Senior Living, Retirement And Real Estate: The Difference Between Timeshare And Condo Living

If you are about to retire and really have not made any plans about what to do with your golden years, one of the first places you should turn to (after a financial planning consultant) is a real estate agent from a company like EXIT Lakes Realty Premier. An agent can help you decide if you want to buy a second smaller house or a vacation house in a warmer state. Additionally, you might have questions about condo living versus timeshare living. The following can give you a head start on understanding what some of your residential options are and whether you might prefer a condo or a timeshare.

Condo Living in Florida

Condo living in Florida has taken on new meaning since there are now so many gated communities and condo communities just for the retired and senior citizens. Your condo may be something small and cozy, just for you, or it may be spacious to accommodate visits from family. It may be a detached condo on its own property, or it may be attached to one or more other units. You have multiple homeownership options available in the condo market in Florida, and the best part is that you do not have to do any of the yard maintenance or home maintenance ever. (This is a particularly nice perk if you only live in your condo part of the year and cannot be around to maintain it or if you cannot physically maintain a property anymore because of health issues.)

Timeshare Living in Florida

Timeshares are properties that several people or families rent at different times of the year. No one who shares the property owns it, and therefore you do not have to pay for any repairs (unless you caused some serious damage to the property) or maintenance to the property. If you do not think you will be a regular "snowbird" (i.e., a senior citizen that flies south during the cold winters in the north and then flies back home again to live in the spring and summer), then a timeshare might be ideal for you. It would allow you several weeks and/or months of time in Florida to vacation and relax, but you will not face any of the mortgage or home ownership bills that accompany the timeshare. Additionally, you may be able to trade your reserved weeks with other timeshare holders on the same property. You can sell your timeshare whenever you do not want it anymore or when property values rise enough to make it profitable.