Timeshares and vacation clubs are both forms of vacation ownership, but they have some key differences:

1. Ownership Structure: In a timeshare, buyers own a specific unit or a week at a resort for a set period each year. They have a fixed time slot for their vacation. Vacation clubs, on the other hand, offer more flexibility. Members typically purchase points or credits that can be used to book accommodations at various resorts within the club's network.

2. Flexibility: Timeshares are often less flexible since owners are tied to specific dates and locations. Vacation clubs offer greater flexibility as members can choose from a variety of destinations and can often split their points for shorter or longer stays.

3. Cost Structure: Timeshares generally involve an upfront purchase price and annual maintenance fees, even if you don't use the property every year. Vacation clubs often have a similar structure but may offer more payment options, like monthly subscriptions.

4. Resort Options: Vacation clubs tend to have a larger portfolio of affiliated resorts compared to individual timeshare properties, providing members with more choices for their vacations.

5. Exchange Options: Both timeshares and vacation clubs may offer exchange programs, allowing owners or members to swap their vacation time with others within the same system or affiliated networks. However, the ease and availability of exchanges can vary.

It's essential to thoroughly research and understand the terms, benefits, and costs associated with both options before making a decision that suits your vacation preferences and lifestyle.