Timeshares tend to be situation in resort communities, although they can be located anywhere. The minimum amount of time available for purchase is one week, and weeks during high seasons are sold at higher prices. Timeshares are great for people who like the familiarity of going back to the same place repeatedly. A condo or home that’s a timeshare can be sold or leased through a variety of contracts. This can go from a ‘right-to-use’, in which a person purchases the right to use the property without ownership, to leasing, to partial ownership.
Most often timeshares tend to be apartment style homes and feature most appliances found in a regular home, dishwashers, TVs, etc. Timeshares are often described by how many people they can comfortably accommodate for sleep, and the size of the space will affect the price and availability. That said, a smaller unit at a more desirable location will still be more expensive than larger one at less in-demand resort.
The ways a timeshare can used are varied. An owner can do the following:
– Choose to rent out the usage they’ve purchased to others.
– Gift the usage they’ve purchased
– Exchange the use with other members of the resort community.
– Exchange the use with thousands of other resort communities.
– Use their time and enjoy their property.
– Donate the usage to charity if they feel inclined.
– Choose to sell it either through a licensed broker or through advertising.
Timeshares often come with point systems and owners can also choose to trade their time in exchange for points towards hotels, cruises, amusement parks, flights, etc.
Types of Ownership
There are many ways to actually own a timeshare. These include points programs offered by resorts, rotating week ownership, floating week ownership, and fixed week ownership.
– Points programs are offered by resorts and can include either right to use or deeded contracts. Points programs offer points to the owner that are equal in value to the level of ownership an owner purchases. These points can be exchanged for other services and experiences when available.
– Rotating week ownership means that while owners can choose a week, they will get rotated every year with the other owners. For instance, year one might mean that an owner gets the 22nd week of that year, year two the owner will get the 23rd, and so on.
– Flex week ownership means that owners can choose how many weeks they wish to own as well as when the property will be used. So, an owner could request one week out of the summer, for instance.
– Fixed week ownership means that an owner can choose a specific week out of the year to use the property. If they own that one week, that means that they can use that property only during that one week out of the year.
