What Is a Timeshare Lockout?
Owning a timeshare property gives people the flexibility of enjoying luxurious vacation destinations at a fraction of the cost for conventional travel and hotel accommodations. Timeshare owners are able to maximize their investments by not only paying solely for the portion of time they occupy their timeshare unit, but also by making their property available to other customers during their off-season vacation times. This is the concept of the Timeshare Lockout.
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Considerations
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Timeshare lockouts apply to timeshare units that have two or more separate sections, which provides owners greater options in planning lockout units.
Identification
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The owners make available a section of the unit that is locked off from the rest of the living space. It is only this locked-off portion that is made available in the timeshare agreement. It is similar to sub-leasing a portion of an apartment.
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Types
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Some owners only rent out one of their two units as a timeshare lockout. Others opt to rent only one unit out while they vacation in the other section.
Features
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The restrictions of the timeshare lockout are at the owner's discretion. Therefore, you must confirm whether some timeshare amenities are included in the lockout agreement, such as use of the jacuzzi or use of the kitchen.
Significance
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Timeshare lockout units are typically rented. However, some vacationers choose to purchase their lockout unit from the owner of the timeshare property. This process involves a legal commitment to secure and honor the agreed lockout arrangement.
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Resources
- Photo Credit Maritime Beach Club
