A timeshare is a kind of real estate plan where a piece of property is given to a number of people. These people share ownership of the said property. This is a sharing arrangement that is different from, say, a regular home where, in some instances, it is shared by the husband and wife. In a timeshare, the people involved in the arrangement have no relation to each other.
Usually timeshare properties are found in areas and destinations that have a warmer climate and where people usually go on vacation. For example, many areas in Florida and South Carolina offer a large number of timeshare properties. But there are also some timeshare properties that are located in colder climates like in ski resorts.
A timeshare property is more than just a hotel room. These properties are large enough to contain two to three bedrooms, a number of bathrooms, a kitchen and a living room. Condominium-style units are usually already fully furnished. There are even some properties that have indoor or outdoor swimming pools.
The usual duration of a timeshare ownership unit is one week. Usually the ownership will be limited to a week or a number of weeks if the timeshare owner buys multiple intervals. This period of time is when you can use the unit for yourself. A timeshare period that falls within a time that is considered the peak season or in-demand time in the area will usually cost more.
Like other forms of real estate, a timeshare can be sold or passed on to heirs.