Timeshare at a glance
There are a number of variations of Timeshare, however, most Timeshare fits into two basic categories; Weeks or Points Clubs.
Ownership of Timeshare was designed to allow you to purchase holiday time in properties for the period that you as the user require each year. Ownership, as such can be tenuous as most modern Timeshares are not title deeded and are therefore not owned at all but instead are a right to use for the term of the contract. This time usage could be associated with holiday resorts, individual properties, caravans, static vans, boats and yachts and each comes with different usage terms and conditions.
Weeks Clubs are generally referred to as old style Timeshare however; this really isn’t the case, as new Fractional Ownerships often mirror Weeks Clubs. In a Weeks Club you would generally buy a number of weeks (either fixed or floating) and use either the same apartment or pool of apartments for the duration of your ownership. In a fixed Week Club you would by a specific week in a specific apartment, at a specific resort and you would be entitled to use that week of holiday, every year for the duration of the contract.
Floating Weeks Club
Works on a seasonal basis where you would buy an apartment size for a period of weeks in a resort for a specific season (high-season, mid-season or low-season) and would then have access to a pool of apartments on a booking basis.
Points Clubs tend to be more flexible than Week’s Clubs and tend to offer the ability to utilise multiple properties in multiple locations. You own a number of points which buys you holiday time each year in the club locations. You have the ability to book any apartment size; location or season based on availability and pay the appropriate points to book. Obviously larger apartments in nicer resorts in higher season will cost more points.
A Fractional Timeshare Product is the division of a property into portions. One Timeshare property (e.g. an apartment at a Timeshare resort) would be split into 52 separate weeks and then sold to clients accordingly.