Timeshare solicitations are commonplace these days. And if not, you can easily get on a call list by just inquiring about one online at a timeshare website. Many people attend these presentations to get the freebies and gift cards, but during these presentations people get some exposure to what a timeshare is and the financial considerations for timeshares. This inevitably results in a common question: does it make sense to buy a timeshare?

The main point of timeshare ownership is exactly that: you own your vacation resort. The question then becomes just like any question involving real estate: does it make more sense for you to rent or own?

Timeshare units became popular as vacationing and tourism became popular. Many people found that they would often go to the same or similar vacation spots with regularity. When this type of thing happens, it’s inevitable that demand for ownership opportunities would come up. This is why this industry has continued to grow with millions of Americans already owning a timeshare unit.

Timeshare math is like real estate math. Consider this fact you pay rent to stay in a hotel. You pay the rent for staying in a hotel for a week. Just to use a round number, suppose it is $1000 for a week. If you do this for thirty years that would be $30,000. Optionally, you could pay the entire $30,000 up front and have the hotel reserved for you every week for the rest of your life. The difference is in one example you rent, in the other you own. The math of course will be slightly different and one will end up costing more than the other, but when you compare possible ownership you have possible interest in loans if you finance plus maintenance fees which most likely will raise with inflation. On the other hand with hotels, during the course of thirty years the full rent to stay at a hotel for a week will raise with inflation. Taking into account all the math, you may find the costs are fairly close.

And now to look at some differences:

A benefit is that after you own, you only pay the small maintenance fees every year, much smaller than the cost of a full week rental in a nice hotel. So if you can think of the full rent on a hotel for thirty years being similar to a loan payment for thirty years, then after thirty years you continue to pay the full rent on a hotel where with your ownership after thirty years you only need pay the small maintenance fee.

Another benefit is that timeshares can be deeded and thus passed down to your heirs. You will need to check the paperwork for this but if that’s the case, then for many generations to come you can pass down the vacation property as an inheritance. Only the maintenance fees need to be paid whereas renting a hotel room for a week will continue to rise in cost.
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This definitely makes financial sense if you take a vacation every year. If you take a vacation in the same destination each year, it definitely makes sense. If you take a vacation every year but to different destinations, then exchange programs are helpful for this but it requires more time and possibly fees to be paid for administrative expensive. If you do not take a vacation every year, it still may make sense if you want to rent your vacation to someone else that year or even just give it as a gift to a relative or friend.

If you can think of real estate in terms of homes or condos which is something usually more familiar, then this comparison may be quite helpful:

To compare a home with a timeshare: it makes sense to buy it if you plan to use it for a long time. Buying a house and not using it would be a waste of money. The same can be said for a timeshare. However, one contrast is that it is common to buy a house and not use it if you plan to rent it. Many real estate owners will buy property with the intent to rent it. Renting is a bit easier of a proposition because people must live somewhere. And they will want to usually live somewhere for an extended amount of time. Vacationing on the other hand is not a requirement, so renting a timeshare means a smaller and more difficult prospect list to reach. Plus, this feat of renting needs to occur every year as vacationing is temporary versus living in a residence is more permanent. On the plus side for timeshares, vacationing can add variety as you can vacation in different destinations each year. The advantage of exchange programs is evident here versus living in a residence: it is hard to fathom doing an exchange for a few months with someone else just because you want to live somewhere else.

Still the bottom line is that if you don’t vacation often, it is probably not worth it. If you really enjoy takings vacations, it is definitely worth looking into. If you take vacations in the same spot quite often, then it really is worth looking into. And finally, some timeshare developments now offer an every other year proposal instead of every year, so if you think you may travel to Hawaii every other year, it almost doesn’t make sense not to own a timeshare in Hawaii. I use this last bit from personal experience as that was the logic we used when we purchased our Hawaii timeshare.

I hope this has been helpful and given you some good logical thought to whether or not buying a timeshare makes sense to you.

Learn more about all things related to a timeshare: Stop by Emil Yau’s site where you can find out all about selling a timeshare and other useful timeshare information