We’re all looking for a little bit of vacation time now and again. But everyone has a different idea of what a vacation is. Whether you’re looking for an affordable week at your favorite beach resort, a luxury home to retreat to a few months at a time, or a club that allows you endless destination options, there is a type of ownership to fit your needs.

There are 4 main types of vacation ownership. These include:

• Timeshare
• Fractional
• Travel Club
• Vacation Club

With so many timeshare terms just thrown around, it can be confusing to understand exactly what kind of ownership you are looking for. Here, we’ve broken them down to give you a better idea of what you want in a vacation.

Timeshare Ownership

Timeshare is a popular form of vacation ownership, where multiple individuals own the right to a resort or vacation property through a fixed week, season, or points system. With a fixed week or season ownership, guests own the right to a certain Home Resort that they may visit annually, biannually, or biennially with the same unit type and amenities. Because of this, a timeshare is a good option for those families who enjoy a traditional trip to their favorite vacation spot.

For timeshares based on a points system, a specific allotment of points is awarded every year, to then trade for a desired week at any resort within the brand or its affiliate resorts. Points can often be used for rentals, airfare, and many other expenses as well. In general, a points-based membership is much more flexible and great for families who want a little variety in their yearly vacations.

Although “timeshare” has become a universal term used to describe vacation ownership in general, it is important to differentiate an actual timeshare ownership from other forms in the industry.

Fractional Vacation Ownership

Fractional ownership — also known as shared property ownership — is a form of timeshare, but with distinct differences. There are 3 main factors that set fractionals apart from traditional timeshares:

1. Length of ownership: While timeshare owners typically have rights to a resort from 1-3 weeks, fractional owners have access to their property anywhere from 1-6 months out of the year.
2. Luxury: Fractionals have become the essence of luxury. This is because fractional ownerships have a much higher cost and are usually only available at high-end resorts and residence clubs in world-renowned locations. Fractional properties are also completed with high-end furnishings, updated décor, and luxury amenities.
3. What you are actually purchasing: When you buy a fractional vacation ownership, you are buying a share of real estate. Also referred to as “fractional vacation home ownership”, these properties are luxury private homes that are shared between a few different owners. Because of this, fractionals hold their value well on the real estate market.

Travel Club Ownership

Travel clubs, such as Carefree Journeys, are viable options for those looking to vacation at an affordable price. By paying an annual membership fee, travel club owners have access to numerous accommodations, attractions, services, and amenities at discounted prices. In a sense, a travel club is a prepaid travel service with package deals on vacation options. Travel clubs also offer the incentive of inexpensive travel insurance. If you find that your getaways tend to become a constant string of expenses and additional fees, becoming a member of a travel club is a great choice.

Some major resort brands also have their own form of travel clubs. If you already own a timeshare, contact your homer resort to find out if you have access to these additional travel benefits.

Vacation Club Ownership

Very similar to travel clubs are luxury vacation clubs. However, vacation clubs are usually associated with a specific resort brand. Members are given a certain amount of points, and have the ability to travel to any resort within their chain in accordance with their points. As a vacation club member, you only have to pay an annual fee to have access to a variety of high-end vacation clubs, which are generally more extravagant than travel club accommodations. Vacation clubs are incredibly flexible, ranging in size of unit, location, and amenities. These are some of the top vacation clubs in the industry:

• WorldMark by Wyndham
• Hyatt Vacation Club
• Marriott Vacation Club
• Hilton Grand Vacations

With so many ownership options to select from, the choice is up to you. Determine what you are looking for in a vacation ownership and find a type that fits your wants and needs. No matter what you choose, you will not be disappointed.