What Is A Timeshare?

A floating week is a form of ownership that gives owners a little more flexibility when they travel. Some clubs allow floating week owners to make reservations within their season. There are also clubs that allow owners to make reservations during any week of the year. Every brand is different, so make sure to check which form of ownership will work best for your travel lifestyle.

Timeshare points are used as currency when you vacation. Each point has a value that differs from brand to brand. You can use your points to make reservations at any time of year, at different resorts within the brand’s portfolio, and for different sized villas. Points are extremely flexible. Most clubs allow owners to bank their points for a bigger vacation next year. If you’re looking to make a big trip sooner, you can also borrow points from the next year to use.

Timeshare weeks are assigned a specific number on the calendar, from Week 1 to Week 52. When you buy weeks-based ownership, it can be a floating week or fixed week, depending on the brand. Fixed weeks allow owners to choose which week they want to travel every year. This makes planning easy, and guarantees your vacation time. Floating weeks allow owners to make reservations during their specific timeshare season, and some clubs allow floating week owners to make a reservation any week of the year.

Biennial timeshares grant every-other-year usage. Instead of vacationing annually, biennial owners can vacation every other year. They either have odd-year usage (years ending in an odd number), or even year usage (years ending in an even number).

Some vacation ownership brands offer owners perpetual ownership. This means that the deed never expires and your ownership can be passed onto your children, grandchildren, etc.

According to the American Resort Development Association, maintenance fees averaged to be approximately $1,000. This can differ between brands, resorts, how many points you have, or which week you own. Maintenance fees increase slightly every year, with about a 2% increase between 2017-2019. Owners normally pay maintenance fees every year.

Timeshare maintenance fees go towards “maintaining” the resort! Imagine clean walkways, new fresh flowers, bigger pools, comfy beds, and damage repairs. All owners help pay maintenance fees, so the cost of the resort is divided among each member. Maintenance fees have their benefits too. They ensure that your resort will be gorgeous for years to come, with new upgrades awaiting.

Fractional ownership comes with a registered title deed, like real estate. Some fractional ownership properties give you more time than a week for vacations, even up to months in some resorts. It’s similar to owning a vacation home, but with the benefit of sharing ownership.

Some contracts are perpetual, meaning it never expires and can be passed down to your children, grandchildren, etc. There are also Right to Use contracts, which only last for an allotted number of years.

A timeshare lockout or lock-off unit offers more space, options, and flexibility for owners. It can be split into two units, similar to an adjoining room at a hotel. It’s nice for privacy if you will be traveling with other guests, or you could even rent it out.