Did you know that vacation home sales grew by 16 percent in 2020? Timeshares play a big role in the vacation real estate industry’s success. The vacation industry and travel industry benefit heavily from timeshares as well.
Have you considered buying a timeshare for a more personal vacation getaway? Are you curious about what factors make the best timeshares?
The following guide will explain the different types of timeshares that exist today. Read on to learn how to select the right vacation property for you.
Deeded Timeshares
Owners of deeded timeshares receive a deed and gain ownership for their week. Sometimes it’s referred to as fee simple.
Owners have the option of selling timeshares, renting them out, and giving them away. These timeshares used to be the most common but many companies use more flexible options now.
Right To Use Timeshares
Right to use timeshares don’t involve a deed but they do use a contract. It states the length of time that the owner may use the timeshare.
Most right-to-use contracts end after 30-99 years but agreements vary. Although, owners can sell their timeshare on the resale market before the contract ends.
Leasehold Timeshares
Leasehold timeshares have a specific expiration date and they’re not owned forever. However, They offer the same rights and benefits as other types of timeshares.
Points-Based Timeshares
Today’s most popular type of timeshare is the points-based timeshare. Owners buy a timeshare in the form of points for their vacation property.
Points are used for stays at the home resort or used for stays at other resorts in the company’s network. Wyndham and Marriott’s timeshares use this system to give owners more choices and flexibility.
Biennial Timeshares
A biennial timeshare has usage rights that occur every other year. Biennial timeshares change depending on the year they can be used. Owners either have rights for odd years or even years.
These types of timeshares work well for travelers who don’t need to use the property every single year. It also gives owners the option to select a completely different timeshare for the other year.
Floating Week Timeshares
A floating week timeshare is when an owner has the option to selects a specific season for their stay.
Owners typically buy summer season floating week timeshares Then, they’re able to visit their resort any available week as long as it’s in the proper season.
Fixed Week Timeshares
Fixed week timeshares give owners the right to visit their property on the same exact week each year. They still allow renting and trading options but they’re less flexible than other types overall.
Fractional Ownership Timeshares
Fractional ownership involves multiple owners. They buy the rights to a bigger portion of a resort. Timeshares are often dived by 52 but fractional options divide by fourths, eights, and thirteenths.
Which Types Of Timeshares Interest You?
Now you know the common types of timeshares available to choose from. Factor in location, how often you’ll use the property, and what time of year is best for you. Remember this guide to ensure a great timeshare experience!
Check out the rest of our site for more helpful travel tips and other fascinating information.