To rent timeshare or to buy timeshare, that is the question. Every well-informed consumer interested in the timeshare industry has considered both these options. To ensure an educated decision, we have to go through all the facts.
First, let’s discuss the benefits of renting a timeshare over buying a timeshare. Freedom is definitely the first thing that comes to most people’s minds. After the initial purchase of a timeshare, it is now yours. Forever. But, you only “own” it for typically a week out of the year, so the term “owning” is being very loosely used. With renting a timeshare, you have the flexibility to rent again the year after if you really like the location, or, trying out another location, type of timeshare or time of year if you don’t like it.
Another benefit of renting over buying would be the lack of those infamous maintenance fees, racking up and multiplying. Eventually, at around 20 years, you will usually have paid twice the amount of the actual timeshare itself in maintenance fees alone. Also, with purchased timeshares, randomly you will be informed of random, unjust charges notifying you that you have to make up for other timeshare owners who are always paying their bills late or damaging the property.
The last substantial benefit of renting a timeshare over actually buying one would be what happens after the growing maintenance fees begin to affect your finances. They keep on getting worse, leaving most owners absolutely desperate for timeshare relief. Currently, the timeshare resale market is so saturated that people cannot even donate timeshare property! Timeshare sales companies are going around scamming unsuspecting customers, telling them they will make them money, but they just need a small fee first before a timeshare sale can be made. After you pay them, they never even bother to return your call- a fact well-documented on consumer boards across the internet. So if you can’t even give away a timeshare that not even death provides freedom from and has increasing fees and random charges, is there really even a point in continuing further?
David MacMillan is the President/Owner of Timeshare Relief, Inc.