Timeshares are sold in several ways. The traditional interval week program offers you the use of your accommodation for one week — either for a specific week during the year, or for a week during a time period or season. During the past several years, consumers have asked for more flexibility, which has resulted in today's multiple use options.

Exchanges

To exchange, you place your interval into the exchange company's pool of resorts and weeks available for exchange and, in turn, choose an available resort and week from that pool. The exchange companies charge an exchange fee, in addition to an annual membership fee, to complete an exchange.

Exchange companies and resorts frequently offer their members the additional benefit of saving or banking vacation time in a reserve program for use in a different year. Often the exchange company offers other travel agent-type services, including discounts on airfare and car rentals.

Point-Based Programs

In point-based programs, your purchase points can be redeemed for access to various types of accommodations, resort locations, amenities, number of days use, and other travel services. Point-based programs are appealing because they give you the flexibility to design your own vacation. Most resorts are affiliated with an exchange company that administers the exchange service for its members. Typically, the exchange company will directly solicit annual membership. Owners individually elect to become members of the affiliated exchange company.