Are you considering purchasing a timeshare, but are wondering if it will turn out to be a scam? Unfortunately, the timeshare industry is trying to get out from under the scam label that has been following this industry since the 1980s. Many people don’t understand what a timeshare actually is and just assume it is a scam. There is a lot of potential with a timeshare. Read below and you will see exactly what a timeshare is and you will understand that it is not a scam.
Timeshare – What is it?
In general terms timeshare is a vacation product where you share time in a particular apartment, hotel, condo etc. A timeshare can come in many forms, prices, and times. A timeshare is a vacation product or home that is shared with by multiple people.
Timeshare – Vacation Ownership
A timeshare is also known as vacation ownership and has been very popular since the 1980’s. Even before timeshare companies streamlined the process, many families, friends, and co-workers used to purchase vacation properties together, then share the cost and time spent there. The timeshare companies saw this great idea, then improved upon it. Nowadays, a timeshare is sold to unrelated parties, then there is no arguing about the payments or time spent.
Timeshare Types
Developers and resorts first started off by providing weekly allotments, so they could divide the inventory completely and they would sell the weekly timeshare times in different suites and times of the year. This is where the fixed week came about. A buyer would stay at the vacation property for one week at the same time each year as long as they were in good standing membership. When the floating weeks started it allowed buyers to choose a particular season and week, which works good for professionals, because it added more flexibility to their timeshare memberships. When the point memberships occurred, then it allowed greater flexibility, meaning you could visit your timeshare for more or less time than the week slot, depending on how many points you purchased.
Timeshare International Exchange Companies
Eventually, timeshare members started looking for more from their memberships and their vacation homes, so two famous international exchange companies stepped up and offered timeshare members the ability to swap their time at their vacation property at places around the world.
Timeshare or Timeshare scams
Timeshare companies were booming worldwide during the 80’s-90’s, which brought along timeshare companies that were not honest, because the regulations back then were not up to par. This left the timeshare industry open to many scams and unethical behavior to occur. Today, buyers don’t have to fear this because there are much stricter regulations enforced and professional timeshare companies offer a cooling off period to protect buyers, which makes the timeshare industry today much better and safer.
Variety of Timeshares
1. Fixed Timeshares: This allows owners to use their vacation property for a week during the same time of the year. The fixed timeshare was the first type of timeshare offered.
2. Floating Timeshare: Reserving your week in any season to meet your needs is a floating timeshare week.
3. Club Points: Members can purchase timeshare points where they can use at any resort or at the chains resort to add shorter or longer times spent or upgrading their suite.
4. Fractional Timeshare: A whole season, weeks, or months can be purchased with a fractional ownership. This ownership is in perpetuity.
As you can see a timeshare is legit and is not a timeshare scam. A timeshare is very beneficial and safe to purchase.
