Introduction
Timeshares are split ownership models of a vacation real estate or accommodation in which numerous buyers hold allotments of usually in a week’s increment within the same property. The model of a timeshare may be applicable on numerous property types. It includes luxury hotels, resorts, apartments, condominiums, and camping grounds.
Understanding Timeshare
A timeshare bestows on the purchases the legal right to the yearly special use of holiday property over a predefined timeframe, which is typically measured in a week’s increment. A timeshare model generally uses one of the following orders:
i) Fixed week
This gives the purchaser a legal right to access the facilities of the property over a pre-agreed week of each year. The main benefit of the fixed week timeframe is that the purchaser may plan a vacation at the same time each year. However, like everything has a flip side, the catch in this structure is that the buyer may find it tough to make arrangements at the same time every year and he or she may find challenges in changing the week.
ii) Floating week
This type of structure of the timeframe provides the purchasers with an exclusive right over the property over a week or weeks over a specified timeframe over the year. This kind of timeframe certainly seems more useful than the fixed week structure, but the flip side is that the purchaser may find it difficult to book it during the busiest time of the year, such as Christmas.
iii) Points
The points systems utilise points to depict the timeframe ownership that is based on factors, such as the size of the holiday property, resort location, and the availability time. Points are assigned by the developers to encourage exchanges of timeshare either in their resort or at the other resort too.
