far out as a year in advance. Plan your trip ahead of time, last minute travel doesn't necessarily work. As standard timeshares go, every purchase entitles the customer to a certain amount of time depending on the contract (i.e. one week, two weeks, etc). What happens to those weeks after a certain amount of time?

Those weeks of time expire depending on the resort's rules. Most of the time at the end of the calendar year the week of vacation time expires and cannot be regained; it is forever lost along with your money. The best way to counter act this time is doing one of two things, putting it up for rent with a reputable rental company or do what's called "banking."

"Banking" is a timeshare term meaning that you as an owner give your week to an exchange company. That exchange company does exactly what the name says; they exchange your week of time with another owner. They put your week into a large index of other weeks. In turn when you go to use your week of time you are picking up a week that someone else put into the bank with them. An exchange company is limited to what weeks are given to them. If no one gives them a week in the middle of summer in Hawaii, then there would be no way for you as the consumer to pick up that week for a vacation. Also know the policies of the company that you are putting your week of time in with, how long will your week of time last? How far in advance will they require you to put your week in and what happens if you are under that limited amount of time?

Yes, all of this is extremely complicated. It takes a while to truly understand it and maximize your investment. Study the literature that is given to you, never be afraid to ask questions and keep organized records of what you do. Most importantly think of your time in tangible means, they are physical days in an actual resort. Being wise about your purchase can ultimately help you have an enjoyable timeshare experience.

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