People should realize that everyone may not be talking about the same type of timeshare option when they mention timeshare. Here is a brief overview of some of the various vacation ownership options out there so you can get a better understanding of what people mean when they are describing their timeshare.
Fixed Week Timeshare
The fixed week timeshare offer was the original timeshare investment opportunity available. The use of the unit was divided into 52 weekly time slots that were used at specific points of time in the year. The benefit of this option was that families could buy a fixed week each year in their favorite resorts and destinations. However, while fixed weeks are great during popular seasons, weeks at less popular times of the year were rarely used, which meant the price of more popular weeks were often quite expensive. Nevertheless, fixed week timeshare paved the way for other types of vacation ownership.
Although all vacation ownership options are fractional in some way, the timeshare option that is called fractional ownership comes with the added bonus of actually owning a portion or percentage of your vacation property. You are given a deed for your share when you make this type of timeshare purchase because you have actually made a real estate investment. This also means you are responsible for paying property taxes that correspond to the country where your timeshare is located. Ownership is for life unless you sell your share to someone else. You can also leave your vacation ownership in a will to someone, and you can rent your time allotments to other vacationers.
Right-to-use Vacation Ownership
Most timeshare agencies will offer the right-to-use timeshares model because it is very flexible. Instead of actually buying a property, you are buying the right to use a property within the agency’s resort or condominium complex. So there are no property taxes like you would have with a typical fractional ownership. You have the option of choosing which times of the year you want to use your timeshare unit. Your duration of membership can range from 25-30 years. Once your membership arrangement ends, the right to use goes back to the original property deed holder.
Vacation Club Discounts
Vacation club discounts involve memberships that offer discounts with affiliated hotels. Depending on the level of your membership, you are offered certain tiers of discounts that you can use whenever you schedule your vacations. Most of the companies offering these types of memberships are giant corporations that often have hotel chains in multiple countries.
Vacation Club Exchange Networks
Another vacation ownership option is the vacation club exchange network. Under this timeshare structure, you consult with agents that use a database to find international offers for the weeks you have available. You can either have a direct membership with the agency or exchange your time allotments for other opportunities in their database.
Points Based Residences Clubs
The most ideal vacation ownership option is the points based residences clubs option. You purchase points to gain access to different types of units to use for whatever specified time you want to cover. The points you are willing to “spend” will determine the quality of the unit used and the length of your stay. You also may be able to get relaxation treatments and meal plans at some resorts by using your points.