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Timeshares Defined

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Timeshares Defined

Timeshares-Defined

The experiences of timeshare owners vary drastically with some satisfied with years of memorable vacations and others frantic to get rid of their timeshares. Why? What accounts for those different experiences?

What is a timeshare?
Basically, a timeshare is a form of shared ownership in a unit of vacation property that allows use of that property for a stipulated period of time. The daylight-to-dark ownership experiences often arise out of the type of ownership and the conditions surrounding the purchase of the timeshare.

4 Types of Timeshares

Fixed Week – Predictable but lacking flexibility, the fixed-week timeshare is like a traditional real estate purchase with deeded rights to use a specific location and unit for the same week(s) every year. This type of timeshare also allows the owner to rent the unit or trade with other property owners.

Floating – The owner may reserve different time periods in the year, subject to availability. This type offers more flexibility but less predictability that the desired period will be available for use.

Right-To-Use – Also called Leased Timeshare, the ownership remains with the developer, but the buyer can lease/access the property for a stipulated week(s) each year for a set number of years.

Licensed Timeshare – Commonly known as Holiday or Vacation Clubs, owners purchase a membership and a certain number of points redeemable at various resorts. The resort locales, unit types and times of year vary according to points purchased and availability.

“Legacy” owners are among those timeshare pioneers who bought fixed-week and fixed-location vacation properties often with positive results. More recent owners entered the timeshare market, when deeds gave way to points; and sales tactics, in many cases, forced regretful decisions. Problems driving owners to seek timeshare contract cancellation usually include sales misrepresentations, rising maintenance fees, reservation nightmares and sporadic availability of desired destinations and times of year.

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