There are more than 1,582 timeshare resorts worldwide. Are you thinking about purchasing a timeshare? Congratulations, timeshares are a huge responsibility, but the payoff is worth it.
Before you secure your timeshare rental, you must understand the different types of timeshares you have to choose from. We’ve taken the liberty of creating a brief guide that will list the best family vacation timeshare options for you and your family.
If the time comes that your timeshare investment did not live up to your expectations or the salespeople might have misled you into an unfavorable deal just like the diamond resorts timeshare scams then you should write a timeshare cancellation letter right away.
Deeded timeshares mean that the owner of the timeshare will receive the deed to the home for that specific week. For the time specified, you’ll own the timeshare.
When you choose a deeded timeshare, you’ve got a couple of options, including:
- Sell it by listing it on HGVC resale listings
- Rent it out to people
- Give it away
As the owner, whatever you want to do, you can do. Most companies have moved away from this form of a timeshare because they wish to offer timeshare owners more flexibility.
When you’re purchasing a timeshare based on the point system, this is your form of cash. When you accumulate a certain number of points, you can use them to reserve your stay or exchange them for nights at a resort.
The best example of this system is the DVC or Disney Vacation Club. You can use your points for things like upgrading your room reservation or reserving a room for your vacation week.
Fixed Week Timeshare
Are you thinking about sharing the timeshare with another family? If so, you might be operating on the fixed week timeshare.
A fixed week timeshare is when you visit the timeshare the same week every year. There may be times when you might want to switch weeks, but if this is the case, you’ll need to speak with the other family you’re sharing the timeshare with.
This ensures you’re not impeding on their designated time in the home.
Right To Use Timeshare
When you purchase a right-to-use timeshare, you’re not given a deed for the property. While the property doesn’t come with a deed, you do receive a contract.
This contract will specify the length of time you can use the timeshare as the owner. You’ll have a designated amount of years to use the timeshare, and during this time, you can sell it if you choose.
Unlike other timeshares, a leasehold timeshare has a set expiration date listed on the contract. These types of properties aren’t owned based on perpetuity.
Again, if you’re looking for an example of this, you can refer to DVC or the Disney Vacation Club.
Types Of Timeshares: The Vacation Industry Takes Off
There are several types of timeshares out there for you to choose from. We’ve taken the liberty of listing the most common above to provide you with the information you need to make the best family vacation home purchase possible.
When navigating the resale market for timeshares, collaborating with reputable timeshare resale brokers can offer valuable expertise and guidance, ensuring a smoother process if you’re considering selling your timeshare for various reasons.