Timeshares and Vacation Plans- 2 Basic vacation options.
Deeded Timeshare Ownership. It used to be that when you purchase a timeshare, you were most likely buying a deed to a specific week, unit size and resort. This week would correlate with the number of weeks in a calendar year, starting with the first week in January as Week 1. This can be referred to as your home week, and in many cases, owners have guaranteed access to the week, resort and unit size, as shown on their deed. Typically, owners must reserve their home week within an allotted booking period, and if that does not take place, the rest of the club gains access. A majority of deeds allow their owners access to their ownership each year for as long as they own the deed. Deeds may stay in the owner’s name for the remainder of the their life and can be gifted, willed, or owners have the option of selling their deed to a third party on the resale market.
• Fixed or Floating Time. In a fixed time option, you buy the unit for use during a specific week of the year. In a floating time option, you use the unit within a certain season of the year, reserving the time you want in advance; confirmation typically is provided on a first-come, first-served basis.
• Fractional Ownership. Rather than an annual week, you buy a large share of vacation ownership time, usually up to 26 weeks.
• Biannial Ownership. You use a resort unit every other year.
• Lockoff or Lockout. You occupy a portion of the unit and offer the remaining space for rental or exchange. These units typically have two to three bedrooms and baths.
• Points-Based Vacation Plans. You buy a certain number of points, and exchange them for the right to use an interval at one or more resorts. In a points-based vacation plan (sometimes called a vacation club), the number of points you need to use an interval varies according to the length of the stay, size of the unit, location of the resort, and when you want to use it.