Some folks still cringe at the very word: timeshare. Perhaps they are thinking of the impossible restrictions and lack of options that defined the timeshares of yesterday.

Happily, things have changed dramatically in the last 20 years. Today, timeshares offer a great amount of flexibility and freedom.

Rachel Rush, who lives in New York, said that when she visited a timeshare community in Florida, she was hesitant, because she remembered how rigid the rules were when she was a child.

“When I was a little girl, my parents owned a timeshare,” she said. “We had to go to Colorado the second week of every April. If someone was sick or there was a wedding or funeral, we were just out of luck. No vacation that year.”

As she listened to the presentation and asked lots of questions, Rachel realized that things were different now, and that owning a timeshare might be a great option for her.

Instead of being locked into visiting the same location each year, today’s timeshare owners can usually choose from a long list of vacation spots. Some companies offer locations all over the world. Some lucky timeshare owners are even offered a cruise as an option.

Even with all of the great improvements, timeshares are not for everyone. If you only take a vacation once every five years, then this isn’t the investment for you. For others, who usually do take at least one week of vacation each year, timeshares are often a good option.

Before buying, do your homework. Shop around and ask a lot of questions. Different companies offer different options. If certain locations are important to you, make sure the company you are researching has a property at that location. It’s easier to trade properties within the same company than it is to try and trade between companies.

Also, don’t jump on the first offer. Purchasing a timeshare is a perfect time to break out those negotiating skills. Buyers will be surprised just how much timeshare companies are willing to shave off of the initial offer.

Keep in mind that it isn’t always easy to sell timeshares. If you are looking for a short term investment that you can turn around and sell in a year or two, this may not be your best option.

The changes in the industry make purchasing a timeshare a great way to have access to gorgeous properties all over the country or all over the world. With a little research and good negotiating skills, you can have many “homes away from home” without having to break the bank.

Happy Vacationing!