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It is a property, usually an apartment or condominium typically located in a resort area or vacation destination. More specifically, it is the agreement to use that property in a certain way. This agreement is what makes an apartment or condo into a timeshare. Owners of a timeshare agree to divide the time spent on the property among themselves. Timeshares are typically purchased by people who want to vacation in one particular place year after year. For instance, if a family finds a vacation spot that all of them love, with options that appeals to each member and this place is relatively convenient to get to, it may be advisable for them to seek out and invest in a timeshare.

Typically, the amount of time that one timeshare owner is allowed to stay at the property is one week per year. They may also be required to pay a small fee, along with all the other owners, for the upkeep and maintenance of the timeshare property. The cost of a timeshare can be considerably lower than an equivalent time spent in a resort hotel of comparable quality. In some instances it may be possible for someone trade or sell their stake in a timeshare, either for money or for a stay on another property.

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