How a Time Share WorksA time share is basically a vacation home with a cost that is shared by a group of people who use it at designated times. The basic premise of time share is not that complex. You and a group of other people share the purchase cost of a vacation accommodation, in increments of one week (or more) per year of use. This guarantees you accommodation during the period of time you choose and it can be either for life or a certain number of years. Accommodations range from luxury hotel rooms to condos, from tree houses and castles, from yachts and cruise ships to camping grounds and houseboats. The word "timeshare" has expanded over the years to include all kinds of group ownership plans of exotic or vacation properties. Sometimes you will also hear a time share referred to as an interval ownership, fractional ownership, a private residence club, vacation ownership or holiday ownership. Many of the most popular time shares are based on the condo hotel concept. This is where a condo is purchased outright but the owner is only allowed to use it for specific periods of time. Then it is rented out to a hotel management company for the remainder of the time. It is possible for one time share to have as many as 52 owners, one for every week of the year. The condo, house, villa, cottage, campground or hotel unit is usually sold to a maximum of 51 owners leaving one week each year free so that the property can be maintained or renovated. Each share represents one week of vacation ownership and you can own more than one share in a property if you want. Each owner is entitled to ownership rights and privileges of the shares that they purchased. This great thing about a time share is that makes vacation home ownership possible for many people who cannot afford a second home or who otherwise would not be able to enjoy such wonderful vacation facilities.
|
|
