Last Updated on January 29, 2022 by
With the hectic, stressful lives we all lead nowadays, it’s never been more important to take regular breaks. Vacations come with a variety of benefits. They’re a fantastic way to decompress and protect your health while having fun and reconnecting with yourself and the people you love most.
However, planning a vacation can be stressful. And after dealing with the stresses of work and home life, who wants to add more? That’s where timeshares come in.
But what is a timeshare? And how do timeshares work? To learn the answers to these questions and more, all you have to do is keep reading!
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How Do Timeshares Work?
They might seem confusing, but timeshares are actually quite simple. As the name suggests, you’re buying time at a vacation property.
When you invest in a timeshare, you become a fractional owner of the property. This means that you technically own it, but so do several other families, and the costs of ownership are split between you.
Rather than buying one vacation, you’re essentially investing in a lifetime of vacations at once. From the time you purchase it, you’re able to use the property for a certain amount of time every year.
Timeshare Use Periods
Though the idea of a timeshare remains the same across all varieties, there are different types of timeshares. The differences come in the way it’s structured and the amount of freedom you’re given with your vacation options. Here’s a brief overview of each type.
Fixed Week
A fixed week timeshare is the traditional option and what many people think of when they think about owning a timeshare. With this type of timeshare, you have to truly love the place you invest in.
Why? Because you’ll be staying in the same resort, in the same unit, at the same time of year, every year. Now, this isn’t necessarily a negative, but you won’t get much variety.
Floating Week
Investing in a floating week provides a bit more freedom than the fixed week. Rather than spending the same week at the same resort every year, you’ll be able to choose your week within a given window of time.
This is usually done by season, with more desirable seasons being more difficult to book. With a floating week timeshare, it’s important to book your trip early in the year, as they’re typically on a first come, first served structure.
Points System
The points system timeshare is gaining popularity with vacationers, as it provides the benefits of a timeshare without the restrictions of a fixed or floating week. Instead of investing in time, you invest in points.
You can then use these points to access a variety of resorts within the timeshare system. Keep in mind, however, that not all vacations cost the same number of points. If your timeshare doesn’t cover the cost of your desired trip, you might have to pay extra.
Certain companies also provide a choice between the types or a combination. With Marriott Vacation Club Booking Windows, for example, you use a combination of both the floating week and points system.
Is a Timeshare Right for You?
Buying a timeshare can be a convenient, enjoyable vacation option for many families. However, they’re not right for everyone – it all depends on your needs and preferences!
Now that you no longer have to ask “how do timeshares work?” and you understand the different types, you can determine whether investing in a timeshare is right for you and your family.
Looking for more travel tips and hacks? Be sure to check out our blog!
Read More: How Much Does a Wyndham Timeshare Cost?
