Timeshare Basics

 
Timeshare (also known as Vacation Ownership) is a joint ownership or lease of vacation property by several parties who take turns occupying the premises for fixed periods. It's basically a group of people sharing the cost of a vacation place.

Getting a timeshare ownership is simply an acquisition of a vacation home or resort for a specific period of time in a year. Your vacation choices are still unlimited in terms of location, time of year, unit size. Yes, you still have the flexibility just like before you owned a timeshare, but now you have prepaid most of the costs up-front when you bought your timeshare. You can choose to stay at your own resort or exchange to another resort, hotel, tour, or even a cruise.

Most of the time the ownership is divided into one week, sometimes in two weeks intervals. There are some timeshare programs which offer longer user periods, sometimes as long as one month, or even a season. You can usually exchange your bought vacation interval for another time slot.

While condominium units were the primary timeshare targets before, nowadays you can own a room in a hotel or resort, a villa, or even a stateroom on a cruise.

Timeshares are sold in many different ways: by referral, by a resale agent, over the Internet and through the on-site sales presentations.

Suppose you want to go Orlando, Florida for a Disney vacation this year. Most people would go online and book a hotel or resort or book the room through their travel agent. Another alternative is, of course, to buy a week of timeshare at Orlando, Florida, where you can go this year and any year thereafter if you wish. If you don't want to go there next year, simply exchange your vacation week at Orlando, Florida to another vacation spot, such as Maui, Hawaii, for example. When you buy or vacation timeshare, you need to read the timeshare contract carefully to understand all the fees involved. Some common fees are the yearly maintenance fee and the exchange fee.

Timeshare User Group (TUG) contains a very good explanation of timeshares.
 
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