WHAT IS TIMESHARE?

Also referred to as ‘vacation ownership,’ timeshare has developed and now offers more benefits to consumers than ever before. Through the use of vacation ownership, consumers can lock in future vacations at today’s prices, and stay in accommodations that bear more resemblance to homes than hotels, featuring amenities such as full-kitchens, laundry facilities and separate bedrooms.

Today, there are several different kinds of timeshares that offer varying levels of flexibility, destinations and rates.

Fixed Week Timeshare

The standard timeshare offering is known as a “fixed week timeshare” and is designed for owners who want to regularly return to the same property for their annual holiday. When choosing this timeshare option and signing the contract, the owner will typically select the location and specific week of the year to use the timeshare property for the length of the contract which is often for 15 – 30 years.

Sometimes it is possible to rent out the timeshare to friends or family, or swap it for a different location and/or time through an exchange program.

Floating Week Timeshare

Owners of a floating week timeshare enjoy more flexibility than those with a fixed week timeshare as they are allowed to choose a different holiday week each year. This method, however, can quickly become highly competitive because prime vacation periods are usually claimed immediately by eager owners. Sometimes it is difficult to get your most desired week when several timeshare owners are competing for the same week.

Points Club

Similar to that of a travel rewards program, owners who are members of a points club (or vacation ownership club) are eligible to stay at different properties included in the program based on the number of club points they have in their account. These points are essentially a type of holiday currency. Typically points programs offer some of the greatest flexibility allowing owners to choose where, when and how long they stay on a first-come-first-served basis.

Right-to-Use Timeshare

In a right-to-use timeshare, users do not own any part of the property. Instead, the system allows guests the temporary use of a property that then reverts back to the original owner, which is often a property management company or resort developer.