What Is a Timeshare?

Timeshare is like having an ownership interest in a vacation home without having to pay for and maintain the entire house. In its most basic form, a timeshare –also known as vacation ownership– allows you to pre-pay for years of vacation accommodations at today’s rates.

Way back when timeshares first became a “thing,” owners would buy one specific week at one specific resort to stay every year. This is commonly referred to as “fixed” vacation ownership. Nowadays, points-based programs offer more flexibility. Points are purchased to apply to a variety of vacations without having to stick to the same week and resort year after year.

It varies by dates, accommodation size, length of stay and resort location. With most programs, points can also be exchanged via partner networks for other vacation expenses like airfare, cruises or special events.

They can be. By locking in today’s rates, you can save money over time. You also get the assurance of knowing your accommodation costs upfront for every stay and the ease of planning vacations via a dedicated program. For those who value vacationing consistently, timeshares offer a variety of resort-style, quality experiences to choose from. This is especially true with timeshares affiliated with trusted hotel companies like Holiday Inn and IHG.

Timeshare means you’ll stay in larger accommodations that are more like condominium vacation homes than hotel rooms. This extra space–along with full kitchens and in-villa or onsite laundry–is great for traveling families. Most timeshares also offer resort amenities, family activities, events as well as 24/7 security, front desk staff and consistent maintenance and resort refreshes as opposed to what you might get at a traditional hotel, vacation home rental or by purchasing a vacation home. For timeshares affiliated with global hotel brands, you can trust a quality experience with every visit. These affiliates also provide access to additional destinations around the world via partner hotel networks to add variety to your lifetime of vacations.

Timeshare may not be the best option for you if:

• You frequently travel alone and don’t need the extra space.
• You can’t commit to using your vacation time–or you can’t travel far from home–most years.
• You cannot responsibly afford the upfront cost and/or loan payments or assessment fees.
• You don’t want to be locked into one vacation ownership program, even if it offers 28 domestic US resorts and over 13,000 partner network hotel options.

“Old-school” timeshare changed a lot when points were introduced. Points-based programs provide much more flexibility to choose when, where and for how long you want to stay. For timeshares affiliated with larger hotel companies, you can also exchange your points for stays in their partner hotels.

This is completely different than older, “fixed week” timeshares. Those typically provided accommodations for only one specific week at just one specific resort, oftentimes locking in even the same villa number. This meant your vacation options had very limited flexibility when it came to locations, weather and calendar conflicts.

Most people would agree that it’s important to take some vacation time every year. But the cost of hotel rooms, vacation home rentals and even vacation home real estate increases every year, too. Buying a timeshare pre-pays for your vacation accommodations at today’s prices. This saves you money over time. And committing to a vacation ownership program provides you access to a wide variety of quality resorts with built-in amenities, activities and service. And that means: No more hunting for the best places, or the best deals, every time you want to take a family vacation.

This can vary from company to company but typically, it all starts with a visit to a resort and a timeshare tour. For some timeshare companies, you can rent a unit to get a feel for the product. Most have special getaway deals at deep savings to visit and tour the resort, though oftentimes you will be staying at a nearby hotel instead of at the timeshare resort itself. And you can always simply book a tour if you’re traveling to the area on your own.

A team member will host a personal tour of the resort. This usually lasts about two hours, based on your level of interest. Our tour team member will chat with you to learn more about your vacation needs. You’ll be shown choices to consider and your costs and financing options. If you decide to buy, another team member will walk you through the closing process and required paperwork.

Timeshares have a rescission period (in other words, a cancellation window) if you change your mind. It varies by state and is explained to you at the time of purchase. Once this period passes, your ownership becomes effective.

Your timeshare points have spending power. You apply them toward your annual vacations. This might mean one big trip or several smaller getaways. Peak season, larger villas, and long length-of-stays will typically need more points. Traveling during off-peak times, staying in smaller one-bedroom villas and weekend trips will typically require less points. How much you buy depends on how you like to vacation. Consider where and when you prefer to travel and what kind of accommodations you like to stay in. The more points you own, the more options you’ll have.

How you use your points is completely up to you. You can customize your stays by number of days and accommodation size. And with many membership programs, you gain a host of additional benefits and flexibility via partner hotel networks depending on the timeshare company’s offerings.