Post by account_disabled on Dec 15, 2019 11:49:37 GMT 2
Does the phrase “timeshare” ring a bell, but you don’t know what a timeshare is? Or maybe you have a vague idea of what a timeshare is but want some more in-depth info on how a timeshare works. In simple terms, a timeshare is a resort unit that allows owners to have an increment of time in which they can use for vacations every year.
What Is A Timeshare?
Let’s start with the basics: what is a timeshare? Also called “vacation ownership,” a timeshare is a resort or vacation property split into shared or fractional ownership. This ownership is usually in weekly increments. Most timeshares today are with large corporations like Wyndham, Marriott or even Disney. These hospitality brands offer a travel club style of membership for owners, providing flexibility and customization for vacations.
According to the American Resort Development Association, “timesharing” is defined as shared ownership of a vacation property, which may or may not include an interest in real property. A timeshare allows owners to have an increment at a time in which they can use their shared ownership. These increments are normally one week but vary by developer and resort. Basically, you are sharing a unit with others, but “own” an assigned week.
There are a few influential people that give timeshare a bad rep, but satisfied owners and statistics collected by ARDA’s AIF Foundation disprove opinion. In fact, the AIF State of the Vacation Timeshare Industry Reveals Growth. Timeshare has seen nine consecutive years of growth, breaking $10 billion in sales revenue and outperforming average hotel occupancy!
How Does a Timeshare Work?
Now that we covered “what is a timeshare,” we can explain how a timeshare works. If you’re a timeshare owner or looking to Buy Timeshare, you must become familiar with your vacation ownership brand, because each one works differently.
The most typical (and now outdated!) way a timeshare works is owning a specific week at the same time every year, in the same resort. Traditionally, families can travel to their timeshare resort during their “fixed week.” However, there are many more options to timeshare than ever.
Timeshares Most Frequently Asked Questions
What is a timeshare week?
When you buy or rent a timeshare, you purchase a certain amount of time at a given resort. Usually, that amount of time is one week. Resorts will create their own individual schedules or calendars of weeks. Usually, weeks are assigned a number that starts at the first week in January and continues through the last week of December. These weeks will generally begin with a check-in date on Friday, Saturday or Sunday and varies by resort.
What is a floating week?
A floating week allows owners to reserve any week throughout the year on a first-come, first-served basis. Some floating weeks are restricted by season and can only be used during a certain span of time or season during the year. For example, owners can use their summer floating week during any week that falls within the resort’s summer dates.
What is a lockout or lock-off unit?
what is a timeshare lock-off
A lockout (or a timeshare lock-off) is a timeshare unit that’s like a condo or adjoined hotel room and can be divided into two separate sections. The owner of these units then has the option of renting them out separately or together. Basically, it means that you could “lock the door” in between the units. It is nice for privacy reasons if you are traveling with other guests.
What are timeshare points and how do they work?
Owners of most timeshares these days have this type of timeshare system, where the week of ownership converts into points to use as currency on all kinds of vacations. Each year, owners receive their annual allotment of points. This allotment and gives owners flexibility and control of when and where they book, with access to hotels and resorts of all sizes, during different seasons, and for varying lengths of time.
What is a biennial timeshare?
Some timeshares allow for annual usage every year, while a biennial timeshare offers usage every other year. A “use year” is either even or odd, depending on whether the year ends in an even or odd number.
Timeshare deeded vs. right to use
A right to use property grants owners the right to use their timeshare for a specific period of time. The usual amount of time a lease lasts for is 30 to 99 years. The resort management holds the actual ownership of the resort property. When the lease is up, the right to use will generally terminate and return to the resort. A deeded property has the same rights of ownership accorded to it as any deeded real estate would. The owner owns it in perpetuity, and may sell, rent, bequeath, or even give the property away.
Why Do People Buy Timeshares?
Timeshares offer so much more than a typical hotel stay. Just the difference in space is incomparable. Typically, a hotel room is simply a bed or two, a tiny common area, and a small bathroom. A timeshare is basically like a home away from home. When you buy a timeshare, you are getting private bedrooms, large common areas, a kitchen, and often a balcony that offers a scenic view.
What Is A Timeshare?
Let’s start with the basics: what is a timeshare? Also called “vacation ownership,” a timeshare is a resort or vacation property split into shared or fractional ownership. This ownership is usually in weekly increments. Most timeshares today are with large corporations like Wyndham, Marriott or even Disney. These hospitality brands offer a travel club style of membership for owners, providing flexibility and customization for vacations.
According to the American Resort Development Association, “timesharing” is defined as shared ownership of a vacation property, which may or may not include an interest in real property. A timeshare allows owners to have an increment at a time in which they can use their shared ownership. These increments are normally one week but vary by developer and resort. Basically, you are sharing a unit with others, but “own” an assigned week.
There are a few influential people that give timeshare a bad rep, but satisfied owners and statistics collected by ARDA’s AIF Foundation disprove opinion. In fact, the AIF State of the Vacation Timeshare Industry Reveals Growth. Timeshare has seen nine consecutive years of growth, breaking $10 billion in sales revenue and outperforming average hotel occupancy!
How Does a Timeshare Work?
Now that we covered “what is a timeshare,” we can explain how a timeshare works. If you’re a timeshare owner or looking to Buy Timeshare, you must become familiar with your vacation ownership brand, because each one works differently.
The most typical (and now outdated!) way a timeshare works is owning a specific week at the same time every year, in the same resort. Traditionally, families can travel to their timeshare resort during their “fixed week.” However, there are many more options to timeshare than ever.
Timeshares Most Frequently Asked Questions
What is a timeshare week?
When you buy or rent a timeshare, you purchase a certain amount of time at a given resort. Usually, that amount of time is one week. Resorts will create their own individual schedules or calendars of weeks. Usually, weeks are assigned a number that starts at the first week in January and continues through the last week of December. These weeks will generally begin with a check-in date on Friday, Saturday or Sunday and varies by resort.
What is a floating week?
A floating week allows owners to reserve any week throughout the year on a first-come, first-served basis. Some floating weeks are restricted by season and can only be used during a certain span of time or season during the year. For example, owners can use their summer floating week during any week that falls within the resort’s summer dates.
What is a lockout or lock-off unit?
what is a timeshare lock-off
A lockout (or a timeshare lock-off) is a timeshare unit that’s like a condo or adjoined hotel room and can be divided into two separate sections. The owner of these units then has the option of renting them out separately or together. Basically, it means that you could “lock the door” in between the units. It is nice for privacy reasons if you are traveling with other guests.
What are timeshare points and how do they work?
Owners of most timeshares these days have this type of timeshare system, where the week of ownership converts into points to use as currency on all kinds of vacations. Each year, owners receive their annual allotment of points. This allotment and gives owners flexibility and control of when and where they book, with access to hotels and resorts of all sizes, during different seasons, and for varying lengths of time.
What is a biennial timeshare?
Some timeshares allow for annual usage every year, while a biennial timeshare offers usage every other year. A “use year” is either even or odd, depending on whether the year ends in an even or odd number.
Timeshare deeded vs. right to use
A right to use property grants owners the right to use their timeshare for a specific period of time. The usual amount of time a lease lasts for is 30 to 99 years. The resort management holds the actual ownership of the resort property. When the lease is up, the right to use will generally terminate and return to the resort. A deeded property has the same rights of ownership accorded to it as any deeded real estate would. The owner owns it in perpetuity, and may sell, rent, bequeath, or even give the property away.
Why Do People Buy Timeshares?
Timeshares offer so much more than a typical hotel stay. Just the difference in space is incomparable. Typically, a hotel room is simply a bed or two, a tiny common area, and a small bathroom. A timeshare is basically like a home away from home. When you buy a timeshare, you are getting private bedrooms, large common areas, a kitchen, and often a balcony that offers a scenic view.