There are several items you should confirm during the final walkthrough of a home.
What is an interval?
An interval refers to the assigned period of time someone is given at a timeshare property such as a vacation home.
Though the term “interval” has several meanings, it often is used to refer to when a timeshare owner is designated to be at the property, but it also refers to stays at timeshare properties owned by someone else, such as a resort.
If you’re part owner, you and the other co-owners own the property as a collective, and each one of you is given an interval during which the property is yours. Then, you can rent the property during your interval.
If a company owns the property, you buy the right to have a specific interval at the property for a specified length of time, which could be anywhere from 10 years to 50 years.
There are several types of intervals you can purchase from a timeshare. For example, an interval can either be fixed (meaning you get it at the same time each year) or floating (meaning you purchase time during a specific season and then must reserve the specific week or weeks you want on a first-come, first-served basis).
There’s also what is called fractional ownership, which means you buy a large chunk of time, such as several weeks, and you can then use up this chunk instead of buying a specific week every year.
Want to learn more? Check out “What is a timeshare?”
If you own a timeshare along with several other owners, you may allot each person’s interval based on the number of owners.
For example, if four people own the timeshare, they may each get it for three months out of the year. Or, if 12 people own the timeshare, they may each get one month at the property.
On the other hand, if you purchased a timeshare interval at a resort, you may buy an interval during a specific season, such as summer. However, you won’t have a specific week during that season locked in or automatically assigned to you, so you must make a reservation each year and hope that you get your reservation in early enough to get the specific week you want.
Not happy with your timeshare? Here’s how to get out of it.