What started as owning the same week at the same resort for years has evolved into an expansive network of clubs, memberships, and resorts all over the world. Timeshares have come a long way since their inception, and are still a great option for vacations. Timeshare ownership allows families and owners to save on vacations for a lifetime while staying in top-rated resorts with exceptional amenities and extra living space.
What is a Timeshare?
A timeshare is a property that has divided ownership or rights of usage. Big-name hospitality brands like Wyndham, Hilton, Marriott, and Disney are all some of the best vacation clubs to join, catering to the leisure vacation needs of their owners.
Check out the Best Wyndham Resorts to Own
Nowadays, there are many different types of vacation ownership. As times are changing, most brands are moving to a points-based model of ownership as opposed to the traditional same-week/same-resort ownership. This allows owners to have the most flexibility in their vacation options. Below we’ll describe the different types of vacation ownership, points-based included. There are so many different brands and locations that it’s totally possible to find one that fits the needs of you and the ones you love to travel with!
Timeshare Meaning
As we mentioned previously, a timeshare is a property (such as a villa or condo-style suite) that is divided for multiple owners by time. Most timeshares are divided into 52 weeks so that every owner can have an entire full week at the property. The meaning of timeshare is as simple as it sounds! Owners share the property by time. Furthermore, the timeshare product has evolved past the fixed week usage, and many owners have converted into points-based usage of timeshare to provide more flexibility.
What is a Timeshare Week?
A timeshare week is the type of ownership that most people are familiar with. As with all timeshares, owners have paid for their share of time at the resort, and generally, that time equates to one full week. Each resort has a different calendar system for its owners. The first week of January is typically week one, however, and the last week of December is generally called week 52.
Types Of Timeshare
Deeded Timeshare
A deeded timeshare property has the same ownership rights as actual real estate (however, unlike real estate, a timeshare is not an investment and does not appreciate). Deeded ownership means that the owner has the right to sell it, bequeath it, rent it or even give it away.
Right to Use Timeshare
Right to use (or RTU timeshare) ownership grants owners the right to use their ownership for a specified amount of time through a lease. Generally, the lease is for 30-99 years. Once the period of specified time is up, the ownership goes back to the resort, or the lease is terminated.
Points-Based Timeshare
The most common type of ownership nowadays is points-based. How does a points-based timeshare work? Typically, the fixed week is converted into points. So based on the week or caliber of ownership, owners will have a certain number of points at their disposal. Guests can use these points to stay at different resorts in the brands’ network or to stay at their unit. When you check out timeshares for sale in our marketplace, there are points charts available for participating brands. You can see that depending on the type of ownership, the point value varies.
Floating Week
A floating week means that you can reserve your stay for any week of the year on a first-come, first-served basis. In some cases, floating weeks may only apply to a certain season. For example, an owner can own a week of the winter season, so they can stay at their resort any week available within that season. Some seasons have a higher value than others depending on demand and location.
Biennial vs. Annual
Biennial timeshare just means that owners can use their ownership every other year. Annual is, well, annually! Meaning owners can use their timeshare every year, given they pay their timeshare maintenance fees.
What is a Timeshare Resort?
Timeshare resorts are resorts that feature top-of-the-line amenities and accommodations. Unlike hotels, vacation ownership resorts offer suites that include full-size kitchens, multiple bedrooms, and private balconies. Simply put, a timeshare resort is where vacation owners stay for their vacations. When you purchase a timeshare, you have the option to choose your timeshare home resort, which is where you will have priority booking every year.
Resort Amenities
When you decide to book a vacation, it’s important to consider the amenities you must have for a great vacation. Amenities are considered the extras at a resort, like fitness centers, swimming pools, day spas, water parks, and lazy rivers, just to name a few. Depending on the location, you can also find on-site ski slopes in places like Breckenridge, Colorado.
Residence Style Accommodations
The accommodations at vacation ownership resorts are undoubtedly one of the main things that set them apart from hotels. If you love to travel with a large group or your extended family, timeshare resort accommodations are perfect. Many resorts offer timeshares that have anywhere from one to four locking bedrooms. This means everyone can have their own comfortable space to relax in.
Additionally, accommodations come with more than one bathroom, so you won’t all have to share just one. Not to mention, many villas or suites come standard with in-unit washers and dryers, as well as full-size kitchens and separate dining and living areas. The extra space leaves you more room to stretch out, watch a movie and cook dinner, like the perfect home away from home.
Timeshares vs. Hotel
Timeshare suites are much like residences since they have kitchens, bedrooms, and living rooms. Staying in a timeshare is more like staying in a vacation home or apartment, rather than staying in a hotel. As you can see, the offerings at timeshare resorts are far more extensive than your average hotel. Did you know the average timeshare unit is 3x larger than a hotel room? Plus, you receive more than just a microwave. In addition, you can pack lighter and use the in-room laundry to freshen up your favorite vacation outfits. This is especially helpful for large families or families with children because you can pack less.
Not to mention, resorts like Holiday Inn Orange Lake in Orlando have not just one, but seven different swimming pools to choose from, as well as lazy rivers and scheduled kids’ activities. Imagine game nights, karaoke, and outdoor movies all on the same resort. Timeshare resorts offer the chance to experience an incredible vacation without having to leave the front gate. If you do, however, love theme parks and want to venture out, there are options like Disney Vacation Club that allow you to stay inside the theme parks. There truly is a timeshare perfect for everyone’s preferences. The major flexibility is just one of many reasons why people still buy timeshares.
Vacation Exchange
If you value traveling far and wide, you’ll be pleased to know that timeshares allow a lot of options when it comes to visiting new places. Vacation exchange networks allow members to go to different resorts with their points. Club Wyndham, Disney Vacation Club, and Marriott Vacation Club are all examples of internal exchange networks. You can travel within the brands’ networks to their other resorts. So, if you own in Florida, you may have the chance to exchange your Orlando week for a week in Las Vegas.
RCI vs. II
RCI, formerly Resort Condominiums International and Interval International are the most recognizable vacation exchange networks. These networks are known as external, meaning with ownership AND membership (in one of these networks), you can travel outside of your brand as long as where you want to go is within the external network.
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Summing it All Up
Timeshares may seem confusing at first, so to sum it all up, here’s a simple infographic to keep everything together.
Timeshare Buying Tips
You may be curious if you should buy a timeshare resale or direct. At the end of the day, it is a matter of preference, but we recommend considering the timeshare resale market first. Browsing our blog and timeshare resale listings is a great way to decide if owning a timeshare is worth it.
If you’re looking to buy a timeshare, the resale market has ownership available at costs way lower than retail. The great thing about resale is that your timeshare may be from the secondary market, but it is not second-rate. Brands work hard to keep their units looking luxurious, so you can purchase the same great ownership for less. Knowing the best timeshare buying tips is a great place to begin.
Our number one piece of advice is to do your research on choosing the best possible ownership for you. Whether that means you want a fixed week in Orlando, so you can guarantee your spot every year, or points-based ownership with Club Wyndham.
And, if you’re looking to sell your timeshare, we can help with that too, all the way to close. Since we are real estate agents and timeshare experts, you can trust we’ll take care of you! If you’d like to know more about how to sell your timeshare, be sure to check out our video down below.
