Two Different Types of Timeshare Contracts
If you are considering purchasing a timeshare, it`s important to know that there are two different types of timeshare contracts: fixed-week and points-based.
Fixed-week timeshare contracts are the traditional type of timeshare ownership. When you purchase a fixed-week timeshare, you are buying the right to use a specific unit, for a specific week, every year. This means that you will always have the same unit for the same week each year. Fixed-week timeshares are typically sold as a deeded ownership, meaning that you own a specific portion of the property and can sell or will it to your heirs.
Points-based timeshare contracts are newer and more flexible than fixed-week contracts. With a points-based timeshare, you purchase a certain number of points that you can use to reserve time at a variety of resorts within the timeshare system. Each resort and unit has a point value, and you can use your points to book stays at different resorts and during different times of the year. Points-based timeshares offer more flexibility than fixed-week contracts, as you can choose when and where you want to vacation.
When deciding between a fixed-week and points-based timeshare, it`s important to consider your vacation habits and preferences. If you enjoy going to the same resort every year at the same time, a fixed-week timeshare may be the best option for you. However, if you enjoy traveling to different locations and want more flexibility in when and where you vacation, a points-based timeshare may be a better fit.
It`s also important to consider the costs associated with each type of timeshare contract. Fixed-week timeshares typically have a lower upfront cost, but you will be responsible for maintenance fees and other expenses every year. With points-based timeshares, you may have a higher upfront cost, but you have more flexibility and may be able to save money by booking stays during off-peak times.
In conclusion, when considering purchasing a timeshare, it`s important to understand the differences between fixed-week and points-based contracts. Consider your vacation habits and preferences, as well as the costs associated with each type of contract, to determine which option is the best fit for you.