When timeshare property comes to mind, you probably think about the old ways of dealing with it. However, the truth is that the vacation ownership industry has grown exponentially over the last decade. Naturally, this also includes timeshare properties.
Although timeshare properties have grown in popularity in many ways, they have also gained some negative reputations throughout the year. As a result, there are some mixed reviews regarding the timeshare property. But, depending on when you visit the property and how you can share it with others, you might wonder about obtaining one.
A timeshare property is a real estate vacation property shared by multiple owners in different time increments. Generally, you can stay on the property for a one-week interval every year.
Timeshare properties are condos and apartments that are owned by resorts and hotels. The concept of owning a timeshare property is that the property can have multiple owners, and all the owners can use the property for a given period of time.
Usually, buying a vacation property is not feasible for most people because of financial reasons. But with the timeshare property, it can certainly become possible. Moreover, having a timeshare property can give you the feeling of owning a vacation property for a fixed period of time.
If this entices your interest in owning a timeshare property, it is important that you take help from a Timeshare Attorney, as the contracts are quite complex and hard to figure out sometimes.
How Does It Work?
Now that you have figured out what timeshare real estate property is, it is time to understand how they work.
You must be familiar with a vacation property concept. But just how many of your own ones. The numbers will be quite low because it's’ not easy to own a vacation property. But what if multiple people come together and buy one property to use in different time frames.
Yes, that’s how timeshare properties are made.
Here are a few things that you would like to know to understand the working of timeshare property better.
When the timeshare first became popular in the US, families would buy a one-week increment at a specific resort. They could use the resort during that week every year.
The benefit of a fixed-week timeshare includes that you don’t have to worry about reservations and are allowed to stay in the resort without any problem. Moreover, you can rent out your fixed-week timeshare to other people if you don't intend to visit the result that year.
Point-based timeshare is getting popular these days. Multiple vacation resorts are offering point-based timeshare. In a point-based timeshare, you can buy points that can be used for anything in the resort.
The points are allotted to the owner every year. It offers the flexibility to the owners to use the points however they want. That means they are not tied down by the fixed week. If they want, they can book the resort anytime using the points.
3. Floating Week
A floating week timeshare is a more flexible fixed week timeshare. A floating week allows the owner to reserve the resort any week of the year based on a first-come-first-serve basis.
However, the floating week time period is controlled by the resort. That means the owners might be limited to select weeks based on seasons.
For instance, an owner with a summer floating week can only select a week that falls within the resort's summer dates.
Timeshare seasons are different from the above three. It is specially designed for the owners to book a week based on seasons. Now this season can be determined by the number of guest resorts received year-wise.
Every brand uses different terminology to define seasons. For instance, some people call the time period of high tourist activity the Gold season. If you have a timeshare season, you need to plan accordingly to get the best week of the season.
When deciding to invest in a timeshare and thinking about whether or not it's financially worth it, it is crucial to understand what you are paying upfront and yearly maintenance fees. Yes, not to forget factoring in how many years you wish to use the property as your vacation home.
There are just too many expenses that go into maintaining a timeshare property. Hence, it is totally up to you to decide whether or not it is what you want with your money. To make better decisions with timeshare property, why not talk with experts. Reach out to us if you need any help.