What is a leased timeshare? Square One Development Group Inc. discusses what taking part in a leased timeshare ownership actually means.
Taking part in a leased timeshare ownership might sound like a commitment-free opportunity. But the reality is, this couldn’t be further from the truth! Also known as a right-to-use ownership, a leased timeshare is not quite what it seems. When entering a contract for a leased timeshare, the owner actually doesn’t physically own the property at all. Instead, he/she has the right to physically stay at the property — but only during a specified and predetermined period of time.
Typically, owners of leased timeshare select a week when they’d like to visit the timeshare each year. This is precisely where things start to get tricky! When entering into the contract, leased timeshare owners not only select when they’ll visit the property — they also sign off on how long they’ll take part in the ownership. With most leased timeshares starting at 20 year contracts, owning a timeshare quickly becomes more of a commitment than owning a home. To make matters worse, breaking out of these contracts can be financial draining and confusing. That is unless you have a team of timeshare specialists to help you through the process, like Square One Group!