Southern California radio host Norm Bour got his first taste of timeshares back in 1978, when he purchased a place in Honolulu. It was many years later that he bought his next timeshare, also in Hawaii: a one-bedroom on the water in Maui, for only $5,000.

The experience was so great that this year Bour upgraded and bought a timeshare owned by Starwood Resorts (parent company to brands like the W Hotels and the St. Regis) on a prime piece of property on Kaanapali Beach in Hawaii. On this round, Bour bought a two-bedroom unit in an amenity-rich resort community for two weeks a year. The price tag? $52,000.

Toss aside your notion of the ho-hum timeshare of yesteryear. Today's second-home options in the timeshare vein are way more than sandy condos with kitchenettes. People are looking for hassle-free vacation options and finding them in three timeshare-related categories: upscale timeshares, fractional ownership opportunities and destination or membership clubs.

According to Howard Nussbaum, president of the American Resort Development Association, people are attracted to these three purchasing options for simple reasons: They want to be able to vacation as a family in a home-like setting, "and you can't do that in a hotel room." Plus, with today's housing bubble, many folks don't want the expense or hassle factor of owning a high-priced vacation home, yet they want the convenience of staying in an amenity-rich environment on vacation. "If you own a condo, you have the maintenance to deal with, you have to spend the first few days of your vacation setting up and then the last few days shutting everything down," adds Nussbaum. With a timeshare-like property, all of that maintenance stuff is handled for you. Plus, you'll arrive to find your lodging clean, your beds made and everything else ready for your stay.

Here's a primer on what you need to know about each of these three categories, should you be in the market for a home away from home.

Upscale timeshares

While timeshares in general are the granddaddy of this industry, today's upscale timeshares are granddaddy's hip and modern grandchildren. Take Norm Bour's newest. His beachfront villa features all of the comforts of home—kitchen, living area and more—with many more amenities to boot: on-site spa, clubhouse, restaurant, etc. Better yet, because Bour bought a Starwood Vacation Ownership property, he has three options for making the most of his timeshare: He can vacation there each year during his week, he can exchange his time for a vacation at another Starwood timeshare property or he can trade in "points"

for a stay at a traditional Starwood-owned hotel anywhere in the world. "It gives me great flexibility," he says. This is true for many of the hotel company-owned timeshares that have cropped up in recent years—you get the benefits of timeshare ownership and the option of staying in affiliated hotel properties for business or pleasure.

Fractional ownership

A fractional ownership is exactly what it sounds like—you own a fraction of a piece of property. Many of the hotels that started out in the timeshare model have segued into fractional ownerships as well. The rule of thumb in what makes a good fractional investment, adds Nussbaum, is this: There aren't a lot of second homes on the market that you can afford, but you can still find a place where you want to spend time. "Why would I spend $3 million to own a condo in Vail that I can only use for six weeks a year when I could spend $300,000 on a fractional condo in Vail and have it for the same six weeks?" Nussbaum asks by way of explaining the fractional model. "Plus, this condo would be furnished, have ski lift tickets waiting for me when I arrive, and I don't have to maintain it."

That was part of the rationale that Elaine and Anthony Carmen of Bloomfield Hills, Michigan, used in buying their fractional property in Scottsdale, Arizona. "We thought these were single-family homes," says Elaine, of the Rocks Residence Club, where buyers own a deeded one-sixth interest in the property; prices begin at $745,000 for six weeks of visiting time. "We were quite impressed by the interiors and all of the amenities at Rocks." At first, Elaine, 54, was taken aback at the notion of a fractional ownership. However, her opinion quickly changed. "When we realized that we could have one of these homes at our fingertips with no worries about the everyday running of a second home, plus the luxury of a five-star hotel with daily housekeeping, we bought immediately," she says.

Membership or destination clubs

Modeled after the country club concept, a destination or membership club is structured like this: Members pay dues to take advantage of the homes in the destination club's portfolio—all of which are upscale or in desirable locations. For example, as a member of Exclusive Resorts, you'll have access to some of the wealthiest real estate in the world, such as an apartment in a Trump building in New York City.

Another membership club called Dream Catcher has many properties in luxurious ski areas, such as Jackson Hole, Wyoming, and Telluride, Colorado. Still other destination clubs go outside of the traditional residential market and provide access to corporate jets, cruise ship cabins and private yachts. Use of a destination club can be more generous than a traditional timeshare—some allow you to stay for up to two months a year, but you will pay for this privilege.

Nearly all of these clubs require a six-figure upfront fee and annual dues in the five-figure range. For example, Signature Destinations Club, which has properties on the East and West Coasts and many places in between, charges a $125,000 upfront fee. Dream Catcher charges $275,000 for membership. Exclusive Resorts offers sliding scale membership opportunities, with upfront fees ranging from $185,000 to $375,000. The Portofino Club, with homes in the U.S. as well as Mexico, France and Italy, uses the sliding scale model as well—fees range from $150,000 to $375,000. Keep in mind, though, that these clubs consider these fees a "deposit," and should you change your mind about belonging, you will receive a refund. But buyer beware: In some instances, you'll only get 80 percent of your money back, so make sure you read the fine print before signing anything.

If six-figure fees don't make you gasp, this might. According to ARDA's Nussbaum, the one drawback about membership or destination clubs is this: You're not buying anything deeded, which means you actually own nothing—you're just paying for membership. So, if your membership or destination club falls on hard times, you may have a hard time getting the most out of your membership.

With all of these options to consider, second-home ownership (or at least a piece of the property pie) is more attainable and more attractive than ever before.

Leah Ingram is a freelance writer in Pennsylvania.

An exclusive sports car club

An interesting twist on the timeshare notion is Club Sportiva in San Francisco. Instead of owning a residential timeshare, you'll have 30 mint-condition sports cars at your disposal. There are varying levels of membership that give you access to these beauties (a 1962 Corvette convertible, a 1974 Triumph TR6 roadster or a 1990 Bentley, for example). A trial six-month membership costs $995 and lets you drive the cars two to five days during your term. For $1,995 upfront and no dues, the Gold Membership bumps up your driving days to 10 days a year. At the Platinum Membership level, you get up to 16 days of driving.

Before you buy into this concept, you can take a car out for a test drive through Club Sportiva's "Daily Drive" program, which starts at $250 per day. The club keeps its collection in three locations: San Francisco, San Jose and Munich, Germany. So, if you like classic cars and travel to these destinations frequently, this may be the right timeshare (albeit the four-wheeled kind) for you. For more information, log on to www.clubsportiva.com.