The Benefits of Buying a Florida Timeshare

I bought a timeshare week in Florida in 1990. I was living in Cincinnati, Ohio and the winter blues were encompassing my life. I had spent too many days without sun or warmth so when I received a phone call offering me a free three day vacation to a Florida beach, I jumped for joy at the offer! The catch, of course, was that I allot ninety minutes of my time while visiting to a timeshare sales presentation.

It was a chilly morning for Florida when my two daughters and I arrived at the condo complex for the sales pitch. I was all braced for a very high pressure slick presentation but instead got a relaxed glimpse at the Florida lifestyle. We sat by the pool, had coffee and talked about the chilly weather. I, being from the Midwest, was thinking how pleasantly warm the sun was as it shone over the crystal blue waters that were breaking against the sea wall. My sales representative proceeded with her presentation in a conversational tone that put me at ease. She showed us the model units that we were being asked to peruse. I listened attentively to her persuasive voice and politely told her that I needed time to make a decision as to whether I would purchase a unit or not.

“It’s now or never on this price,” she said. I had to choose right then, no procrastinating. I plunked down a deposit with my American Express card and headed back to Ohio. I had three days to cancel and when I returned home some of my friends and family said “you have been ripped off.” Eventually, I decided that I wanted this little piece of Florida, a week at the beach every year for myself, my children and my grandchildren.

This timeshare purchase was just the beginning of my Florida adventures. I sold my brick duplex in Cincinnati and moved myself and the children to a house beachside in Florida that was just six blocks from my timeshare. We had access to the pools, Jacuzzis and beach that were included with the timeshare. Since my new home had no pool, the timeshare was made to order. We walked to the beach and used their facilities.

Over the last eighteen years, we have enjoyed swimming in the pools overlooking the ocean, basking in the sun and walking the sandy beaches. Myth has it that once you’ve walked barefoot in the sand you can never leave the ocean behind. It certainly has been true for me. To this day my kids and grandkids are enjoying the Florida lifestyle because of the timeshare that I purchased eighteen years ago. Financially, my timeshare investment has been worth its weight in gold to me and my family.

The Downside of Buying a Timeshare in Florida

I bought a timeshare in Florida in 1990. I still own it to this day. Financially, it has not been profitable. Eighteen years have passed and I am just now breaking even on my investment. The price for my one bedroom condo overlooking the ocean was $5,900. This money bought me one floating week of Florida sunshine. I was smart enough to pay cash but if I had financed it I would have paid more than twice that amount.

For several years, I used my week of Florida fun but ultimately decided to rent it out in hopes of recouping some of my investment. Over the last ten years the cons have definitely outweighed the pros. Maintenance fees on my unit have gone from $152 in 1990 to $336 in 2008. Taxes have also increased. The only part of the timeshare equation that has not increased is the value of the unit itself.

Now, back to the part where I said I’ve broken even. Renting out my unit has produced a profit of approximately $300 a year so I’m just shy a little of my original investment. No, wait, I forgot those emergency assessments which occur when hurricanes land in Florida and the fees for renewal projects, upgrades and more.

Over the last few years, the condo association has increased the rental fee service to a 30% commission rate. As if this wasn’t greedy enough, this year there are no rental units available. It now seems that the rental weeks that I found profitable over the years have evaporated into thin air.

I recently read an editorial in a Florida newspaper from a couple in Pennsylvania who said that the timeshare salespeople on the beach had harassed them and spoiled their vacation. Speaking as one who has learned from experience, don’t buy a Florida timeshare as an investment! You might as well throw your money in the ocean.