What is a timeshare? Why own a timeshare? What do I do with my timeshare? These are all qood questions to be asking yourself. Especially if you're interested in purchasing 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 marketed his resort by convincing guests to "stop renting a room" and instead "buy the hotel". The man was successful in improving tenancy and the idea expanded across the globe.

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 arranged 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.

In order to exchange a timeshare week, you will need to go through an exchange agency. The two most prominent are RCI (Resort Condominiums International) and II (Interval International). Exchanging a week will afford you thousands of resorts to choose from worldwide. RCI and II both have resort associate programs and members can only exchange to associate 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 a timeshare.

One great benefit to owning a timeshare are the accommodations. Normally, timeshare accommodations are much nicer than hotel or rented accommodations. And most resorts feature leisure services (almost always at no additional charge). Typically, timeshares include one to three bedrooms, numerous bathrooms, a full kitchen and a living room. These condominium-style units are almost always fully furnished. You will frequently find indoor and outdoor swimming pools at most timeshare resorts.

Now, as far as renting a timeshare- in most cases you will walk into a win-win situation. Win for the you because you will most likely be paying less than you would booking a room and the accommodations are at a much higher standard. If you are leery of making the leap to timeshare ownership, renting is a great way to enjoy the benefits of the resort without having to own a timeshare. Win for the owner because their cost is covered. Frequently owners are unable to use their weeks and need to rent it out.