Timeshares, put-simply
What is a Timeshare?
A timeshare is a form of vacation property ownership without the cost of
owning the property year round. With a timeshare, one uses his home a few
weeks out of the year, sharing it among other owners. You may use the same
resort every year or trade timeshares to use different resorts around the
world.
For a one-time purchase price plus a yearly fee, owners are able to enjoy
a resort for a lifetime of ownership. The weeks of ownership are priced
individually according to location and season. The majority of timeshares
are condominium vacation resorts. Other types of timeshares include
houseboats and motor homes.
What are the different types of ownerships?
There are three types of timeshare ownerships; fixed ownership, floating
ownership, and rotating ownership. Fixed ownership is the most basic type of
timeshare; a set week that can be used year after year.
For example, if you owned Week 26, you would be able to use your
timeshare every year on Fourth of July week. Floating ownership gives the
owner a group of years to choose from each year. The group of weeks is
determined by availability and demand. Rotating ownerships give owners a
chance for prime weeks. The prime weeks are rotated forward so that one year
the owner has one prime week, and the next year the owner has another prime
week. This gives owners a variety of prime weeks to enjoy throughout his
ownership.
What are the different types of timeshares?
There are two main types of timeshares to choose from when purchasing:
Deeded property & Leased property
Deeded property is a timeshare that is given for life. The owner owns
that property and it can be passed on through will.
Leased property is a timeshare that is given for only a predetermined
amount of years. |
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