A vacation ownership is a property with a divided form of ownership or use rights. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each owner of the same accommodation is allotted their period of time. Units may be sold as a partial ownership, lease, or “right to use”, in which case the latter holds no claim to ownership of the property. The ownership of timeshare programs is varied, and has been changing over the decades.
Quick Takeaways
- A vacation ownership is a shared ownership model of vacation property whereby multiple owners have exclusive use of a property for a period of time.
- Vacation ownerships are available for various types of vacation properties such as resorts, condominiums, and apartments.
- Vacation ownerships are available for a fixed week—a buyer has a set week each year, or a floating week—use of the property is limited to a season.
- Vacation ownership benefits include vacationing in a professionally managed resort in a predictable setting.
- Vacation ownership drawbacks include a lack of flexibility in making changes, annual maintenance fees, and difficulty reselling one.
Vacation ownership Versus Hotel
One of the unique qualities of vacation ownerships is the spacious accommodations. Most of today’s modern suites include a full kitchen, dining room, living room, balcony, and private bedrooms. Many even come equipped with washer and dryers. Think about how you vacation at a hotel. Your family may need more than one room and you’ll have to plan where you’ll eat your meals — adding extra stress and costs. Timeshare families value having the space for everyone, which makes for a more enjoyable vacation.
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