What is a timeshare?

A timeshare is a form of vacation property where a number of individuals share ownership in the property. In most cases, the timeshare is owned by people who have no relation to one another. Purchasing a timeshare allows you to buy a fractional share of a vacation property instead of having to buy an entire vacation home.

The notion of a timeshare was originally created in Europe in the 1960s. A ski resort developer in the French Alps innovatively marketed his resort by encouraging guests to "stop renting a room" and instead "buy the hotel". The developer was successful in increasing occupancy and the idea spread worldwide.

Typical timeshare ownership is for one week. Some resorts also offer a week every other year or even four weeks a year. In most cases the week is a specific time, but you can purchase multiple intervals. This would be called a “floating week”.

Owning a timeshare allows you to spend the prescribed time at a designated resort, exchange the week, give it as a gift to friends or rent it out. Timeshares can also be sold or passed down to heirs as with other forms of real estate.

Exchanging a timeshare week is done through an exchange agency. The most popular two are RCI (Resort Condominiums International) and II (Interval International). Exchanging a week will allow you to stay at thousands of resorts worldwide. RCI and II  both have resort affiliate programs and members can only exchange to affiliate resorts. It is important when considering timeshare ownership to consider which locations and resorts you may want to travel to before making your purchase, because the timeshare resort you purchase at will determine which of the major exchange companies you can exchange through. Both RCI and II charge membership fees and exchange fees, another thing to consider when purchasing.

One great benefit to owning a timeshare are the accommodations. Timeshare accommodation is generally of a much higher standard than hotel or rented accommodation. And most resorts have extensive leisure facilities (almost always free to use). Typically, timeshares include one to three bedrooms, multiple bathrooms, a full kitchen and a living room. These condominium-style units are almost always fully furnished. Indoor and outdoor swimming pools are common at most timeshare properties.