Staying in a Condo: Buy, Rent, or Timeshare?

When it comes to vacationing, there are many options for lodging. Hotels, camping, motels, condos, vacation homes, and staying with friends or relatives are the most common places to claim as a temporary home base during a vacation.

Whether or not you are a frequent traveler affects what choice you make for lodging. Other factors are your budget, time spent in the area, activities are planned for the trip, how many people will be traveling, who will be coming, and your personal taste. 

There are some travelers who always opt first for a condo. They usually are more cost effective than a vacation home, more personal than a hotel or a motel, more luxurious than camping, and more private than staying at someone else’s home. No matter if you own the condo, own a timeshare on the condo, or are renting the condo, these benefits apply.

The easy part is choosing to stay in a Destin condo (or in any other beautiful vacation destination), as that is a choice you will not regret. Deciding how much ownership you want of the condo is where the challenge lies. Here are the advantages and disadvantages to each choice.

Renting 

To rent a condo means it is in no way your permanent responsibility. The condo becomes a glorified hotel that is decorated and prepared for your stay. This is the cheapest and often the most convenient option. Renting is the most ideal direction for people who do not visit a certain area often but want a great experience on their vacation. 

Though renting is convenient, it does mean that frequent visitors will be paying more money in the long run. When you are renting a condo, you are paying the cost of living there plus more, so that the owner of the condo can make a profit. So owning the condo may be equal to or cheaper than frequently renting one. You also will have no control over the appearance of the condo, both exterior and interior. Personal items cannot be stored there while you are away to await your return on your next visit.

So, if you are a frequent visitor to the area, this option may not be for you.

Buying a Timeshare

This is a very popular method of travel lodging and can be very effective if done right. Timeshares are systems when two or more individuals or families “own” a property and alternate using it throughout the year. This method costs less than buying and gives the timeshare holder a partial ownership over the vacation property, which is usually a condo.

Timeshares are great for frequent travelers who can be slightly flexible and plan their vacations according to their scheduled access to the condo. Those with timeshares can visit the area multiple times a year for extended lengths of time, depending on how many people have partial ownership in the condo. The more names on the timeshare, the less access you will have to the property.

Timeshares are not for everyone, though. Some people still feel a lack of control over the condo even in a timeshare situation, since they are not the only one using it. And a timeshare contract needs to be sold when an individual decides they no longer want a part in the ownership, and selling such a contract can be difficult at times.

Purchasing

For those with the budget for this option who will travel to their Destin area condo frequently, purchasing can be the best choice. The condo is free to customize to their heart’s content and available whenever they choose to use it. Condo owners often rent their condo out to friends and family when they are not personally using it, which can help to pay off the property. If you can afford it, purchasing a Destin condo can bring a whole new chapter of fun to your life.