Timeshare Facts

If you only consider timeshare as one of those scams, think again. This article will help you realize the benefits and potential that reputable timeshare companies can provide. Better understanding will help you make the most from timeshare.

Timeshare Defined

Timeshare refers to all kinds of vacation products that may come in various forms, durations, locations, or price ranges which you and other owners or shareholders may purchase. These holiday products are under the umbrella of timeshare for better management and greater choices.

Background

The concept of many families sharing vacation homes with their relatives and friends is not new. Since the late 1980s, timeshare has been hitting big in the recreation arena. The sharing of the time and cost of having a second home is streamlined by timeshare companies to enlarge the participation of more vacationers and property owners. Aside from these benefits, better timeslot coordination and hassle-free payments are guaranteed through timeshare.

Durations

Weekly allotments are the first type of timeshare. In this concept, resorts or developers sell weekly slots to specific suites after dividing their inventories. This was followed by the fixed week timeshare which allows timeshare holders to choose a week throughout the year when they want to stay in their property. This is the exact same week each year as long as your membership is active. Then comes floating week wherein you could reserve weeks within particular seasons. The points-based membership gives more flexibility and freedom as you may choose when to stay and how long (no more seven-night stay limitation). All these duration types depend on your membership.

Timeshare Exchange Companies

International exchange companies came into play in response to timeshare owners’ request for more and more flexibility for their holiday homes. RCI and Interval International are two of the most famous of these companies. Through these exchange companies, you may swap your timeshare weeks in order to avail of other international vacation spots.

Scams in Timeshare

When timeshare industry was still in its infancy, the lack of regulations became a major problem. During the 1980s and 1990s, timeshare was involved in manipulated sales, scams, and other questionable transactions and behaviors. To improve its service, the industry came up with much stricter regulations which come in the form of cooling off periods and greater transparency. These changes made positive impacts on timeshare’s reputation.

Types of Timeshare

Fixed – This was the first form of timeshare available to customers. Property owners will choose a fixed week to access their timeshares and this is the same week each year.

Floating – If your weekly timeshare allotment changes every year, and you want to schedule it in a particular season according to your preferences, floating week timeshare is suitable for you.

Points-based – A range of different suites at your home resort or even in any properties under that chain can be accessible to you through your purchase of timeshare points. With timeshare points-based system, you have greater flexibility, which means the duration of your stay is not limited to a week. You may spend your holidays in shorter or longer time spans.