The New Vacation Revolution

Most timeshare contracts fall into one of two categories, either a deeded property or a “right to use” agreement. These contract types are independent from the method of week assignment, points program, etc.

The difference between these two types of agreements have to do with who actually owns the property and the length of that ownership. This is because some localities have laws that restrict foreign owners from owning land outright. The various types of agreements allow resort developers flexibility to design their resort and sell intervals while remaining within the boundaries of the law.

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As an owner at the resort, you are automatically a member of its Homeowner’s Association. Once the developer sells all interest in the resort, control of the resort goes to the Homeowner’s Association.

All owners get to vote on matters concerning the property. Whether there are proposed renovations, management changes, or fee changes, all require the approval of the resort’s owners via the Homeowner’s Association.

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For week-based vacation ownership, there are different methods used to assign the specific week that each individual owner is allowed to use. The terms fixed and floating/flexi week specify the process.

A fixed week is the simplest timeshare concept. By purchasing a fixed week at a resort, you have the right to occupy a specific unit for a specific week number each year. However, the week may not be during the exact same days each year.

Most timeshare calendars consider weeks to begin at the check-in date. For example, if you own week 16, and your check-in day is Saturday, then your timeshare week would begin on the 16th Saturday of the year, and you would check out on the 17th Saturday of the year.

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Once you buy a timeshare interval, you may want to exchange it to vacation at another resort.

A fundamental concept behind many large timeshare exchange companies is that they strive to provide a “like for like” resort exchange. This rule is set to prevent members from feeling as if they have been swindled.

As an example, consider the owner of a Manhattan New Year’s week 3 bedroom interval. Since New York City is a popular vacation destination, the demand for their interval is quite high. This timeshare owner would be disappointed if the only available exchange was a studio in Idaho in low season.

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