All You Need To Know About Timeshares – Vacation Haven Or Scam?

A timeshare or vacation ownership is a lifetime resolve, decision, and commitment of spending money for annual trips to a specific vacation spot, location, or resort. It comes with several lands and estates having a unique, apportioned, and distributed arrangement or system of user and ownership rights. To put it in another way, we can say that a timeshare provides the privilege of receiving and using a particular property to more than a single party at a time. In such cases, each owner or proprietor of the provided lodging or accommodation gets designated and allocated to a particular residential duration. Typically, this period of stay is one week. 

What are the Different Types of Timeshares?

Timeshare contracts can be of two types. They are the deeded and the non-deeded ones. 

Deeded timeshare contracts are the “fee-simple” ones. They are almost akin to purchasing a house where the buyers get a part of the ownership rights. They can use these privileges to rent, sell, or hand down the timeshare. Most people generally go for the deeded shares due to their higher degree of legal guarantee. 

Non-deeded timeshare contracts resemble the system of signing a lease. It implies that individuals can buy or use a particular property or resort for a specified number of years. However, they would not have ownership of the said accommodation. At the end of the term, the timeshare and its proprietor rights return to the original owner.    

What are the Costs Associated with a Timeshare?

Irrespective of the type of timeshare, two fixed expenditures get associated with it. They are the purchase fee and the maintenance fee. The first one gets paid up-front, and the other gets charged every year. Nevertheless, the exact costs can change based on multiple factors. They can include the vacation spot, the room type and size, the condition of the resort, and the duration of stay. 

Overall, timeshare maintenance fees collection turns out to be the biggest headaches in terms of finance for most individuals. Generally, the purchase of a deeded timeshare contract implies that there is no expiration date. In such cases, the individuals have to pay the maintenance fee indefinitely. They have to do so even if they do not use property each year. 

A few additional fees can also get charged. They can include the mandatory expenditures in the repair and upgrade of the resort. Timeshare owners receive a bill if the property sustains damage due to natural causes. It may also happen when the management decides to give the place a makeover.  

Nevertheless, an individual can get out of a timeshare contract when they need to do so. Suppose a person has purchased the program from Wyndham Hotels and Resorts and is wondering how to get out of Wyndham timeshare. They can do it by sending an appeal to the company before the grace period of the contract. Else, they can sell their timeshares to third parties and receive money for their ownership rights.