The History of Timeshares

The term timeshare is a coined word, one that emerged in the UK in the 1960’s to denote a system of sharing vacation accommodation that started to become popular after World War II. In its initial form, timeshares were vacation cottages purchased by multiple families together, each of them having exclusive right to use the cottage for a specific period each year. The solution quickly gained popularity and was embraced by entrepreneurs who bought property in popular resorts, then they divided the property ownership into 50 equal parts, corresponding to 50 weeks of the year and sold the time spent on the property (the remaining 2 weeks of the year were reserved for maintenance).

The first timeshare in the US was sold in Fort Lauderdale, in Florida in 1974, based on a contract that gave the buyer 25 years of vacation license on the property. The concept was soon adopted by many adventurous entrepreneurs as well as by large hotel chains. Timeshares were appreciated by the general public as well because they offered the opportunity to spend luxurious vacations in exotic places for costs that seemed much lower than the costs of booking a single vacation in a similarly luxurious hotel.

The timeshare industry is still multibillion-dollar business, with thousands of properties offered by hundreds of timeshare management companies and with legislation being constantly amended to protect all the parties involved.  Companies like Timeshare Termination Team can help you get rid of your timeshare legally if you no longer need or want it.

First Posted right here: The History of Timeshares