timeshare

Timeshare is a form of shared property ownership or right to use a vacation property for a defined period, typically a specific week each year, in a resort or destination. It originated in the mid-20th century as a way to finance resort development and to provide predictable vacation accommodation for multiple owners.

Most common arrangements are: deeded ownership, where a buyer owns an undivided interest in the real property; right-to-use, where a buyer obtains a renewable license to use the property for a set term; and points-based programs, which allocate points that can be redeemed for stays at one or more properties within a network.

Owners pay an upfront purchase price and ongoing annual maintenance or management fees, plus occasional special assessments. In exchange, owners gain guaranteed use of a unit during their assigned period and may have access to exchange programs that permit staying at different properties.

Advantages include predictable vacation options, generally higher-end accommodations, and the potential to exchange for other locations. Disadvantages include ongoing costs that can exceed comparable hotel stays, limited flexibility in scheduling, a long-term financial commitment, and difficulties in selling or transferring ownership.

Regulation and consumer protections vary by country and jurisdiction. Prospective buyers should carefully review contract terms, termination rights, and potential resale restrictions, and consider consulting a lawyer or financial adviser. The market has evolved to include hybrid and fractional models and broader networks to facilitate exchanges.