Buying a time-share in Vegas

Some programs offer deeded ownership; others are memberships

More than 9 million other people are doing it at more than 5,000 resorts, according to American Resort Development Association.

Time-share ownership is on the rise, and Las Vegas is ground zero for developments with amenities like great pools, rooms with kitchens, dining and shows.

“People vacation in Las Vegas because it is a city that is full of adventure,” said Stevi Wara, vice president of creative services and brand management for Diamond Resorts International. “Whether you want a more intimate experience with fine dining and shows, a bestfriends-trip extravaganza or a family-friendly vacation, Las Vegas has it and continues to provide more options to choose from every year, so the experience never gets dull.”

THE NUTS AND BOLTS

When you purchase a weekly time-share, you’re essentially paying for that portion of the home ownership and sharing it with 51 other people who get it for those other 51 weeks a year.

There are multiple ways to buy a time-share, but the objective is typically the same: for a one-time fee, buy vacation time — typically a week a year — at this year’s prices, then pay a yearly maintenance fee.

“There are several ways in which someone can purchase a timeshare,” Wara said. “Most commonly, guests purchase a discounted vacation with a commitment to attend a 90-minute presentation on the time-share product.“

DEED VS. POINTS

At some resorts, you buy a week, at others, you get points, which represent your amount of time at a resort.

“In a majority of resorts today, your vacation ownership interest will include a deeded interest in real estate,” ARDA said in a statement. “Other time-share programs do not include an interest in real property, but are structured more like a membership. How you actually use your time-share vacation is generally not affected by the absence or presence of a real estate interest.”

Las Vegas’ Diamond Resorts offers a points-based ownership.

“There is a distinct difference between being a deeded owner or a member of a points-exchange program,” Wara said. “In a deeded ownership, the purchasers own a specific unit type at a specific time or season, and in a specific resort location.”

At some resorts, deeded owners can exchange weeks for stays at other resorts through an exchange program.

Points-based programs offer more flexibility about when and where a member can use their time-share, but the trade-off is typically a loss of tax benefits for a deeded ownership.

BUYING A RESALE UNIT

“It is important to know the secondary market is not regulated,” Wara said. “When purchasing from a developer, you have consumer protection, as well as certain required disclosures, along with a better opportunity to hand-select the vacation experience and product you and your family want.”

When considering a resale timeshare — as either a buyer or seller — it might be best to contact the developer to verify the unit and conditions. Many developers have a resale broker who manage the secondary sale of your time-share, while others contact a third-party broker to handle the deal.

““People buy time-shares here because they want to commit to a lifetime of vacations with their family and loved ones — and Las Vegas, rightly so, just may be their destination of choice. … The majority of people who vacation in Las Vegas prefer an extravagant pool that can be enjoyed by the entire family or a pool with a notable Strip view,” Wara said.

THINKSTOCK When you purchase a weekly time-share, you’re essentially paying for that portion of the homeownership, and sharing it with 51 other people who get it for those other 51 weeks a year.