Timeshares and Condominium: Classification of Hotels

Introduction

Did you know that timeshare market size is expected to reach US$ 31.08 billion in 2030, and timeshare lawyers will be in great demand? Before you contact one to give you advice on possible contracts between you and your resort company, you must learn the basics about vacation home options. In this blog post, you’ll find everything you need to know about time shares and condominiums.

Timeshares

Timeshares work on fractional ownership, which means various individuals as a group invest in and use a vacation property. It can be a home, hotel, resort, or apartment you gain the right to. Regarding the time period, there are two options. A fixed period means the group has specific weeks and days of the year, and floating periods mean the place is reserved for a season. Remember that you’ll still have to pay even if you’re at home or something unprecedented prevented you from using the property. 

Usually, time shares are divided into the following ownership types:

• Shared deed ownership: With shared deed ownership, you gain a percentage of the property in line with the duration of your purchase, which can be resold easily. In other words, you get the deeds. 
• Shared lease ownership: This gives you the exclusivity of using a given property for a specific or floating season for a pre-agreed number of years. With it, selling ownership is much more complex and therefore, this ownership is of lesser merit.

Advantages of Timeshares

The positive side of timeshare are numerous and here is what you can expect:

• You always know where your vacation will be. If you prioritize organization and tend to go to thought-out locations each period of the year, this is convenient for you.
• No responsibility for maintaining the property. Your company is responsible for all of that. After you pay beforehand, there are no added maintenance costs.
• Lower costs compared to buying a vacation home. This cost-effective option saves you money in the long run.
• Various amenities. An average hotel lacks resort pools, private balconies, or recreation rooms.

Condominiums

The most straightforward definition of a condominium would be ‘a private ownership of an individual unit of a given property complex.’ That way, various individual units are distributed to multiple owners. Typically, owners are given condominium maps where they can see where their units are and where the common areas shared with other individuals start. These include hallways, lobbies, elevators, lounges, pools, garages, gyms, and entertainment centers.

Their greatest asset is their versatility—we can easily find both a luxury condo with many high-end features and one with fewer amenities. Another notable advantage is their lack of need to maintain the exterior of the home. It’s important to denote that unit ownership is similar to that of a house. So, owners usually can sell and resell their individual units. Still, you must be aware of the condominium declaration to fully comprehend what you’re allowed to do and what not.

How Condominiums Differ from Normal Hotel Business

Condominiums shouldn’t be confused with normal hotel businesses, as they differ in the following aspects:

• You don’t have to conform to rigorous standards. This is a huge edge over a 5-star hotel room, which has to offer a lot of comfort and quality to meet them.
• You can flexibly rent them for a different time period, and hotels have a more restricted approach to this. 
• Although there are pre-configured condominium rules, there aren’t any set policies to adhere to.
• In condominiums, you’ll have to prepare food for yourself, but most of them are well-supplied and have all the amenities that allow this.
• With condos, a wide array of necessary services like cafes, restaurants, swimming and shopping areas aren’t accessible throughout the whole day. 

Timeshares and Condo Hotels: Similarities and Differences 

Timeshares and condo hotels share two major similarities. First, both are fully supplied with whatever they need and found in attractive locations, so the price is formed according to this. Also, the two give you the right to find rentals for your property.

The most significant difference lies in their flexibility.  With a timeshare, you’re limited to given days or weeks of the year that will become your vacation period. On the other hand, condos offer greater versatility. 

Pricing of condos is more expensive because you’re buying a unit, which isn’t the case with using timeshares for a few days. Also, condos offer more amenities unlike the limited scope of timeshares’.

Let Lonestar Transfer Solve Your Timeshare Problems

Before selecting your vacation spot, it’s best to weigh up the pros and cons of both timeshares and condominiums. Navigate your search with careful evaluation and assessment of different factors.

At Lonestar Transfer, we’ve been completely dedicated to client satisfaction since 2010. Our team of timeshare lawyers has the skills and expertise to eliminate timeshare mortgage needs and maintainable fees professionally. 

Call us today, and let’s make it happen!