A Primer on Ownership
Vacation Clubs
Fee Simple Title or Right-to-Use Timeshare
The two primary types of timeshare ownership are fee simple, similar to home ownership, and right-to-use, which is not unlike a long-term lease. The difference? Fee simple you own perpetually, while right-to-use ownership defines usage of your timeshares for a period of years - often 25 to 30 years in duration.
Fee Simple Ownership is another term for a deeded timeshare property. By purchasing an interest or week of timeshare in a deeded location, your ownership is perpetual. Just like owning your home, you will receive a deed to the timeshare.
Right-to-use ownership gives a timeshare owner the ability to own a timeshare for a specific amount of years. In many cases this will be the most common form of ownership outside the United States
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Types of Timeshare Usage
There are a variety of consumer choices available today. Normally only one type of timeshare will be available at a particular resort.
Fixed Week
The oldest and most familiar form of timeshare is fixed week ownership. The weeks of the year are numbered 1-52 and you purchase one or more weeks to be used at the same time each year at your home resort. The advantage to these types of timeshares is the assurance that your resort unit will be waiting for you each year. If you choose to exchange your fixed week you will receive a week at another resort in a similar season as yours, but most likely not the same week as you own.
Floating Time
The next type of timeshare is floating time. You buy your vacation time by size of unit and season of the year, not designated as to the actual date or week of the year. It is your responsibility to contact your resort each year and a make a reservation for an arrival date of your choice to the resort. Check-ins are usually Friday, Saturday or Sunday. Obviously these types of timeshares offer some scheduling flexibility, however it is usually based upon a first come—first served basis, so highly desirable weeks go early during their season. Also, when exchanging, you must first reserve or affix your time at your home resort before the exchange company will accept it for deposit. We reccomend you book as early as your resort allows giving you as many options as possible.
Points
The most recent form of timeshare usage is the points system. You purchase a specific number of points or credits, which enables you to travel in specific seasons of the year and to various sized units. You also have the ability to use most point or credit based resorts for a minimum of 1 night to the maximum number of weeks purchased. The point or credit distribution usually relates to more points or credits used during high seasons and larger accommodations versus a smaller unit during the quiet season. In essence, your points serve as a form of “currency” providing you with numerous vacation possibilities. Because these timeshares are very flexible, they are growing in popularity.
Have More Question on Timeshare Ownership?
If you have additional questions regarding timeshare ownership, your licensed real estate professional at Vacation Timeshare Resales representative will be happy to address any questions you may have before you buy timeshare. Additionally, our Frequently Asked Questions section may be helpful in providing additional timeshare insight.
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