Owning your own vacation property can become a reality with a timeshare. In this form of ownership the property use and costs are divided among all the owners. Most timeshares are condominiums, but houseboat, yacht, campground, motor home, resort and cruise timeshares are also common.

One type of timeshare is a fixed week in which each owner uses the unit for a single specified week, for example the 20th week of each year. In a floating week ownership you may, for example, select a week from the summer months. Rotating week timeshares assign a slightly different week from year to year, for example week 20 the 1st year and week 21 the 2nd year. Some large timeshare companies let you exchange your week for a week in another resort. As with any property, you may use your week, rent it or give it away.

While timeshares offer superb vacationing advantages, buyers must beware of illegal or barely legal methods of sale and resale. Don't buy a timeshare without seeing it and don't be impressed by a high pressure sales approach.

When buying a timeshare, consider your lifestyle and pleasure preferences - do you want to go to the same place every year, visit different resorts, or take cruises? Consider the time of year for your vacation. If it is during a peak season or school break you can expect to pay more. You can buy from the developer, a professional reseller, the Owners Club or directly from the owner. Some developers let you visit resorts with inexpensive sample vacations. Don't be shy about questioning current owners regarding their satisfaction. Include in your calculations the maintenance fees that cover the cost of cleaning, landscaping, maintenance, taxes, utilities, etc.

Your great advantage in buying a timeshare is an annual vacation in the space and time of your own choosing - guaranteed for life.