So What is a Timeshare? Mini-series Part 1 #Travel
What is a timeshare? Know the Answer Before Investing
Timeshares have been around for a long time, and everyone seems to know that they’re used for vacations, but people still often ask the question, “‘What is a timeshare?” If you’re thinking of investing in a timeshare, you need to know the answer to this question before making a decision.
What is a Timeshare
A timeshare is a property which is owned by multiple people or parties. Typically resort condominium units, timeshares are owned by several parties with each party being entitled to use the property for an allotted period of time. This period varies, but it is generally one week, and in most all cases, it is for the same specific time period every year. A timeshare unit or property can be set up in a few ways including ownership, lease, or right to use.
Types of Ownership
What is a timeshare? When answering this question, you need to know more than just what it is. You also need to know the types of usage agreements associated with this particular type of real estate. Timeshares can be tricky business, so it pays to know exactly what’s what.
- Deeded: This is a timeshare agreement in which you own a portion of the property. Typically, the right to use the property is divided into week-long stretches which are sold as a fractional ownership of real property. Owners can use this week anyway they see fit, whether it be using, renting, giving it away, or willing it to family. It is a real ownership of real property.
- Right to Use: This one is important to remember when asking, “What is a timeshare”, because some people get this confused with a deeded agreement. They are completely different, however. Right to use means exactly that. You are paying for the right to use the timeshare facility for a number of years. You don’t own the property, and at some point, the contract will end. You are essentially renting a block of time.
Knowledge is Power
What is a timeshare? It’s a confusing thing if you don’t know the answer. A timeshare is a real estate labyrinth, and we only scratched the surface here. Keep an eye out for another article which will cover the pros and cons of timeshare ownership.
Do you own a timeshare? Have you ever considered it?
Robin (Masshole Mommy)
Time shares are great for people who travel a lot. The only bad thing about them is that they are HARD to get rid of (sell) when you don’t want them anymore.
We’ve been to timeshare meetings but we’ve never taken the ‘bait’. I’d love to get a timeshare at Disney! WE went to that meeting also and really considered it.
We’d prefer to buy a property to own. It just seems like a lot of fees.
We have considered time share but never dared as I find it a bit pricey. My brother in law bought one years ago and he is very happy with it
A bunch of people I know have timeshares. I personally don’t, but I do see the appeal.
I wish I had a timeshare. I’ve never known anyone that has, so this is great to know!
This is a very informative post. Most people have heard of timeshares but don’t know what they entail. This gives them a good idea.
I always wondered how it worked out, it’s different from some to another. My cousin did some timeshare and offered us some weeks but it didn’t sound appealing as rules were huge! I guess it’s different from contract to contract
This is a really good post, it has helped me learn a lot; this timeshare sounds pretty interesting!
I now a couple of people that own a timeshare, but we have never participated in that. I am not sure it is a good fit for us but I now others just love it. Thanks for the info!
A timeshare would be a great way to have a great vacation. My parents friends had a timeshare they loved.
A timeshare sounds like a great idea. I will have to do some research to see if it is a good option for us.
Very interesting and informative post indeed! Time share would be a great way to have a great vacation & it will be so helpful for my husband as he travels a lot. Thanks for the informative post.
Now I know a bit more about timeshares! I can’t wait to learn more in your mini series 🙂
Aisha Kristine Chong
We’ve talked about this before.. but it felt so complicated.. so we just went on the natural route lol.
A timeshare actually sounds pretty good. Who wouldn’t want a place in a beautiful spot to run to every now and then.
Megan @ C'mon Get Crafty
We’ve done timeshare meetings before but never purchased. Our friends have one, but they never use it.
Life as a Convert
I do not own a timeshare but I have considered it. I did hear once that a person was planning a trip just because they needed to use their timeshare and it sounded wasteful to me, so I don’t know if it would be a great option for me if I would feel pressured to go to “use” it.