Do you want to buy a vacation home, but don’t have the budget to own a property outright? Maybe you want to be able to jet off to different cities around the world and always have somewhere private to stay?
Timeshare properties provide a smart way to travel, in terms of budget and options. Whether you’ve never considered buying a timeshare or you’re already researching the possibility, you’ll need to do your homework. There are several different types of timeshares and you need to understand the pros and cons of each.
What Is a Timeshare?
A timeshare property is a specific type of real estate program that allows you to “share” ownership of a residential property at a resort or vacation spot. This means 52 owners have access to the property during assigned weekly time periods throughout the year.
How Timeshare Properties Work
With a timeshare, you can share ownership of anything from a single room or suite of rooms to an entire condo. You get to stay in the property one week per year, although you may be able to buy larger blocks of time.
There are two main types of contracts, including deeded and non-deeded timeshares.
Fixed Week Timeshares
With this arrangement, your week is always the same every year, with 52 options to consider. Check out the timeshare company’s calendar to see which weeks are available and choose the one that works best for you.
The advantage is that you always know the property will be available at that time. The con is that there’s less flexibility about when you can travel.
Floating Timeshare Units
A floating timeshare means your week occurs within a specific period of the year. You must make a reservation within a week of your assigned period. This gives you more flexibility to choose a week, but if you wait too long, the dates you want could be taken.
Rotating Timeshare Units
This option combines the benefits of fixed week and floating week timeshares. Your stay can move sooner or later during the season and/or calendar. This gives all owners an opportunity to change weeks on a rotational basis.
A points-based timeshare system awards owners “points” that they can trade to book any resort within the brand’s inventory or its affiliate resorts. There is also a home resort that you can use.
The timeshare’s calendar uses color codes to show high demand seasons and/or weeks, along with the number of points needed to book for a particular resort and week.
If you need information about the terms of a timeshare contract or you want to transfer or cancel your current contract, Lonestar Transfer can help.
Vacation the Way You Want
A timeshare is a way to have access to a vacation property without shelling out the money to buy a property on your own or being entirely responsible for its upkeep. However, you do need to understand the types of timeshare properties and the rules for each. This guide is a good start to getting the contract you want.
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