What Is Timeshare?
Being a timeshare owner is one option for ensuring you have access to your favorite vacation spots. Available with many options across the world, timeshares provide the familiarity of home with resort entertainment and relaxation. There are several factors to consider before making your timeshare purchase to be sure that you're getting your money's worth.
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The Facts
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Purchasing a timeshare allows you to own part of a vacation property. You pay a one-time purchase price plus annual maintenance fees, and you own access to the property for a designated period over several years or forever. Timeshares essentially allow you to purchase vacation lodging well into the future at the current price.
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Deeded or Right-To-Use
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Deeded timeshares list you as a partial owner on the title to the property, and local governmental agencies consider you owner of the property. Right-to-use programs simply mean that you have the right to use the property for a designated time, but you are not actually an owner. Deeded timeshares are more secure because if an owner or developer sells a property for which you have purchased right-to-use time, you may lose your rights to the property without compensation.
Options
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Most timeshares are condominiums or small houses within resorts. Unlike hotel rooms, they usually include a kitchen. House boats or motor homes may be purchased through specialized timeshare agreements. Lock-offs are condominiums or houses in which some sections can be locked off from others.
Scheduling
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Fixed, floating or rotating schedules are available with timeshare purchases. Fixed scheduling means that you have access to the property during the same week(s) each year. Floating scheduling means that you have access during a particular time of the year, such as summer or fall, but you must schedule your vacation well in advance to select the week you want. Rotating scheduling changes the week you have access every year or few years.
Renting
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Timeshare owners who choose not to use the vacation in a particular year may rent out the property in order to make a profit on their initial investment. Vacationers should look at timeshare rental as an option when researching lodging, especially in a popular vacation spot. Taking into account the accommodations available in a timeshare, the cost of a trip could be greatly reduced by renting a timeshare.
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- Photo Credit Image by Flickr.com, courtesy of Michael
