Many individuals are delighted with their timeshares with the ability to visit luxury resorts and apartments year after year. There are also multiple timeshare exchange programs where people can trade their weeks at a timeshare and travel nationally and internationally. However, high maintenance fees might become one of the reasons why people decide to exit timeshare one day. Another big downside of this type of ownership is that it doesn’t appreciate over time. Today, we’ll discuss a question: can you live in a timeshare full time?
What is a timeshare?
A timeshare appears as a kind of vacation property arrangement that gives an owner the right to use particular property and herewith shares the cost between multiple owners. It is a guaranteed way to have a weekly vacation for a week or two. Most timeshares provide two types of contracts – shared deeded and shared leased.
The first option features dividing the ownership of specific property between everyone who purchased a timeshare, and each individual is typically attached to one particular week of the year. The ownership under shared deeded contracts doesn’t expire, while an owner can sell or legate a timeshare. Another kind of contract lets individuals lease the use of a specific property, and it typically expires after 20 years or when an owner passes away.
How often can you use a timeshare?
Many potential timeshare buyers wonder – how often can you use your timeshare? Most modern timeshares offer to stay in the apartments for one or two weeks every year. There are several significant types of timeshare use periods. For instance, fixed weeks enable a timeshare owner to use a unit for an assigned week annually as long as they own the property.
On the other hand, floating weeks allow an individual to have a vacation anytime throughout the year, depending on a resort’s availability. Another type of a timeshare use period is called flex time. This timeshare principle refers to a particular season where an individual can use a week to stay at a resort.
Remember that high and low seasons vary from one vacation home to another. Finally, many out-to-date timeshares propose a point-based system that enables owners to buy and collect points that they can use for a resort reservation worldwide.
Can you live in a timeshare?
Generally, most timeshare companies feature some restrictions on the longevity of staying at a condo. In theory, it is almost impossible to live in a single unit of a vacation property full time. Even though living in timeshares for an indefinite term isn’t a common practice, it doesn’t mean you can’t succeed in staying in a timeshare full time. Some people do it via rentals and timeshare exchanges. It is an excellent option for retirees with a limited income who want to experience some adventure.