The Different Types of Timeshare to Purchase

Understanding The Different Types of Timeshare to Purchase – Why do People Own a Timeshare?

Before you decide to purchase a timeshare property, it is essential that you understand what it is and what its ownership means. Timeshare is a vacation ownership program usually in terms of vacation homes. However, the ownership is only subjected to the use of property for a specific period of time, usually one week. In addition to that, the timeframe of the right to use the property is often similar every year. And as the name suggest, the ownership is shared with other homeowners.

Why do people own a timeshare?

The usual reason why people purchase a timeshare is to ensure that they have a comfortable place to stay in when they go on vacation. Many opt to do this because checking-in in hotels or motels are expensive. The space is limited too and there are things that are not available to hotel guests. In addition to that, most timeshare units have facilities suitable for rest and recreation.

§  Have an ownership interest in your favorite vacation destination.

§  A great way to spend quality time with your family and friends.

§  Can lock in tomorrow's vacations at today's prices.

§  Flexibility - exchange, trade, or rent. 

§  Timeshare accommodations offer more room and amenities than most hotels.

§  Timeshares are usually fully furnished, most with full size kitchen.

§  Annual maintenance costs are shared by all owners and supervised by a management company, freeing you from the worry, hassles and inconvenience of owning a vacation home.

§  Can pass on to your heirs (with exception of leased timeshares which expire after a predetermined length of time).

The different types of timeshare:

It is important that you understand the different types of timeshare so that you will know what to pick. Here are the basic types of ownership plans:

1.       Right-to-use plan – Here, the purchaser only pays the right to use one or more vacation properties at a specified period. The period usually lasts for ten to fifty years. This depends on the agreement of the buyer and the developer. After that period expires, the developer regains all the rights over the property.

2.       Fixed time – In this arrangement, the buyer purchases the property for a pre-determined week of the year that remains the same every year. This means that year after year, the purchaser will use the property for that specific week, unless he cancels it.

3.       Floating time – In this arrangement, on the other hand, the buyer is expected to use the property for a certain time within the specified season. For instance, the owner may want to use the property for one week within the summer. However, he has to reserve the property ahead of time. This is normally in first come first serve arrangement.

4.       Vacation clubs – This offers flexible use of different units in different participating resorts. Points are purchased in order for buyers to use the free accommodation. Different clubs have their own terms. The points needed to use a specific unit depend on the type of property, its size and location.

5.       Fractional ownership – What makes this different from ordinary ownership is that the buyer is given the right to use the property for longer periods, usually from five to twenty-six weeks.

There are other types of ownership that you can choose from. What makes timeshare ideal is that you are sure that you will have a comfortable place to stay in when you go on vacation. Sharing the ownership makes it very affordable as well. But before you purchase one, see to it that you know your options as well as your availability for vacation. What is important is that you know what type of timeshare to purchase. You have a lot of options; there are new units, while there are also resale’s.

What is a Timeshare:
A Timeshare offers people the opportunity to purchase time at fully furnished vacation accommodations - usually in weekly increments - for a fraction of the cost of full vacation home ownership. These timeshare owners can do what they want with their vacation property, even rent it out. This is the basis behind Vacation Timeshare and Rentals, LLC.  We serve as the medium for vacation travelers and timeshare owners.  When a timeshare owner decides that they would like to rent or sale their accommodation, they simply sell or rent their timeshare on our website.  Interested travelers then locate a timeshare and contact the timeshare owner to negotiate a price or to receive further information.

For a one-time purchase price and an annual maintenance fee, timeshare purchasers own their vacations forever, or for a predetermined number of years, depending upon the purchase agreement of the timeshare.  Therefore, they can choose to either use this vacation time or rent it out for someone else to use.

A timeshare can take a variety of forms. The most common type of timeshare is a resort condominium (which can range from a studio with a partial kitchen, all the way up to a five-bedroom unit with a full kitchen and luxury amenities). Lock-offs are another unit option. They are unique because they can be separated into smaller components by locking a door. Other less-common timeshare accommodations include hotel rooms, houseboats, and even motor homes.

Timeshare owners and renters experience luxurious resort accommodations that are rarely found in conventional hotel/motel rooms, but for a fraction of the cost.  This is why timesharing is the fastest-growing segment of the global travel and tourism industry in the world today!

Why Own a Timeshare:
1. Have an ownership interest in your favorite vacation destination.
2. A great way to spend quality time with your family and friends.
3. Can lock in tomorrow's vacations at today's prices.
4. Flexibility - exchange, trade, or rent.  
5. Timeshare accommodations offer more room and amenities than most hotels.
6. Timeshares are usually fully furnished, most with full size kitchen.
7. Annual maintenance costs are shared by all owners and supervised by a management company, freeing you from the worry, hassles and inconvenience of owning a vacation home.
8. Can pass on to your heirs (with exception of leased timeshares which expire after a predetermined length of time).

Questions to Ask Before Buying:
1. Will I have deeded ownership or right-to-use ownership (lease)?
2. What days will I be able to stay at my timeshare-and is this a fixed or floating week?
3. If the resort uses a floating-week program, how long in advance can I make my reservation?
4. What are the annual maintenance fees and taxes?
5. Are there any special assessments pending against the resort?
6. Does the timeshare resort belong to an exchange program such as RCI or Interval International?
7. Can I "bank" my week if I'm unable to use it during my assigned week?
8. Can I read a copy of the Covenants, Codes and Restrictions before I decide to buy?
9. How will the closing paperwork and deed transfer be handled?