Despite many misconceptions, timeshares remain popular – and are even growing in strength among millennials. It makes sense, millennials and other young people are after unique experiences that can be talked about for decades. And timeshares can help with that by providing customized experiences that maximize value.
But the very idea of timeshares can be confusing, and often associated with the elite. This doesn’t always have to be so. That’s why we’ve crafted this handy guide to help you navigate everything.
Keep reading to learn everything you need to know about timeshare rentals!
What is a Timeshare?
First things first, what exactly is a timeshare? Timeshares started popping up in Europe in the 1960s as a way to give different groups the same ability to go skiing in the French Alps. As the process evolved, timeshare units, or a one room, became a popular way to give people the chance to have unique opportunities without paying for an entire home year-round.
In short, the concept of a timeshare is paying for just a few weeks to stay in a well-situated apartment. This is instead of paying for an entire home that requires maintenance and other monthly expenses and taxes.
They aren’t actual property ownership but it can seem like it. You can rent it out, give it to a friend or family member, etc. For those few weeks that you have purchased, it’s yours for whatever you would like to do.
Who Are Timeshares For?
In this hectic world, timeshares fill a great niche for specific types of people. For those who can’t afford to pay for an entire place for a year, this can fill a need for a little luxury. And timeshares are often a lot nicer for some people because of the atmosphere they create.
For instance, they are often larger with separate bedrooms – which could potentially save you money depending on the location and how many people you have with you. Facilities are often upgraded with the same amenities you might find at a resort, such as swimming pools and tennis courts.
That homey feel is complete with laundry facilities and a kitchen – say goodbye to tiny hotel mini-refrigerators! Additionally, unique opportunities such as concerts and premium experiences like in-house shops and more are often available to those who own part of a timeshare.
Timeshare Rentals Misconceptions
A lot of people don’t realize that you do not have to own a timeshare to get in on the fun. You can simply rent a timeshare from someone who owns it, and reap all the benefits without the scary ownership process. If you are considering investing in a timeshare, this is also a good way to test out the experience.
Timeshare Contract Types
When you are looking to buy a timeshare there are usually just two types of contract. They are pretty similar but primarily concern who exactly will own the deed to the space that you’re sharing. Let’s take a look at these two options.
Shared Deeded Contracts
This is the only contract option that will allow you to actually have a deed to the timeshare you are buying. Whoever owns the property will issue a deed to each of the people renting the space – and there is no limit on how many deeds can be issued. 52 weeks means the potential for 52 deeds!
This type of deed does not have an expiration date – it is ours forever, essentially. This also means you can sell it or give it away. The only real limitations to this sort of contract are those that involve ownership of the real estate (which you don’t have). This would involve changing or upgrading anything within the property – that ability lies solely with the actual owner of the whole property.
Shared Leased Contracts
This type of contract means you won’t actually have the deed to the space – they lie solely with the owner. In this situation, you are simply leasing the space for the designated period of time. While this might not sound as good to you, it might be better for some situations since they are not necessarily permanent.
Some of these contracts can expire, meaning you are only committed to the space for a specific number of years. It is a bit riskier, as the contract can be broken by the owner of the property if they lose possession of the property.
Timeshare Ownership Options
Now that you understand the different types of contracts it’s a good idea to take a look at the different ownership opportunities you might encounter. Location is also an important consideration, check out the top timeshare resorts in the US! They each have their own upside and downsides so let’s take a look.
Fixed Week
This is likely the most popular timeshare ownership option out there. Depending on how many weeks you purchase, you only have access to the space for those weeks and you can’t change it. This means if you’re busy during those weeks, you’re not going to be able to go at all that year.
Of course, this is a great way of guaranteeing that you get the prime spots for the various activities you might want to do. You can purchase a timeshare that is almost guaranteed to get some of the best snow on the ski slopes or the best beach weather.
Floating Week
For those who have schedules that change from year to year or want flexibility in their timeshare, this is the option for you. These types of timeshares normally involve an arrangement with the owner over certain stipulations. Your week will normally have to fall within a few months of the year, and certain slots might be permanently booked by others.
It can be a lot more annoying as you are potentially competing with the other timeshare owners for the best slots. You will have to remember to call every year to get the best spot before somebody else. If you’re someone who has a busy schedule, this might not be the best choice for you.
Point System
It might sound weird at first, but this type of ownership is becoming more and more popular due to the various perks it can offer. Generally, they work by buying a timeshare slot that has a points package attached to it. When you go to visit your timeshare, you can use these points for various options like access to certain resorts or events.
This is the most flexible system on offer as it allows access to various resorts at different times. In this scenario, you can potentially use your points package to go somewhere in the summer one year, and in the winter in another. If you are a busy person with a constantly changing schedule, this would be the best option for you.
How to Get Out of Your Timeshare
Now, there may come a time where you will want to cancel your timeshare rentals. And it’s important to prepare for that ahead of time to know what you are getting into.
Programs are available to help you complete your contract cancellation and cancel all the various fees associated with your vacation property. You can learn more about what to expect when canceling from this handy guide. Here, you can learn everything about things like how to get rid of a timeshare without ruining credit.
Before Buying a Timeshare
There are several steps you should take before deciding on a timeshare to buy. Before you invest, you should make sure you’re not being scammed by checking out this list of common red flags.
If everything seems above board you can move on to checking over the property itself and asking as many questions as possible about the condition of the timeshare. If you are satisfied, it is now time to decide what kind of time slot you want (fixed, floating, points, etc.). Make sure you ask questions about seasonal limitations and dates that are not available due to renovations or other fixed slots.
Finally, you can decide on the contract. We went over the difference between shared deeded and shared lease contracts above so it’s time to pick the one that works best for you.
An important consideration might be how popular and well-located the place you are choosing is. In those cases, you might want a shared deeded contract to lock in your timeshare so it won’t expire.
What Else Should You Know?
Now that you know everything about timeshare rentals, you might be either in the market for a new timeshare or to cancel the one you already have. That’s where Sapphire Cancellation comes in. Experts are at your beck and call to get you out of your situation quickly and painlessly – contact us today to find out what we can do for you!
