What You Should Know About Timesharing
1. Fixed week timeshare
Buyers of timeshares usually own the rights to a property for a specific amount of time each year. There are many ways this can be organized, however. A fixed timeshare provides the owner with the same unit and the same week, year in year out, for as long as the contract stipulates.
2. Floating timeshare
A Floating Timeshare allows the owner to request their vacation time during a given week of the year. At Chetola Lake weeks available are 1 through 23 and 42 through 52. Owners of Floating weeks each year request 1 through 10 choices of the week they would prefer the following year. Upon receipt of these requests, the Assocation makes unit assignments for the coming year.Assignments are processed on a system of "first in first assigned." If a week requested is not available, an alternate week will be assigned. Its important that a "Floating Week" owner get their request in asap. Floating Units, after week assignments, can be traded, rented, or swapped.
3. Right-to-use timeshare
Buyers with right-to-use arrangements lease the property for a given amount of time each year, for a set amount of years. However, under such a plan, the developer maintains ownership of the property.
4. Points club (also referred to as Vacation Club)
In the same vein as floating timeshares, this latest form of ownership enables buyers to travel to various locales and various sized lodgings, depending on the amount of points they've accumulated (sort of like travel reward programs), which can then be used like currency. But again, it works on a first-come basis.
THE BENEFITS OF TIMESHARING
At the same time, many believe you get your money's worth simply because you don't have to deal with upkeep (annual fees take care of that) or worry about a property's security amid the 50 weeks you're in the city working.
You get what you pay for
Timeshares are financially attractive for several reasons. Instead of owning a condominium and living in it for vacation purposes only two weeks out of the year, the program allows you to pay only for what you use.
Guaranteed vacation destination
In the same vein, timeshares seem alluring because you can get your money's worth. Terms of the agreement usually stipulate that the property, whether a spacious condo or studio apartment, be occupied by you once a year. This guarantees you a vacation destination each year, making it easier to budget and save for the days off. If you enjoy visiting the same place each year, this is definitely a sound investment.
Economical for large families
Similarly, if you do have a large family, there will be significantly less financial and mental stress with a timeshare, since you do not have to worry about renting many rooms. Most timeshare units are very luxurious and fully equipped, so you can hold your brood in one location and take advantage of the kitchen to save on food.
Subletting offers revenue potential. Those less interested in the actual vacation benefits may see timeshares as golden investment opportunities. Several owners of timeshares profit by renting them out to others instead.
On a related note to subletting, timesharing is especially interesting when you consider that an owner can profit from trading to a different location every year. Programs have been set up that allow timeshare owners to trade units (and times) with other owners, allowing each one to experience a different place in the world every couple of years. Also, as someone who may want to lease his timeshare, you remain attractive on the market, always diversifying your product.
Enhance the value of your timeshare
Many play the timeshare market. They buy time at a nice property at a low cost and then get involved in an exchange program. They find someone to trade with, and end up having a new prime spot valued higher than the one they originally bought. This means a profit was made without even staying in the place or lifting a finger.
Instead of worrying about maintenance, you pay fees to provide upkeep for your unit. Cost vary, depending on the location and type of property.
Some avid vacationers are attracted to timesharing because of the security and freedom it provides. Given your situation and the details provided, it's up to you to decide if timesharing is right for you.