Time sharing, or interval ownership, is a vacation program that allows you to buy or lease a resort condominium for a limited time during the year. The unit often has two bedrooms. The time period is typically 2 weeks in a year. The advantage is that you have a luxury place to spend 2 weeks a year that will cost you relatively little after you've paid off the unit, usually within 5 years. With your one-time outright ownership purchase at today's prices, you won't be affected by skyrocketing resort costs. The settings are often attractive and offer activities such as skiing, horseback riding, rafting, hiking, swimming, and dancing. You are also entitled to exchange your unit with other units in luxury resorts around the world. The unit itself is well-appointed, with amenities such as a Jacuzzi and maid service.

If you took the money you spent on the time share and invested it in-stead, you could use the profits for a vacation at accommodations as posh as any time share without being locked into a fixed program. The full cost of the time share includes its initial price, cost of financing, maintenance costs, and cost of lost interest from an alternative investment.

Buyer dissatisfaction often stems from unrealistic expectations, misinformation, misleading sales practices, and false promises by time-share sales-men. Many buyers are initially lured into making the trip to the resort with an offer of an "investment seminar" or "sweepstakes prize." Free vacations, paintings, luggage, savings bonds, trading stamps, "conversation pieces," and other sorry "gifts" are used to draw people to sales presentations or development sites. These treats may never materialize. Sometimes special conditions are attached to the lure or a customer is advised that gifts only go to unit buyers. A free vacation may be the means of delivering the innocent to a battery of high-powered salesmen in a lonely place. Buyers inevitably have to sit through a somewhat evangelistic presentation featuring slides, movies, and testimonials before the gifts are distributed. The buyer may be lured to the resort with a certificate entitling him to a "free" unit. The certificate may bear a face value of $500 to $1,000 dollars. That amount is simply included in the inflated price of the unit they choose. Some salesmen drive prospective customers around the resort in cars equipped with CB radios that provide a running commentary of sales presumably in progress. More offensive is abusive language used to embarrass customers who delay making an immediate decision to buy. In some instances, hesitant buyers have been isolated in re-mote places where transportation is controlled by the selling organization.

Most time shares feature the right to exchange their unit for another unit in another resort. Some people buy solely to exchange. But exchanges are often difficult. It may be hard to switch a week at Ocean City in the fall for a week in Paris in the spring or a week in Florida in August for a week in Colorado at Christmas.

If you like the idea of having your vacations programmed for you for the next few decades, time sharing is probably for you. But, before you buy, consider these tips:

1. Take the time to do some math. The cost of the time share may seem reasonable, say $5,000. But to that you must add the cost of financing, the cost of lost interest on your down payment, and the annual maintenance cost. Many resort-type time shares have additional expenses.

2. It's much easier to sign a contract than to get released from one. In most cases, it's a long, difficult, expensive business. Think before you sign.

Have your attorney review all papers. Beware of making significant, long-lasting commitments without adequate reflection. Shun salesmen who insist on your making "on-the-spot" decisions. Wise decisions will stand the scrutiny of in-depth study and the criticism of others.

3. Don't rely on the developer's oral promises. A future golf course, swimming pool, or marina may never materialize. Get all verbal promises in writing.

4. Ask about the financial soundness of the time-share company. If the firm goes out of business, your chances of getting a refund are slim.

5. Determine if you will own the time share or just have the use of it, as in a lease.

6. Check to see if you have a certain number of days to cancel the contract. See if cancellation can be made without penalty.

7. Make sure the amenities listed in the contract exist in the unit.

8. Investigate all laws regulating time shares. Verify that the developer has complied with them.

9. Find out the amount of the annual maintenance fee and how often and how much it has increased in recent years.

       10. Think twice before you buy.