Do you have questions about timeshare companies?
There are a number of different types of timeshare out there, offered by a variety of companies. The more you know, the easier it is to make the right decision for your vacation needs. That’s why we’ve put together this comparison of the types of timeshare companies you might find in your search.
In this guide, we’ll break down everything you need to know about timeshares and timeshare companies, so you can make the right choice. Keep reading to learn more!
What is a Timeshare?
In this simple vacation concept, you’ll buy a home or resort you can use for a week or a few weeks out of the year. You can buy weeks for a set number of years, or you can buy a lifetime timeshare.
All you need to do is pay your “share” to keep the property maintained and ready to go. Since you’re splitting the cost with other people who buy the other weeks, you’ll save money as opposed to buying a whole vacation home.
However, timeshares are offered by a number of companies, and they provide many different ways to approach this opportunity. Let’s take a look at the timeshare options different companies offer.
Types of Timeshare Companies and Ownerships
The type of timeshare you can get will depend on the company that’s selling it. Some companies also sell multiple options. Here, we’ll break down the different timeshare varieties.
1. Deeded Points-Based
The deeded points-based system is used by two main timeshare companies: Disney and Hilton Grand Vacation Club.
Of course, each company has a slightly different approach to the concept, but the basics are the same. With the deeded points-based approach, you have options that aren’t just limited to a certain location, week, or unit.
When you use one of these companies, you get a deeded ownership of a single location, but you can use that ownership towards “points” for other locations.
Every resort property owned by these companies is ranked by how desirable it is, and its value. This information is used to determine how many points you need to rent a given property for any length of time. The points also change depending on the time of year you’re looking to book.
Once you’re a timeshare owner, you can use your points for any location the company owns. However, you’ll have to follow the company’s specific rules about using your points. Many people like this system because it’s so flexible.
2. Floating/Fixed Weeks
If you buy a fixed week timeshare, you’re purchasing the deed for a particular week, resort, and unit size. You’ll only be able to use it at a certain time of the year, depending on what your week number is.
Your rights to the property are also conditional. These timeshare companies set a booking period during which you have to reserve your week. If you don’t, other club members can use that location during your week instead.
With a floating week timeshare, you have a little more flexibility than with the fixed week option. Instead of being restricted to booking a specific week, you can choose a week from what’s available in the current season.
Although floating week timeshares do have booking periods and restrictions on timing, many people like the flexibility of a floating week rather than a fixed week.
Some companies offer use of the property only every other year, which is called a biennial ownership. More rarely, they might offer it every third year in a triennial ownership system.
3. Right to Use
Most of the time, as a timeshare owner you can use your ownership as long as you hold the deed. However, a Right to Use ownership is a little different.
With these ownerships, the deed you have is set to expire on a given date. If you want a finite end to the fees you pay, this can be a great choice. However, if you’re looking for a timeshare that you can pass down to future generations, you won’t want Right to Use ownership.
Disney Vacation Club is one of the best-known timeshare companies that sells using the Right to Use model. The expiration dates can be pushed back if you decide you want more time.
4. Timeshare Trust/Pure Points System
These timeshare companies don’t sell deeds to specific resorts. Instead, they sell the option of buying into a timeshare trust.
WorldMark by Wyndham and Marriott’s Destinations Program are two large examples of the timeshare trust system. You’ll buy a specific amount of points, which translates to a part of a collective trust that covers all the resorts that company owns.
This system is similar to other points-based timeshare systems in that you can access all the resorts with your points, not just a single property. However, there is no deed involved with the timeshare trust system.
Because there’s no deed, there isn’t a particular booking window that you’ll need to use to book your resort. The reservations are done on a first-come, first-served basis.
The maintenance fees for the resorts are divided among all the owners based on how many points they bought, rather than based on a specific location. This means that if you have more points, you’ll have to pay more fees.
Things to Consider Before You Buy
In many situations, owning a timeshare can be wonderful. However, there are a few things to think about before you make an investment – otherwise you might end up hiring this timeshare cancellation attorney.
If you plan to vacation each year, a timeshare might be ideal for you. However, if you don’t have much time off, or a job with an unpredictable schedule, a timeshare may not be the best choice.
You’ll also need to consider your vacation preferences for the long term. Will you be happy visiting the same location each year, or would it be better to go with a more flexible option?
Are You Interested in a Timeshare?
With this information about timeshare companies, you’ll be well-equipped to make the right choice for your vacation needs.
You can even use your timeshare on a budget! Vacations aren’t just for the wealthy – check out our budget-friendly travel tips here.
