Another type of condo ownership, a timeshare is primarily associated with resort or vacation properties rather than home ownership. Instead of purchasing a home to live in full time, essentially you are buying a fraction of a condo, and that fractional ownership entitles you to use the unit a certain number of weeks in a year.

Additionally, some urban areas have apartment buildings or hotels that offer ‘‘club memberships’’ that are essentially fractional ownership arrangements. These are popular with people who visit the same city repeatedly or who come regularly for business. Whether the fractional ownership is at a resort or a business hotel, there usually are many amenities.

Timeshares give people the chance to own a property in a great location that they wouldn’t otherwise be able to afford. But timeshares and fractional ownerships also have their drawbacks.