More than 9 million families own timeshares based in the US, Mexico, and Europe. Timeshares can be a fantastic way to enjoy your vacation everywhere and offer a lot of advantages.
But timeshare ownership can seem a little mysterious if you’ve never looked into it before, and often leaves you asking, what are timeshares, anyway?
If you’ve wanted to learn more about timeshares, then you’re in the right place. Keep reading to learn everything you need to know about timeshares and how they work.
What Are Timeshares?
Have you heard about timeshares but still are confused about the timeshare definition? A timeshare is a real estate program for a vacation property or a resort. Multiple owners share the cost of the property by buying a block of vacation time throughout the year.
Once you’ve purchased a timeshare, you’ll find there are four typical systems of use including:
- Fixed-week systems allow you to use the unit the same week each year
- Floating-week systems give you ownership of one week you choose per year
- Right-to-use systems are based on a lease system and a set amount of years
- Points-based systems allow you to trade in points for timeshares at resorts or hotels
How Does a Timeshare Work?
There are two main types of timeshare contracts to be aware of, deeded and non-deeded. A deeded timeshare is a type of contract that is similar to buying a house. With this type of timeshare, you get a share of the ownership.
You can then resell it, rent it out, or pass it on to your kids or other family members. Most timeshare contracts are deeded.
A non-deeded timeshare is much like signing a lease. You have the right to use the property for a period of time, but you don’t have any ownership of the property. When your term is up, ownership returns to the original owner.
Should You Get a Timeshare?
If you’re an avid vacationer, a timeshare is well worth your investment. One of the best things about a timeshare is you’re guaranteed a vacation spot every year. And when you pay for a timeshare, you also pay for maintenance fees upfront.
This means you don’t have to worry about the expense and worry of maintaining a vacation off during the winter season. You also have the option to rent it to other people and make a quick profit during the years you’re unable to use it.
You can find plenty of listings online, such as Hilton resale listings. You can search by property type and price range to plan a fantastic vacation.
Enjoy Your Timeshare Today
Now that you have the answer to the question, what are timeshares? You’re well on your way to purchasing the timeshare of your dreams.
You work hard all year long and deserve a pleasant and relaxing vacation spot you don’t have to worry about.
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