How Do Timeshares Work?
A timeshare is a shared ownership of a particular vacation accommodation, most often a suite or villa within a resort, where each owner purchases usage of the accommodation for specific times of the year. These periods of time are usually pre-determined by purchased timeshare week(s) or can be reserved with timeshare points programs depending on the vacation ownership brand and how timeshares work in their program.
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What Are Timeshares
and How Do They Work?
In the last two decades, the definition of the term timeshare has expanded to include other forms of joint ownership of vacation properties outside of the traditional week at a Home Resort. Fortunately, no matter what types of timeshares in question, they all provide owners with the same results: a pre-paid vacation in their purchased accommodation during their allocated usage time.
Vacation ownership can sound too good to be true, so it's understandable when potential buyers ask, "Are timeshares really worth it?" Between the variety of timeshares available, the affordable costs, and the exchange benefits, it's hard to not see the value they can offer future owners.
Timeshare Ownership Costs
After purchasing a timeshare (preferably an affordable resale on the secondary market), the costs associated with ownership are annual maintenance fees and, depending on the resort, additional speciality costs such as optional all-inclusive fees. These fees help cover the everyday operations of the resort and are usually determined by the property location, unit type and size, ownership type, contract type, usage frequency, usage type, and other similar characteristics.
If these annual fees are paid and up-to-date, owners can make reservations based on the type of timeshare they have. For example, many fixed week timeshare owners aren't required to make reservations because their ownership guarantees the vacation while floating week and point-based owners could have reservation windows in order to book at a resort during a specific timeshare week or season. These reservation requirements can also vary depending on the timeshare brand and resort.
Timeshare Ownership Exchange Benefits
In addition to all of the on-site amenities and nearby attractions owners can enjoy at their Home Resort, timeshare exchange programs allow owners to explore more of the world without breaking the bank. Owners could have the chance to stay at comparable resorts by exchanging their timeshare weeks or points at another affiliated property. Resale restrictions might limit some resale buyers from utilizing a brand's internal exchange programs, but purchasing on the secondary market doesn't interfere with the use of external exchange programs like RCI and Interval International, which both have thousands of affiliated resorts within their database.
Timeshare Ownership Leaves the Owner In Charge
One of the most liberating aspects of vacation ownership is that the owner is in charge of how their week(s) or points are utilized. Fortunately, this also applies to the selling and renting out processes. Rent out your timeshare to excited vacationers on the years you're not able to travel or sell your timeshare if it's no longer of use to you on the secondary market. There are thousands of renters and buyers searching for timeshares like yours and you'll remain in control of your ownership every step of the way! With more questions about how timeshare ownership works or how to sell/rent your timeshare, please give our independent timeshare experts a call today at 1-877-815-4227.