Timeshares are a very common asset owned by millions of Americans today. But not all of them are happy about this investment. Many timeshare owners immediately regret their purchase because of the constant expenses and rigidity. Soon they end up looking for methods to end their timeshare contract. 

If you also deal with such concerns, look for reselling options or consult timeshare exit companies. Top companies like Wesley Financial Group reviews clearly show that they provide complete assistance to help you out of a timeshare. 

But if you are still thinking about buying or investing in a timeshare, this article can help. It provides detailed information about the types of timeshare ownership. After a thorough reading, you can make a better and wise decision that you might not regret. 

What is a Timeshare? 

Though you probably know what a timeshare is, let’s dive deep to understand it completely. In legal terms, a timeshare is a multiple, shared ownership of a common property, usually a vacation real estate in a resort. The property cost is shared among the co-owners with a guaranteed time they can spend there. Every buyer receives a specified time as per their contract. 

How It Work? 

Timeshare allows you to spend a particular time on the shared property during the year. The time you spend varies according to your contract. Conventionally, two methods describe the time allocated to each owner: Fixed week timeshares and Floating week timeshares. But today, there is another way that determines your ownership duration on the estate, Points-based timeshares.  

Fixed Week Timeshares   

As per the name, fixed-week timeshares make you select a definite week of the year to spend time on the property. This is a reasonably appropriate method as you can easily choose to spend your birthday or a particular holiday at a co-owned place. Moreover, it saves you from advance reservation hassles, especially during peak holiday seasons. However, it also makes it monotonous to go to the same place year after year.  

Floating Week Timeshares  

Floating week timeshares are more flexible than fixed weeks. It allows you to choose a week or weeks without specifying any particular dates but with certain conditions. You are given a distinct window of time to choose your dates which are assigned on a first-come, first-serve basis. So, you have to act fast to get your desired dates before anyone else gets them.   

Points-based Timeshares  

This is the most recent and popular type of timeshare, also known as the ‘timeshare exchange program.’ Timeshare owners are allotted points every year. This annual allotment of points allows them a flexible and controlled time and place of booking. Points-based timeshare is applicable in multiple resorts. However, some prices may vary depending on the location, which may attract additional fees along with your points.   

Some people find it tedious to spend their vacation at the same place every year. This is where they can take the help of timeshare exit companies like Wesley Financial Group to get rid of the binding timeshare contracts. Wesly Financial Group takes pride in canceling various types of timeshare contracts. 

Timeshare Contracts Wesley Financial Group Can Cancel 

Once you know how timeshare works, you must know the different types of contracts available and Wesley Financial Group can cancel. 

Typically, there are two types of timeshare contracts, Shared deed, and Shared lease.   

Shared Deed   

In a shared deed, the ownership of the property is divided among the owners according to their allotted time. A deeded property has the same rights as any deeded real estate. Your part of the deed makes you a perpetual owner, which means that you can further rent, sell, or give the property away for that duration. 

Shared Lease 

A shared lease, on the other hand, means that the deed remains with the property while the timeshare owners hold a leased interest. These have comparatively more restrictions on property transfer terms than shared deeds. It also comes with a specified time limit, after which the lease expires. 

To Conclude

So, now you know the different types of timeshare ownership and contracts. Owning a timeshare is not all bad; it comes with its own pros and cons. Even if you find the ownership troublesome after buying a timeshare, you can still get out of the contract with the help of Wesley Financial Group, one of the best timeshare exit companies that can cancel every type of timeshare contract. However, ensure to look for their reviews to avoid getting into another problem while trying to get out of one.

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