A timeshare is a form of vacation ownership. Timeshare allows travelers to purchase a “share” of a resort to use for vacationing. In the most traditional form, a timeshare allows an owner to visit the resort for one week every year. But in the last decade, timeshare has evolved to allow more flexibility with new ownership options including floating weeks and points. When you buy timeshare as opposed to visiting as a non-member, you are able to enjoy member-only perks, amenities, and discounts.

Maintenance fees are the annual dues required by a timeshare resort or homeowners association (HOA). They help to cover various resort expenses such as housekeeping, grounds keeping, resort staff, and general upkeep. Maintenance fees can also be used for future improvements and renovations.

The cost of a timeshare will vary depending upon the ownership details. Factors such as the resort brand, location, unit size, and week number will all influence the cost of ownership. Buying a timeshare directly from the resort or developer will also increase the price of a timeshare.

Typically, when you buy timeshare from the resort, you are paying the full retail price. This retail price will usually include mark-ups to cover sales expenses such as sales commissions, gift incentives, and presentations. For the savvier shopper, a timeshare resale will offer a much better value. When you buy a timeshare resale, you are purchasing directly from the owner. This will allow you to not only receive a lower purchase price, but the opportunity to negotiate the initial offer.

A deeded timeshare provides the buyer with the right to use the resort every year or every other year during a specific week. Traditionally, a deeded timeshare comes with a fixed week and unit. This type of timeshare is a perpetual contract and can be passed down to your heirs.

A right-to-use timeshare allows the owner to use the timeshare for a certain number of years. Typically, right-to-use contracts expire after 25-99 years. This type of membership is particularly popular in foreign countries such as Mexico. After the contract expires, the member is free and clear of the timeshare, although most resorts provide the option to renew.

Through the evolution of the industry, timeshare buyers now have the option to purchase timeshare weeks or a points-based membership. Points are used as a form of currency to reserve vacations at the resort or through a vacation club. Resorts will offer a points chart to describe how many points are required for various reservations.

Many timeshare buyers also choose to purchase points on the resale market to add to an existing ownership. Buying timeshare points on the secondary market is similar to buying a timeshare resale, but will provide even more flexibility.

A fixed or floating week refers to the time of year in which the owner can use their timeshare.

• Fixed week — A fixed timeshare week is the most traditional form of vacation ownership, in which the owner can use the timeshare the same time every year. For example, if you buy a timeshare with a fixed week #1, you will be able to use the resort the first week in January every year.
• Floating week — A floating timeshare week allows the owners to use their timeshare at any time during their allotted season (usually spring, summer, winter, or fall). Each year, you will call the resort to reserve an available week or sometimes split your week into multiple trips.

Many owners have the options to exchange a timeshare week or points. Some timeshare resorts and vacation clubs have an internal exchange program in which owners can travel to different resorts or during a different time of year. Most resorts are also affiliated with a timeshare exchange company such as RCI or Interval international. These exchange companies allow owners to travel to thousands of resorts across the globe. Many also have the ability to trade their timeshare for cruises and discounts. A timeshare exchange company will typically require an additional membership fee but you will have the option to renew or cancel each year.