From time to time we get calls asking about the best time share deals in Florida.  According to Wikipedia, “A timeshare is a form of ownership or right to the use of a property, or the term used to describe such properties. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each sharer is allotted a period of time (typically one week, and almost always the same time every year) in which they may use the property.”

The Ellis Team doesn’t handle time shares in Florida as they are kind of their own specialty, although there are a few timeshare places at Fort Myers Beach.  What we do see more of in SW Florida are rental companies that will assist a homeowner and rent out a condo or home by the week while the owner retains full ownership of all 52 weeks of the year.

We have several condo projects and cottages in SW Florida that rent very well by the week.  A Buyer can purchase a home or unit and place it in the rental pool and produce very good income while allowing someone else to manage the property and rent out the unit.  The owner can even use the property so many days per year per the IRS and still claim it as an investment property.  We encourage you to speak with your tax advisor on those regulations as they pertain to you.

Unlike a property owner who owns all 52 weeks, a timeshare owner is only concerned with one week.  One advantage of a timeshare is its ability to be traded for other like kind properties all over the world.  We’ve talked to several people who own a timeshare say in Orlando and love visiting there, but they also enjoy the ability to trade it for weeks in Hawaii, Bahamas, Cayman Islands, Costa Rica, and all over the world.

Once you own a timeshare you simply pay the weekly maintenance fee each year and then you’re free to use the unit on your selected week, exchange it for a different week within your association if permitted, rent it out, or join an exchange service like RCI or VRI to exchange it for nice place elsewhere.  While you pay a yearly maintenance fee on your timeshare, there can be significant cost savings when exchanging your unit. Perhaps you own a 3 bedroom unit.  You may be able to exchange for a week of a 2 bedroom unit and another week’s use of a 1 bedroom unit, or both during the same week.

You can even exchange credits on your time share towards use on a cruise.  Depending on how nice your unit is, where it is located, and which week you have will determine how much credit you get towards exchange to another timeshare or cruise.

Timeshares can be great for those that like to travel.  Years ago timeshares were selling upwards of $30,000 in the Orlando area.  With the economy being down it seems prices have come down and now you can own them for much less.

In fact, we’re aware of an owner of a 3 bedroom unit at Cypress Pointe Resort at Lake Buena Vista in Orlando willing to sell their unit for $2,000 plus closing costs.  It is a 3 bedroom unit week 43 rated as Emerald and is close to Disney.  It can be exchanged for a 2 bedroom + a 1 bedroom unit or used as a 3 bedroom unit.  Cypress Pointe Resort offers lots of amenities for kids.  While we do not list or sell timeshares, simply call our office 239-489-4042 if you’re interested and we’ll put you in touch with the owner and you can deal directly.

If you’re looking for a condo on Sanibel, Captiva, or Fort Myers Beach and would like info on investing and what it would take to purchase and how much income you could derive from it, we can help.  Simply give us a call.