Did you know that almost 10 million US households own some kind of timeshare?
Whether you’re considering your own share, or you’re simply looking to learn more, research is an important part of this process. Luckily, we’re here to help you get started.
Read on to learn the answer to the question, “What is a timeshare property?”
What Is a Timeshare Property?
A timeshare is basically a vacation property with shared ownership. Typically, you’ll be sharing the cost of the property with other buyers, and then in return, you’ll receive a guaranteed amount of time there each year.
How Does a Timeshare Work?
Timeshares allow you to split the costs of owning a property with others based on your timeshare agreement.
Sometimes, each buyer owns a fraction of the property for a certain amount of time. In other agreements, each buyer might simply lease the property for a certain amount of time (usually several years) without actually owning it.
Different Kinds of Timeshares
Before you buy a timeshare, it’s important to know about the different kinds that are out there. Here are a few of the most common types.
Deeded
A deeded timeshare usually involves your buying interest in the property. The percent of ownership you’re granted is usually based on how often you plan on using the property.
Non-Deeded
A non-deeded timeshare involves you leasing the property without ever owning it outrightly. Also known as a “right to use” timeshare, you agree on a set number of years for this property and you’re not usually sharing it with others during that time.
Time Periods
Now that you know about the different kinds of properties, it’s time to learn more about the time periods that are usually available to you. We’re going to go over fixed-week, floating, fractional, and points.
A fixed-week timeshare is exactly what it sounds like — you have access to the property during the same weeks every year. A floating timeshare gives you access to the property at any time based on availability (still usually for a week at a time).
If you opt for a fractional timeshare, you can access it for a few weeks or months at a time. With a points system, you buy points to use in different locations at different times of the year. Disney’s Vacation Club is a popular example of a points system timeshare.
Is Timeshare Property Right for You?
Now that you can answer the question, “What is a timeshare property?” does it sound like something you’d be interested in? Conducting careful research such as knowing how to get out of timeshare maintenance fees before committing to a timeshare is important, and so is determining whether or not it’s something you can truly afford. If not, sticking with one-off trips might be the best thing for you to do.
Remember, you can always invest later!
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