A timeshare allows you to own shares in a fully functional vacation home for a predetermined number of weeks per year. You pay a one-time purchase price to buy into the vacation home and a yearly maintenance fee to help cover the cost of upkeep on the vacation property.
There are two types of timeshare ownership. Deeded timeshare means you own part of the timeshare property and can sell, rent or bequeath your portion just as you would with a home you owned. Leased timeshares do not give you these rights and act more as a rental of the timeshare property.
Timeshare properties can be purchased all over the world. According to Indigo Guide, some of the most popular locations are Orlando, Florida, Aruba in the Caribbean, Las Vegas, Hawaii and Mexico.
Owning a timeshare in a vacation property is much less expensive than having to purchase your own vacation home. You can choose to use your weeks for your own vacation, rent out the home for your time period or a combination of both.
While saving money on your vacations is great, do remember that when you've purchased a timeshare you will have to return to that same spot year after year for your vacations. Be sure you choose a location that you know you'll continue to enjoy. Also, know what you're getting into before you buy. Read the fine print so you know what your ownership rights are and how much this timeshare is going to cost you in the long run.
