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A few weeks ago my family went on our annual Florida vacation, but this year it looked and felt very different. The timeshare we own was unfortunately destroyed by Hurricane Ian only two weeks before our scheduled vacation. My grandparents bought this condo in the 80’s and gifted the weeks they owned to their grandchildren when they were no longer able to go. I inherited my week after spending many years vacationing there as a child. I now take my children to that same place every year because we only have to pay the dues (less than $600/year) as our lodging expense.
As it is tradition, we still wanted to go this year despite our condo being destroyed but needed to find a different place to stay. Have you looked into how much it costs to stay ON THE BEACH in Florida?! I had not until this year and was shocked. We ended up in St. Pete Beach and BOY WAS IT EXPENSIVE. We won’t be doing that again! I am hopeful our Condo Association will be able to rebuild- although I am sure it will be at least two years until we are able to go back. My point here is, because we own a week we are able to enjoy a 1 bedroom condo that sleeps 6 with a kitchen on the beach and pools for 13% of the cost of renting a similar unit.
During Covid we also decided to buy into a timeshare in Lake Chelan. We own 3 weeks that rotate throughout the months every year. We don’t go all 3 weeks each year, so we are able to rent one or more of them and cover the cost of ownership! There are so many benefits to timeshare ownership and affordable travel is just one.
Below is a simple breakdown of the different types of timeshares. There are even more options than these 3, some with blends of different ones and each having their benefits and drawbacks.
Deeded Timeshare
A deeded week timeshare means that the owner literally gets a deed for their week and they own it. It is commonly called fee simple in real estate terms. Since it is a deeded week, the owner has the option to sell their timeshare, rent it out and give it away if they wish to. Deeded week timeshares were the most common when timeshares originated. There are still timeshares like this available but many companies have moved away from deeded weeks in favor of flexibility. (This is the type we own in Florida.)
Right To Use Timeshare
Right to use timeshares do not come with a deed, but they do come with a contract stating how long the owner has the right to use the timeshare. Most right-to-use leases are over after 30-99 years depending on what is specified in the original agreement. However, owners can still sell their ownership to somebody else on the resale market.
Leasehold Timeshare
Leasehold timeshares are not owned in perpetuity and have a specific expiration date. They do however hold the same benefits and rights as other timeshares. Disney Vacation Club is the most prominent example of a leasehold timeshare.
There isn’t really a benefit to me financially to share my passion for Timeshare Ownership with you all. I just LOVE travel and being able to travel affordably means that I can travel more. And who doesn’t want to travel more?! If you want to learn more or look into timeshare ownership I’d love to grab a coffee or a beer and dream with you!
