I'm kind of repeating what others have already said here, but I'll say it a slightly different way.
There are two sorts of reservations you can make with points within the Hilton system. Per Hilton's club rules: "Home Week reservations are consecutive night reservations at the resort at which a Member has an ownership interest in the season and unit type owned, for the number of days owned, checking in on the resort’s standard check-in day (“Home Week”)." In other words, if you own a 2 bedroom platinum week at a resort with a Saturday check-in, then 7 nights in a 2 bedroom unit during platinum season starting on Saturday at that resort is what you can book as a home week. Nothing else. *Any* other booking is a "club reservation". Sunday check-in? Club reservation. Gold season? Club reservation. 8 night stay? Club reservation.
There are exactly two advantages to making a home reservation. First, you don't have to pay the reservation fee (~$50 online or $70 on the phone), and second, you can make a reservation as much as 12 months in advance. Club reservations may only be made 9 months in advance. So if availability is an issue, the home booking window can be important. Whether availability in the club booking window is an issue depends on the resort and the season.
One caveat about home reservations that I think is frequently overlooked is that home reservations must be made using current year points. IMO this completely kills the flexibility of the system. So, for example, suppose in 2015 you decide to take an 8-day vacation instead of a 7-day vacation. So you borrow a few points from 2016. Well, now your 2015 reservation must be made as a club booking (because it's not the number of days you own), and any 2016 reservation you make must also be a club reservation (because you don't have the full year's points available to make a home reservation). Now you're either taking a shorter vacation in 2016, or you're borrowing again from 2017. (Borrowing is good, by the way. It's free and automatic, and ensures you don't waste points.) If you choose the shorter vacation and you don't happen to use exactly the number of points remaining in 2016, then you're either wasting points or rescuing them into 2017 (for a fee). Now in 2017 you might make your home week booking, but you're still left with those rescued 2016 points you have to use - and odds are that the reservation you want to make are not going to add up to exactly the number of points you have left, which leaves you in a "waste or borrow" position again.
So, what all of this means is that many people tend to forget about home week entirely and make club reservations most (or all) of the time. When booking a club reservation, it makes no difference where your points come from. Whether you're booking at your home resort or not, you are given the same priority and treatment as anyone else making a club reservation. It's an even playing field. Thus, unless you are routinely making home week bookings… points are points.
