Are you curious about timeshares? Timeshares have been around since the 1960s and have been a big booming industry ever since. In 2017, the timeshare industry brought in more than $9.7 billion. Timeshares can be found in almost every popular destination.
If you’re thinking about moving to a vacation destination and buying a small property, think about timesharing. If you’re still curious, we’ve got you covered because, in this article, we’re giving you a guide on what a timeshare is and how it works.
What Is a Timeshare?
A timeshare is a vacation property that allows its members to purchase a share-ownership of the property while also guaranteeing them time at the property. There are maintenance fees as well as incidental fees that must be paid quarterly or annually. You pay your membership and annual fees, the allotment of time you can be at the timeshare property is usually in one-week increments.
The timeshare model is used for many types of properties. This includes condominiums, hotels, resorts, apartments, and campground sites.
Want more info? Check out this article.
How Do Timeshares Work?
Timeshares work by giving the buyer a right to enjoy the vacation property for a certain amount of time. There are 3 different types of systems we’ll go over.
Once you buy into the property, you’ll receive one or a certain amount of pre-planned weeks throughout the week you can stay at the property. Most timeshares won’t let you change the weeks given to you. Although it may be beneficial because you can plan your vacation at the same time every year, it may be difficult to change your fixed weeks.
Floating weeks are better than fixed weeks because you’ll get an allotted number of weeks. Instead of your dates being given to you, you’ll get to pick which weeks you want to stay.
The only downside to the floating week system is that the year’s popular times may not be available.
The point system relies based on how much timeshare ownership you possess. Factors can include, size of the vacation property, availability, and resort location.
You’ll get points based on the number of resorts you frequent and how you pay timeshare (annually, biannually, or quarterly.) You can always buy more points if you choose as well. The perks of a point system are that buyers have more choices for vacation properties to stay at.
Is a Timeshare Right for Me?
A timeshare isn’t for everyone. Suppose you enjoy frequenting the same resorts every year and see it as a tradition, then a timeshare might be your best option. Timeshares can provide you with long-lasting memories and pride in ownership of the resorts you stay at.
If you enjoy going to different places but don’t want to get tied down with ownership, consider Airbnb, renting someone else’s timeshare, or search for travel deals online.
Did this article help you? If so, please consider giving this a share!