Timeshare Q&A: Understanding Types Of Timeshares Available

Author: Mel Tremaine

* What are the different types of timeshares available?

Timeshares are available in two basic types -- 'fee simple' and
'certificate.' Fee simple is similar to the ownership of one's
home, while certificate is similar to a lease like renting an
apartment. Another term for a fee simple ownership is deeded
timeshare property. Fee simple ownership is like owning your own
home and you receive a deed to the timeshare. On the other hand,
certificate ownership, also known as right-to-use, gives you the
ability of owning a timeshare for a specific amount of time,
much like renting an apartment, only much longer. There are also
some different consumer choices.

Examples of these timeshares include:

* Fixed week * Floating time * Points * Multi-location

The fixed week timeshare is the most familiar form and the
oldest kind of timeshare. This works by purchasing one or more
weeks to be used at the same time each year at your resort from
which the weeks are numbered 1-52. Once you have purchased the
number of weeks you will use the resort will guarantee that they
will be waiting for you at that time.

A Floating Time timeshare works by buying your vacation time by
the size of unit and season of the year, which is not designated
as to the actual date or week of the year. This type of
timeshare will give you the responsibility to contact your
resort each year and confirm your arrival to the resort.

One of the advantages of this timeshare is offering you
flexibility in your schedule; however, it is usually based on a
first come-first served basis. This means that highly desirable
weeks are often full during their season. Also, when exchanging
you should first affix or reserve your time at your resort
before the exchange companies will accept it for deposit.

Another type of timeshare is called "Points." This kind of
timeshare is the newest form of timeshare and has become very
popular. The way this works is you purchase a number of points
or credits, which will enable you to travel in a specific season
of the year. You can also use most credit or points-based
resorts for a maximum number of weeks purchased to a minimum of
one night. The only drawbacks for this are the accounting
systems. They are sometimes confusing and are subject to
availability similar to the floating time.

The Multi-Location timeshare enables you to have more
flexibility to visit other timeshares in other locations as long
as it is within the same timeshare organization, either far or
near as long as it belongs within the group.

* Which is the most popular type of timeshare?

The most popular type of timeshare is the deeded ownership or
fee simple but the points are also becoming more popular.

* What is a fixed week timeshare?

The fixed week timeshare is the most familiar form and the
oldest kind of timeshare. This works by purchasing one or more
weeks to be used at the same time each year at your resort from
which the weeks are numbered 1-52. Once you have purchased the
number of weeks you will use the resort will guarantee that your
timeshare property will be waiting for you at that time.

* What is a timeshare fractional membership?

A timeshare fractional membership is a vacation real estate
development owned by several members and operated for their
enjoyment. This means that each member owns a fraction of the
unit ranging from four to twelve owners per unit, a club
residence as well as an interest in the club facilities and
common areas.

* What is the difference between a timeshare Fee Simple
Ownership, a Certificate Ownership and a Leasehold?

The differences can be seen in how you actually have rights and
ownership to the property. Each system allows you to have the
time period wherein you can use the property.

In a Fee Simple Ownership, your ownership of the property is
forever. You will get a deed for your share. You purchase a
number of weeks in which you can use the property.

A Certificate ownership gives you a certain time period wherein
you own the property. This depicts a certain time frame wherein
you are a timeshare owner of a property.

Leasehold timeshare is when a state does to allow a deeded
ownership of a property. You have a lease on a certain property
in a certain period of time wherein you timeshare that property.

About the author:
Mel Tremaine is a regular contributor to timeshare-related
websites such as href="http://www.TimesharesFAQ.com">Timeshares FAQ. Website:
http://www.TimesharesFAQ.com