Purchase a timeshare in Florida or a condo?

Even in this down economy timeshare sales in Florida are bustling.  But are they a good deal?  It really depends on what you want to do and which company you go with.

I recently attended a couple of timeshare presentations in New Smyrna Beach and Orlando, Florida and while the salespeople made a strong argument, my husband and I decided that timeshares weren’t for us.  After all, why should we spend $29,000 to own a two bedroom apartment for one week a year when for $24,000 I can purchase a one-bedroom condo in Orlando right now.  That’s right, for less than a timeshare you can purchase a condo in Orlando and use it whenever you want 365 days a year.

However, while that works better for my husband and I it might not be the best option for everyone.  For example, if you have a large family that you travel with, a timeshare might be better as it would allow you to choose where you want to spend your vacation and you can trade your week in the condo you purchased for a week somewhere else in a larger condo if you need.  However, one downside to timeshares that you need to remember is resale.  They are not the easiest things to sell once you have purchased them.  In addition, just like a regular condo purchase, you will have maintenance fees for the entire time you own the unit, even though the unit is totally paid for.

There are plenty of things to consider when looking to purchase something to use for vacations.  If it will be considered a second home you can get tax credit for the interest you pay on your loan as well as the taxes you pay on the property regardless of whether you pick a timeshare or condo.  In addition, you need to consider what to do with your property when you can’t use it.  

Now is a great time to purchase a timeshare or vacation condo, just do some homwork first to determine which option is right for you.