Will this affect my credit?
HelloVacay provides an opportunity for people to build and positively affect their credit if they elect to buy a “Premium” property through our internal financing program.
What if I don’t pay my maintenance fees after the first year?
Although we have seen that many developers do not report to credit bureaus with respect to maintenance fees, it is possible that they send the account to collections or foreclose on the property if the maintenance fees go unpaid. Therefore, we recommend that you rent the property to offset some or all of your maintenance fees if you are not using it. Alternatively, get rid of the ownership completely if you no longer can or want to pay the maintenance fees (see the “What do I do if I want to get rid of it?” FAQ below).
What is the difference between fixed weeks, floating weeks and points?
All three types represent deeded ownership. However, each type has varying degrees of flexibility on how you can book and use that time each year. Fixed weeks have a designated week number each year (e.g. week 50 would be in December). Floating weeks are more flexible and can be used within a given season (e.g. the summer months). Points based ownership provides the most flexibility to book anytime within a given year. However, floating weeks and points are still subject to the availability at the resort. So, it is best to book your reservation as far in advance as you can. And all three types of ownership can typically be exchanged for other properties at different times of the year through exchange networks like RCI and II.
How quickly can I use my new property?
It depends on what kind of ownership it is. If it is a fixed week, you have a designated week to use the property every year. If it is a floating week, you can use that week within an established season. If it is points based, you typically can use it anytime throughout the year as long as there is availability to book the reservation.
Can I only vacation at one location?
You can use your property to vacation at locations all around the world through exchange networks like RCI and II. If you are a member, they will simply charge you an exchange fee for their service.
Can I share my vacation time with friends or family?
Yes. But, know that different properties have different policies on how to assign your time to a friend or family member. It is best to call the property in advance for instructions so that there are no issues at the time of check in.
Will I owe taxes on my property?
Most of the time taxes and the master insurance policy are what makes up a large part of the maintenance fee. In the event that the taxes are not included in the maintenance fee on a given property, you will be informed.
Why would someone give me a free vacation property?
Vacation owners are sometimes willing to give away their property for one simple reason: they have reached a point in their lives when they can’t vacation as much and therefore it no longer makes sense to pay the maintenance fee on it. We provide them an easy and reasonable way to transfer the ownership out of their name.
How often can I use it?
It depends on how much you own. For example, if you own one fixed or floating week, you can use that one week every year. Some properties have more flexibility on when you use it than others.
What if I don’t use it one year?
You are not required to use your ownership in a given year. However, that year’s time does not automatically roll over as a credit so it is a “use it or lose it” scenario for any given year. Many owners will rent it out to get some money out of it or deposit it into an exchange network where they can get a credit that is typically good for a three year period. During that time, it can be traded for thousands of other properties in various locations around the world through exchange networks like RCI and II.