A lot of people are interesting in buying timeshares. However, there are still a lot of concepts they barely understand. For one, not many are aware that there are actually two kinds of timeshare ownership, “deeded” and “non-deeded”. In addition, there are also two basic types of scheduling, “fixed” and “floating”. Hence, I suggest that you familiarize yourself with these basic pieces of information before finally purchasing timeshare.
A property is deemed to be a deeded timeshare if the owner purchases a percentage in a specific portion of the real estate, thus giving them actual partial ownership. This is not too dissimilar to how someone can have partial ownership of a corporation by purchasing shares. It is through deeded timeshare arrangements that owners may eventually gain real property ownership. The deed is recorded in the relevant offices and the owner has all the rights of ownership as other form of property, typically limited only by mutual agreement between the owners. Most timeshare owners prefer a deeded timeshare.
Non-deeded Timeshare Ownership
When your intention is to purchase a lease, license, or club membership to make use of the property for a specific limited amount of time each year, in a span of a specific number of years, then what you need to buy is a non-deeded timeshare. As you can see, with this ownership, you do not actually own the property, but you only buy the right to use it, as oppose to the deeded timeshare. This type of timeshare ownership can usually be found on leased land. Examples of these are timeshares in Mexico and Hawaii.
You buy a specific unit within a specific week in the year in fixed-time scheduling or fixed-unit arrangements. In this arrangement, you will need to use the same unit or property in the same period of time every year. This needs to be strictly followed unless you swap your timeshare with a different exchange company.
With fixed-time scheduling, timeshare owners know the exact time of their vacations each year. This can be advantageous since they won’t have to worry about when and where their vacation will be. The downside is that it can be a problem for owners to change the time or place if they want to.
In “floating-time” arrangements, there is no fixed time during the year when the timeshare owner is able to utilize a property. If they want to use a timeshare, the client must first make arrangements with the resort to make reservations for the specific time that the owner wants to use a property. Rules and regulations are often given in resorts detailing when and how early you can start making reservations. Some timeshares have other requirements that only let you make reservations within an exact season. This is otherwise known as “seasonal floating”.
Now that you are already aware about these basic concepts on timeshares, it will be easier for you to decide on what to purchase. Study your options well. Weigh the pros and cons, and choose what option works best for you so you can make the most out of it.
When looking for a timeshare deal in the market, be sure that you are doing business with credible people.Timeshare scams have been spreading in the industry lately and it wouldn’t do you any good to become another clueless victim.