Timeshares are properties that have one owner and then many other investors/owners. The general owner is responsible for repairing damages and handling minor concerns as well as the upkeep of the property, such as moving the lawn. The individual owners receive a portion of time at the property each year for their payments.
An individual who purchases a timeshare isn’t buying the property itself, but rather a share of the property. Owners are guaranteed a portion of time at the property every year based on their investments.
The typical duration of a timeshare is one week out of the year. The owner has the option of choosing the week he wants to spend there when he first purchases, though first choice goes to the first buyer.
There are usually 51 buyers in a timeshare property. The company that owns the property uses one week of the year in which to do maintenance and repairs. The other weeks of the year are used by the owners/investors.
Timeshares come in all different shapes and sizes, including yachts, condos and houses.
There is no set geography associated with timeshares, though they’re more popular in the United States, particularly California, Colorado, Tennessee and Florida.
Timeshare owners/investors are responsible for the general upkeep of the property since others come in the following week. The original contract usually contains a clause mentioning this fact.