Definition of "Timeshare Homes"

Timeshare homes is the popular name given to the concept of fractional ownership in real estate, and, in fact, is a better term to explain its meaning.

Why?

Well, fractional ownership means basically someone owns a fraction of something, right? In this case, a real estate property. But how can one share a property with someone? They can’t each get half of a room, right? So, they created timeshare homes, where the fraction in question is time and not property; that is: that house is theirs – the whole house; not a fraction of it! – only for specified periods of the year. Got it?

Timeshare homes are very popular in typical vacation areas. For instance, Orlando Real Estate Agents are used to negotiating lots of timeshare homes because, when buying a second home, a lot of people – from the US and elsewhere – find it a good opportunity to have a house for their annual vacation near Mickey Mouse and company.  For instance, a lot of snowbirds have their second home in a time-sharing regime.

But how is that timesharing done? There are several ways it can be done. In some of them, the owner purchases interest in the property; in others they don’t and the timeshare home contract acts as a lease that gives the buyer the rights of use. Some are fixed-week (or month) ownership and every year they own that specific period, while others are floating-week ownerships where there is a range of available time slots the owners have a right to use. Not to mention the point-system ownership (also known as vacation clubs) where buyers get “points” that can be converted and redeemed at various locations, and act as a currency of preference in the busiest seasons.

Real Estate Tip:

Timeshare homes can be great! But before committing, do your due diligence! And the best way to do that is by having a real estate agent that knows his/her way around timeshare homes!

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Identifying marker of a company. Attesting to something such as the validity of an instrument used in real estate. ...

Real estate sales contract where possession and use is provided to the buyer, but the deed is kept by the seller until the full purchase price is met whereupon the title is placed in the ...

Siding made out of aluminum, plastic derivates, or cement asbestos having ridges and valleys which is attached to the sides of buildings. ...

Also known as adjoining landowners or abutting owners, adjoining owners are property owners whose property touches a common property. The definition of adjoining property owners is those ...

Under law, a warranty in effect even if not expressly stated. It provides that real property sold is warranted to be appropriate for sale and is in proper condition even if not stated, ...

What is the meaning of a story, and what is it good for? The story definition is a floor, level, or deck in a construction or building.  What does story mean in real estate? A real ...

Lease that requires periodic equal rental payments that will not charge for the term of the lease. A straight lease is also known as a flat lease. ...

Member Of the American Institute of Real Estate Appraisers. ...

Derogative term describing a high-pressure telemarketing office where sales personnel often use extremely exaggerated claims as well as intense sales practices to convince targets clients ...

Popular Real Estate Questions