Do you own a timeshare?

I notice the Mill Resort has timeshares listed on their website. I wonder how a timeshare works? Could someone explain to me.

I believe you pay for fees for owning a timeshare. Other people also own the same timeshare as you. You are given 1 or 2 weeks a year to go to the timeshare. You can trade your property and go to a different one too.

Thank you for your answer sunandfun. Do you know if you only pay for the 2 weeks that you stay at the time share, or do you have to pay on it monthly?

I'm not sure if it's monthly or yearly, but you have to pay whether you visit that year or not. You also have to try to book your time there before anyone else who also owns the time share books it, which can sometimes be hard to do if it's during a popular season.

If I'm not mistaken, timeshares require a pretty big investment, almost like real estate. I think you pay one large sum to buy into it and then pay your annual fees to use it every year. I could be wrong, but that's the way I always understood it to be.

Maintainance fees if I am correct? They are paid yearly and other people pay them as well. You can trade other people to go to other states to use their timeshare property. I think like if you owned a timeshare in Florida, you get 2 weeks, which if you traded for Hawaii, it's only 1 week.