The Timeshare Debate: Renting vs. Owning

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Is It Better to Rent or Own a Timeshare?

If you are interested in being able to occasionally stay in a vacation destination timeshare, you may well be caught in the debate of whether to rent or own. Of course, there are advantages and disadvantages to both, so it is well worth taking some time to consider them before making a potentially significant financial decision. Quality timeshares can provide unforgettable getaways in some of the most beautiful places in the world, but they are a major investment. To minimize the risk of buyer’s (or renter’s) remorse, you should make a list of the pros and cons regarding your choice, as well as give serious consideration to your available budget.

Benefits of Renting a Timeshare

One of the greatest and most obvious benefits to renting a timeshare is the fact that it is a comparatively temporary arrangement. If you are not absolutely certain that a certain location or property is one that you will want for the long term, you may be not want to commit to permanent ownership of a timeshare. In this situation, timeshare rental could be the way to go. If you are considering buying but are not yet completely decided, you could treat a rental period as a test drive, allowing you to decide if you are happy with the arrangement and then potentially opt to buy down the road. Another advantage, of course, is the fact that renting will cost less money in the short term. However, long term, renting for extended periods of time would most likely be more of an expense than buying. If you would only use the timeshare briefly and occasionally, renting might be the way to go. Renting is also ideal if you prefer to visit multiple timeshares. Each year for a family vacation or romantic retreat, you can try someplace new.

Benefits of Buying a Timeshare

However, if you know that you will be using a particular timeshare for the foreseeable future multiple times per year, buying is likely a more feasible option. It is true that buying a timeshare can be a significant expense. However, if you have found a particular timeshare that you truly enjoy and would use often, buying simply makes sense. In addition, the beauty of buying a timeshare is that it can be shared with others and become a source of side income. In a prime location, your timeshare could be ideal to rent out at peak times to others; you might be surprised by how much some people will be willing to pay for even a brief stay over particularly in-demand holidays.

Buying a timeshare, then, could give you the best of both worlds: the flexibility to use your timeshare yourself, along with the ability to earn a potentially significant side income from it. In addition, buying a timeshare means that you own an investment property that, if you wish, you can then resell at a later date. Buying is definitely for the person who is willing to take on a fairly permanent arrangement; if that describes you, ownership could help you make the most of your timeshare.