If you are looking for a place to go on your next family vacation, you should consider time shares. These are rental units that you and others 'rent' together and share during different times of year. Time shares usually have three or four parties who pay rental dues that are used to pay the property taxes, upkeep and maintenance, and other costs associated with the home. Time shares are usually maintained by companies that own them.

When you decide to join a time share community or a company that owns homes in various parts of the world, you will...