Is Buying a Timeshare Right for Me?

A Few Questions to Ask Yourself to See If Buying a Timeshare Might Be Right for You

People are buying timeshares in record number. As the price of hotels continues to go up, people are turning more and more to an alternative way of taking their summer vacations. In addition, the large hotel chains are noticing this difference and responding by providing larger, more luxurious condo resorts to make their timeshare programs more attractive. As a former timeshare professional, buying a timeshare is definitely not for everyone. But if owning a timeshare is something that has interested you, then here are some simple questions to ask yourself to see if owning a timeshare would be right for you.

Do you like to travel? This may sound silly, but there are definitely people who don't like to travel, so obviously they should not buy a timeshare.

What type of accommodations do you prefer to stay in? Most timeshare resorts are full scale condominiums that are fully furnished, stocked kitchens, washer/dryer, and all the conveniences of home. One advantage of this setup is that it allows you to save a lot of money by giving you the option to eat in and cook instead of having to eat out every meal. But I do realize this is not appealing to everyone.

What types of places do you like to vacation? You can find timeshare resorts in just about every single major travel destination in the world. But if you have a few favorite places you go year after year, then make sure the timeshare program you are looking into has resorts in that area. But if you like to stay off the beaten path in more remote locations, then purchasing a timeshare for your vacations is probably not a good idea.

How many nights a year do you typically vacation? If you vacation for a combined total of 7 nights throughout the year, where you pay for a hotel, then timeshare is definitely something you should consider. If you travel less than 7 nights per year, then a timeshare would not be worth your while in my opinion.

How much do you typically spend per night on a hotel? This is a big factor in determining if a timeshare is right for you. If you are looking for the cheapest place you can find and paying $50 is painful for you, then a timeshare is not for you. But if you enjoy staying in nicer places and pay between $100 - $200 per night, then timeshare might be something you should consider. Let's do some math.

The typical cost to purchase an ownership in a timeshare company that would allow a family of 4 to stay for 7 nights every year would cost anywhere between $15,000 and $20,000 depending upon the company. This may seem like a lot of money, but let's consider the alternative of staying in hotels. Let's say this same family spends on average $100 per night. That would equal $700 per year. In the next 20 years, they would spend $14,000. This is assuming that there is no inflation. Also, this is assuming they are only renting one hotel room and for any family that has two teenagers, they can attest to how uncomfortable it can be for two parents, a 17 year old girl and a 15 year old boy to be sharing one room with two beds for an entire week! So eventually this same family will have to rent 2 rooms, doubling the cost for at least a few years of their families summer vacation. In addition, they will have to eat out every meal in a hotel while in a timeshare they can save money by cooking meals in.

The bottom line is that a family of 4 who spends only 7 nights a year in a hotel would have spent well over $20,000 in their 20 years of vacationing. If they had put that same $20,000 into a timeshare, they would be able to vacation for the rest of their lives and not pay anymore money! They wouldn't be subject to inflation and plus they could give it to their kids and their kids could vacation for the rest of their lives as well.

Hopefully this has helped you understand the ins and outs of timeshare and helped you think about whether buying a timeshare is right for you.

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