A timeshare is an arrangement between multiple different owners who possess a share of the same property. During a given time period, each share owner can stay at the property. Timeshares are a great option for some people, and a not so great option for others. There are various types of timeshares to satisfy a plethora of buyers, including; fixed week, floating, right-to-use and point based. Explore the different types of timeshares below to decide if purchasing a timeshare is right for you!
In a fixed week timeshare, you own a share of the property. For example, if your share is 1/52, you have access to the property for your deeded week out of the year. If you like to vacation in the same spot each year at the same time, then fixed week would be a great option for you. However, there is not much flexibility with fixed week timeshares. If your designated week does not work for you one year, you can gift your timeshare to family members and friends or you can try to find another timeshare owner willing to swap their week with yours.
Floating timeshares are very similar to fixed week timeshares, except that the week does not have to be the same week each year, offering more flexibility. You have the freedom of scheduling the week you would like to use your timeshare, but you have to act quickly because other shareholders are looking to reserve a space for their week-long vacation as well.
The largest difference between a right-to-use timeshare and the other options from above is the fact that you do not actually own a share of the property as you do in a deeded time share. With right-to-use you have permission to stay at the property for a time period defined in your contract, until your contract ends.
A point based timeshare is exactly what it sounds like. The amount of points that a buyer has collected overtime determines the duration and destinations the buyer can chose from. Like right-to-use, spots are given on a first-come-first-serve basis. This type of timeshare is very flexible, but you will not have a guaranteed vacation until you find a spot to reserve.
No matter the type of timeshare, they are commonly bought by people who like the assurance they have a place to vacation year in and year out. If you can’t make it to your timeshare one year, you can always gift it to someone else. Your friends and family would be grateful! If you are a person that likes to explore various vacation spots, then a timeshare may not be the best option for you. There are also annual fees that you will be responsible for paying with having a timeshare. Also, keep in mind that timeshares are typically difficult to sell. Many people are not aware of timeshare resale, so the number available exceeds the demand. Assess your lifestyle and needs and wants when it comes to vacationing to determine if a timeshare is the right option for you and your family.
If you aren’t sure a timeshare is in your budget, or if you’re looking to purchase a new home, our dedicated mortgage advisers would be happy to talk to you. Get a free rate quote today to estimate your monthly payments and connect with one of our dedicated mortgage advisers by giving us a call at 1-844-77-vLoan.