The Complete Guide to Picking Timeshares: Everything to Know
If you ever need an excuse to travel, you should just say vacationing somewhere new is good for your mental health.
Some people, though, don’t always have a great time traveling. They might enjoy the planning stage, but they could get anxious about their accommodations and itineraries midway through their trip. Another concern is not having enough money to last through their vacation.
That’s where timeshares come in. Staying in a timeshare can guarantee more affordable vacations than booking one-off trips every year. So if you’re curious about picking timeshares, you’re in the right place.
Here, we’ll discuss types of timeshares and how to choose the right one for you.
The Major Types of Timeshares
Before comparing timeshare prices and checking if you are pre-approved for timeshares, of course, you need to know which type best suits your needs and budget. The first is deeded or deeded week timeshare.
When people think of timeshares, this is the one that usually comes to mind. Here, you have a traditional real estate property whose deed is “yours” for a week. The advantage of deeded vacation ownership is you can resell it.
You can also leave it to your heirs, but it’s not as flexible as other types, such as right-to-use and points-based timeshares. As its name implies, a right-to-use timeshare gives owners the right to use the property for a specific period. It doesn’t come with a deed, only a contract stating how long you can use the timeshare.
Owners of right-to-use timeshares can resell their ownership, but they won’t get any interest in real estate. Last but not least are points-based timeshares. It’s easier to understand how these work if you check out Hilton timeshare seasons.
Other Ways of Classifying Timeshares
Beyond deeded, right-to-use, and points-based, timeshares are also classified according to the period of usage. That’s why there are biennial, floating week, and fixed week timeshares.
For biennial timeshares, owners have usage rights every other year. Floating week, on the other hand, refers to those timeshares where owners have the option to choose the specific week they’ll stay at the property. If you pick this arrangement, note that you can only choose within a particular season.
As for fixed week timeshares, there’s no choosing involved. You get to use the property during the same week every year.
Some Tips for Picking Timeshares
Now that you’re clear on the various types of timeshares, remember not to buy one without seeing it in person.
If you like the property and already have a budget in mind, don’t forget to get pre-approved. Be sure your timeshare loan’s terms are reasonable before signing anything.
Regarding closing, which is the last step, consider whether you have a title company you prefer to use or if you trust your seller’s recommendation. It doesn’t hurt to reread everything and to seek advice from friends who are also timeshare owners.
Say Goodbye to Booking a New Vacation Year After Year
No one likes unpleasant surprises, especially with vacation accommodations. Buying the right timeshare can help you avoid such problems.
If you’re still in the process of picking timeshares, though, don’t worry. There’s a lot of information online that can help you.
You can also check our other posts for related tips and advice.