What is Vacation Ownership?
Vacation Ownership "Timesharing" is the right to use specific weeks of a resort during a specific time period. Simply put, it is the pre-purchase of future vacation weeks. Timeshares are more deluxe than simple hotel rooms. Condominium-style units usually feature fully-furnished kitchens, generous living areas, and ample sleeping options for family or friends. Ownership of a timeshare is very similar to ownership of a condominium except that your rights are limited to a certain week (or weeks, if you purchase multiple intervals) during the year. The form of ownership can be deeded, leased or licensed. The license is somewhat different, in that it is most commonly a membership in a club. Providing you are a member in good standing, you have the right to use the club and all its amenities. Be sure to read and understand all the terms and conditions of your club membership before you make the decision to buy. Most vacation ownerships consist of either a deeded interest or a leased interest for a specific number of years. A deeded interest is owned outright forever. It is an absolute right that can be sold, leased, or even willed to your heirs. The less common leased interest is much like an apartment lease except right to use it is restricted to a specific week during the year. Upon the expiration of the lease term your right to use it will generally terminate and return to the resort. With a leased interest you should know the terms and conditions of the lease prior to making the decision to buy. The time of your use can be either Fixed or Floating. Fixed time is a specific week during the year usually defined by a number. Generally the week will begin on a Friday, Saturday or Sunday and is given a number starting with the first week in January and continuing through the end of December. (Example - week 14 might be April 7 through April 13.) Floating time means you have the right to select any available week within a certain season of the year. Therefore, if you own a summer season week you could pick any week that falls within the defined summer months. However, competition between existing owners for prime weeks in very desirable locations can impact availability. It is important to find which type of use best fits your specific travel needs. Each resort is different and offers various benefits to its owners. Many resorts give special reduced rental rates for extra nights or use of other resorts that are owned by the developer. This can add to your flexibility and provide substantial savings on vacation costs. Also, consider how and where you normally vacation. This is very important in making your decision about where you should buy and what you will have to trade. We welcome your comments and appreciate your feedback.

The History of Vacation Ownership
The vacation ownership (timesharing) industry can be traced back to its European origin in the 1960s. Superdevoluy, a ski resort in the French Alps, is the first known vacation ownership program in the world. The ownership of individual weeks guaranteed reservations for those who wanted to ski the area every year. It was an immediate success. By the 1970s, some faltering condominium projects on St. Thomas and in Fort Lauderdale and Puerto Rico were converted over to vacation ownership. Thereafter, timesharing became an increasingly popular vacation alternative. Once the United States embraced the concept of vacation ownership, it began to gain wide acceptance worldwide. Sales jumped to over 50 million by the mid- 1970s and have climbed to 6 billion annually today. Vacation ownership has enjoyed substantial growth over the years with approximately 5 million timeshares sold since 1980. Currently, there are over 5,000 vacation ownership resorts in 90 countries around the world. Exchanging a vacation ownership week in one resort for that of another resort was introduced in 1974 and brought new elements of variety and flexibility to the vacation experience. Although there are many exchange companies available that provide excellent service, the two major players are Resort Condominiums International (RCI), which has approximately 3,500 member resorts, and Interval International (II) with approximately 1,800 member resorts. Combined, these two companies provided over 1,600,000 exchanges last year. During a 30-year span, the industry has grown from small (15-20 unit) hotel conversions to the high-quality condominium resorts of today. The evolution of the industry from scattered entrepreneurs to well managed professional development companies has brought with it a noticeable change for the better. Definitive leaders have emerged and created standards and ethics for management, marketing and sales practices. One such organization is the American Resort Development Association (ARDA) whose members are required to comply with an established "Code of Ethics." The recent entrance into the marketplace by major hospitality chains such as Disney, Hilton, Ramada, and Marriott has greatly enhanced the quality and image of the industry. Vacation ownership resorts today are luxurious, have a wide array of amenities, and are well located. With the advent of these stronger and more professional development and management companies, and with the weeding-out the less desirable developers and marketers, the industry is now experiencing a very positive public image. One of the industry's leading analysts (Ragatz and Associates) concluded that the majority of timeshare owners are pleased with their purchase and, in fact, many now own multiple weeks. The future of vacation ownership is very bright and has tremendous potential.

How to Buy a Vacation Ownership Interest Is Buying a Timeshare Right for You?
Looking across the vacation spectrum, we find those who enjoy returning each year to a familiar spot as well as those who look to visit a new destination every year. Many fall somewhere in between. No matter where you are on the spectrum, timesharing can meet your travel desires. When you buy a timeshare, you are making a commitment--to yourself. This commitment involves your desire to vacation every year. While you often may choose to go to the same resort, you can also use an exchange network to go elsewhere when the mood strikes. Certain features may be extraneous if your only purpose is to use the resort for your own enjoyment. If you plan to trade your interval, however, for other timeshares throughout the world, a resort unit with more features will fetch a better trade, or a higher price, should you decide to sell the interval down the road. Keep in mind that you do get what you pay for. Although there are bargains out there to be found, this is still an emerging market. As a prospective buyer, you must also ask yourself, "What are my vacation criteria?" Some primary considerations are family, airfare, recreation, meals, etc.

Do I want to guarantee a certain week every year?
Can I only travel when the kids are out of school?" Find a resort that fits your vacation style. The Dollar Value Consideration Above all else, take into account the ever-present effect of inflation. Since the 1950s, the travel industry has noticed an approximate 5% annual increase in dollars spent on vacations. With the acquisition of a timeshare unit, you can start to curtail those costs. An annual maintenance fee of $250 to $450 ensures a week of vacation that has a fixed accommodation price per visit.

Exchanging Your Vacation Ownership
Now that you have become the owner of a vacation interval you can start enjoying the use of it. You may find that using your home resort is very convenient but don't forget about the endless opportunities of the exchange system. Chances are, your resort is affiliated with one or maybe two exchange companies. You can become a member of your home resort exchange company or use any of the another independent exchange companies which may provide special services to meet your travel needs. Either way, exchanging is one of the major reasons many people purchase a timeshare.