What is Timeshare?
“Timeshare” also known as “Holiday ownership” or “Vacation Ownership” is basically property or group of properties with a particular form of ownership or right to use. Multiple parties hold rights to use the property based own the type of share they buy. Generally the share is of one week which can be used at a fixed time every year. Modern ways have been invented to provide flexibilities to use the share.
Birth of Timeshare
Timeshare born in early 60s in 19th century in United Kingdom. In United States the Timeshare came in to picture in the very next decade.
Types of the shares
The ownership share or rights to use are generally classified in various ways. The most common type is briefly explained here. There are 9 types of memberships based on the combination of two variables viz. Season and Apartment type.
There are three types of the Season and the Apartment Type as explained in the below table.
|Type of Season||Characteristics|
|Red||Generally the period of peak season and school vacations|
|Type of Apartment||Occupancy||Privacy||Approx. Area in Sq. Ft.|
|1 Bedroom||4 Adults||For one or two couples||470|
|2 Bedroom||6 Adults||For two or three couples||600|
There are various types of Timeshare ownerships rights which decides the type of usage the owners can have. Few of them have been explained below
Fixed week Ownership:
This is the oldest form of ownership. As the name suggests in this type of Timeshare the owner has been allotted with a fix week number. The resort has a calendar marked with the number of weeks starting from the first week of every year. For every year, that particular allotted week will be the holiday time or share of the owner. For example, if one owns 52nd week then the Christmas time is the time he will have the holiday time.
Floating week Ownership:
In this type of ownership, the resort has a calendar divided in the types of season, generally as Red, White and Blue as mentioned above. The owner owns a particular season and can holiday during that season only.
Other types of ownerships:
There are other types of ownerships such as Rotational/Changing/Flexi week. In this all members get chance to get the best and worst week on rotational basis.
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