Which one did you buy?

Timeshare sales are often high-pressure and fast-moving affairs. Some people get caught up in the excitement of the sales presentation and sign a contract, only to realize later that they may have made a mistake.

Here are some of the most common types of Timeshare ownership available on the market:

Fixed-week ownership

The most common unit of sale is a fixed week; the resort will have a calendar enumerating the weeks roughly starting with the first calendar week of the year. An owner may own a deed to use a unit for a single specified week; for example, week 51 typically includes Christmas. An individual who owns Week 26 at a resort can use only that week in each year.

Floating-week ownership

Sometimes units are sold as floating weeks, in which a contract specifies the number of weeks held by each owner and from which weeks the owner may select for his stay. An example of this may be a floating summer week, in which the owner may choose any single week during the summer. In such a situation, there is likely to be greater competition during weeks featuring holidays, while lesser competition is likely when schools are still in session. Some floating contracts exclude major holidays so they may be sold as fixed weeks.

Rotating or flex-week ownership

Some are sold as rotating weeks, commonly referred to as flex weeks. In an attempt to give all owners a chance for the best weeks, the weeks are rotated forward or backward through the calendar, so in year 1 the owner may have use of week 25, then week 26 in year 2, and then week 27 in year 3. This method gives each owner a fair opportunity for prime weeks, but unlike its name, it is not flexible.

Fractionals

Fractional timeshares are similar to fixed week timeshares, except that the usage rights of each owner are typically for larger blocks of time such as four to twelve weeks per year. Fractionals are also typically very high-end and, in some cases, may be standalone homes or condos rather than resort suites.

Points programs

Timeshare points are a newer form of vacation ownership that were created in response to owners’ desire for more flexibility when booking vacations. Typically, an owner purchases an allotment of points within a vacation club membership (which is essentially a network of affiliated resorts). Points are a type of “vacation currency” which can then be used to book stays at any resort within the vacation club.