What Are the Different Types of Timeshares That Are Popular Today?
With just under ten million households across the United States, timeshares are a popular option for many! Not only are these often luxury locations, but they also ensure you have a spot to vacation.
If you’re someone who loves to vacation in the same spot every year, a timeshare is a great way to save money on pricey hotels or rental units. However, you’ll want to explore the types of timeshares before you begin your search for the best option for you.
Before you buy a week, understanding the various timeshare options is essential. Continue reading to learn about the different choices and which is best for you.
Understanding Usage Rights
Before exploring the types of ownership options, it’s essential to understand the overall usage rights. When you purchase a timeshare, you’re buying into the property with other owners.
Buying a timeshare guarantees you’ll own a set of time to enjoy your vacation. Generally, most timeshare owners are allotted a week to use the property, but this can vary depending on the resort and brand.
Before you buy, you’ll need to determine how long you want to purchase the timeshare for. This is essential before signing any documents, as you’ll be contracted into ownership.
Generally, there are five-year options, in which you’re locked into that time frame and can opt out or renew once the contract is up or purchase a lifetime timeshare. Always read the fine print to ensure you’re signing up for the option that works best for you.
After you enter a contract, you’ll have a cancellation period. This allows you to exit your contract legally. However, you’ll need a timeshare cancellation company to help ensure you’re withdrawing legally.
Moving into the timeshare types, fixed ownership is one of the most common and popular options. This option is what many think of when they hear the term “timeshare,” as they are one of the best options.
In a fixed-week contract, you’ll own the deed to the property for the allotted time. This allows you the right to use or sell your week, as you own the property during this increment.
A fixed week ensures you’ll have the same dates every year. This means that you’ll be able to plan your vacations quickly, as you know what dates your timeshare vacation begins and ends every year.
Another favorite option for timeshare owners is a floating week. While not as structured as fixed ownership, you still own the right to use a week of the timeshare.
However, the dates will vary from year to year. This means you’ll have more flexibility in choosing when you want to vacation, which is ideal for those with a busy schedule.
Typically, you’ll choose a season to purchase a floating week in. This means you can choose a week at the timeshare so long as it’s within the previously decided season.
However, one of the negatives of a floating timeshare is that you may have to book your week in advance. This is due to high demand, as certain seasons can fill rapidly, leaving you with few options.
Common in resorts and vacation clubs, point-based timeshares differ slightly from floating or fixed options. This is one of the best timeshares for those who love to visit new locations.
Rather than buying a set of dates to own, the buyer will purchase points. You can then use these points to use at your resort’s network of accommodations. This is great for those who know they want to vacation every year but don’t want to visit the same resort annually.
One of the most popular examples of a point-based timeshare is the Disney Vacation Club. Timeshare owners will receive an allotment of points, which they can use at any of the Disney resorts to.
While you’ll receive a specific number of points, you can sell them. Many times, third-party companies will buy and sell points for a predetermined amount per point.
Another popular choice for those with hectic schedules is a biennial timeshare. Unlike annual options, you’ll only have access to your timeshare allotment every other year.
Rather than being locked into a vacation every year and trying to find a buyer for your week, a biennial timeshare allows you to take time between visiting your vacation property.
Many companies will assign odd and even years for those with biennial timeshares, which helps ensure you’ll keep your vacation time in order. This also helps ensure you have enough time to gather the vacation essentials before taking time off.
Finally, one of the last timeshare ownership options is rotational. This is great for those who want a fixed week, as you’re guaranteed time that is predetermined but don’t want to go the same week every year.
This gives you the opportunity to go to your vacation property in different seasons without signing up for a specific week. Often, resorts will set up a three- or five-year rotation, which will rotate you backward some years and forward in others.
This option allows you to visit your vacation timeshare in various seasons, making it an ideal choice for those who want to travel regardless of the season.
Understanding the Types of Timeshares
Though it can seem overwhelming, exploring the types of timeshares will ensure you make the best choice. After all, each has its own pros and cons. The last thing you want is to be locked into a contract you can’t fulfill!
If you’re ready to sign up for your timeshare thanks to this guide, you’ll want to check out the rest of our website. You’ll uncover more tips and tricks to help you navigate the vacation industry like a professional.
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