What is fractional ownership? Fractional ownership (or shared ownership) offers individuals the opportunity to buy partial ownership of a really nice place in a resort area.

A second home has been called the ultimate discretionary purchase -- something that many people would like to have but no one needs. People who do own a place at the beach, the lake or in the mountains often are quick to express frustration at not being able to spend more time there. It hardly makes sense to have the expense of a mortgage, upkeep, insurance and taxes for a place you don't use more than a couple of weeks a year.

To deal with that situation, family members and friends often have joined forces to buy a place. It cuts down on the cost and everyone gets to enjoy a place that's more than just a hotel room. If you are thinking about spending a month or two in a sunny beautiful spot, this may be the ticket.