In the United States, nearly ten million households have at least one vacation timeshare. Since not everyone can afford to purchase and maintain a second home in their favorite holiday destination, timeshares have skyrocketed in popularity over the years.
Although timeshares are quite popular, they can be tricky to understand, especially since different types exist. So, how do timeshares work? By reading this post, you’ll discover the answer to that very question!
How Do Timeshares Work?
In the early days of timeshares, owners could use the property for one week of the year. Usually, the dates were the same every year, and owners had little flexibility.
However, modern-day timeshares work a bit differently. Most of them operate on a point-based system, giving members more freedom.
Of course, all timeshare brands have different policies and rules. So, if you are thinking of purchasing one, you should thoroughly research membership pros and cons. Nevertheless, let’s look at the basics of three timeshare models!
Fixed Week
With fixed week timeshares, the week number never changes. So, if you purchase the first week of the year, you will only be able to use the timeshare the first week of January.
Of course, some people like having a fixed-week timeshare because they never have to plan or make reservations. Instead, they are guaranteed the same dates every year. And, owning a fixed week that falls on a holiday or high season makes it easier to rent out or sell timeshares.
Floating Week
Floating timeshares give owners more flexibility since they can reserve any week they want. Nevertheless, this system works on a first-come, first-serve basis, making getting the dates you desire more difficult.
Some resorts only let you reserve within an allotted season to make it easier. So, if you pay for one floating week in the summer, you can only use it during those months.
Points System
Points-based timeshares are the way to go for most people because they offer the most freedom. For example, Hilton Grand Vacations allows owners to convert their fixed week into points, which you can use to book hotels all over the world.
Of course, another benefit of these clubs is that owners can choose to exit timeshares. So, if they no longer need or want it, they can sell it. And, if you are seeking to buy a timeshare, it’s a great way to get a good deal.
Change How You Vacation with the Best Timeshares!
So, how do timeshares work? Well, after reading this post, you can answer that question!
Moreover, you are in a better position to decide if you would like to buy timeshares to use on your vacations. By choosing the right timeshare for your needs, you’ll be able to vacation more often without the extra expenses!
If you want to learn more about traveling, browse related content on our website!
