Timeshare Ownership: Cost and Benefit Analysis

Over a decade ago, my husband and I got married. As a wedding present we gave each other the gift of a timeshare resort vacation. It cost us $7,000 for a one-week interval unit at the base of Jiminy Peak in Hancock, MA, at a place that is now called Wyndham Bentley Brook. At the time we were told we would be charged an annual $360.00 fee for maintenance. Our purchase was considered a mortgage, and as such, we would have a deeded piece of property that could be passed on in the event of our deaths.

At the time, if we wanted to get away for a week, it would have cost us about $1000 for accommodations. Then we figured another $1000 for meals and another $1000 for fun. Using the figure of $3000 a week, we felt that owning the timeshare was a viable investment because after we paid off the mortgage, we would effectively be taking a week's vacation for the price of the annual fees which was $360 and if we chose to trade in our week and go someplace else through RCI (an exchange company), we could pay another $250 for the swap.

It took us about five years to pay off the mortgage, and by the time we had paid off our week interval, it was worth $16K. Our second week was purchased as points, rather than an interval week, and it cost us $10K. At that time, we also converted our original interval week into points so we now have the equivalent of 14-days of vacation time that we can use anywhere we want each year as long as we pay our maintenance fees, which currently is $1500 annually for two weeks. The way I figure it, that is about $700 for a weeks' worth of vacation in a four or five star resort, with all the amenities.

Over the years, we've traded in our time and travelled to Sugar Bush, Vermont, Orlando, FL (twice), Richmond, VA and Myrtle Beach, NC. My husband is not fond of flying but there is still hope that I can get him overseas someday. At least it's nice to know we have the option of going to Europe or Asia if we wanted to.

This year was our fourth time at our home base at Bentley Brook but we've never been there in the summer. We usually go Thanksgiving week when the resort is quiet. Thanksgiving week is the week before the ski season starts at the resort. It is also the week they start pumping snow for the skiers and snowboarders to ride the lifts, and train the security and safety staff. We've enjoyed watching the resort kick into action.

In the past we have used our week to share with friends and family on a limited basis. Other times we locked the doors, shut the shades, invited no one, and nestled in with each other. This year we took our two weeks simultaneously by reserving two condos next to each other, and invited the family for a family re-union for the whole week.

While the timeshare accommodations at this resort it is not part of a gated community, it is pretty close. There is security and a pro family atmosphere with arcades, indoor/outdoor and adult swimming pools, pool tables, a sauna's, Jacuzzi's, work out rooms, tennis courts, all surrounded by mountains and trees. Jiminy Peak also has a Mountain Adventure park complete with roller coaster, alpine slide, and aerial runs including slip lines and rock climbing.

My sister and brother both have children between the ages of 8 and 14. They felt comfortable allowing the kids to roam without a lot of adult supervision and that in itself is valuable. Parents don't want to have to worry about losing their kids on vacation and in a timeshare resort everyone watches to make sure kids are safe.

There is also the added appeal of having a home away from home. You can purchase accommodations for four, eight or twelve when you buy timeshare time. We purchased for eight.

Each condo is about 800 square feet, and comes with a master bedroom that has a private bathroom, dressing area and Jacuzzi tub, and big screen TV. Each condo also has a living room with a TV and a pull- out bed, and comfortable furnishings to match. The second bedroom comes with two full-sized beds, a closet and bureau, and another large screen TV. The kitchens have full sized refrigerators, ovens, microwaves and dishwashers, plus sets of dishes for 8 including the basic pots, pans and utensils to feed those beloved family and friends. In addition, each condo offers another full bathroom and a porch. We had 6 people in each condo and it was comfortable.

On this trip with a brood of 12, we shared cooking, cleanup and kid watching responsibilities so that everyone got to relax and no one person got stuck with all the work. Three generations together on vacation is something we'll all remember, and we're already talking about trying to make it happen again next year.

The costs of owning a timeshare are the initial purchase and the maintenance fees. The initial purchase price is influenced by the age of the timeshare location, the resort's popularity, and the time of year that the vacation is taken. Maintenance fees do go up around 10% each year. However, when other vacation costs are taken into consideration such as going out to eat or paying for entertainment and activities, or even staying in accommodations that feel like home, the value of owning timeshare becomes much more equitable.