6 Tips for Timeshare Buyers
Everyone eagerly waits for the time of year when they can go on a much deserved vacation and get away from the hectic activities of daily life. Do you normally puzzle about where to go, where to stay and similar questions? Those in the know plan their vacations far in advance, but even smarter people purchase vacation timeshare property. Their decision to buy a timeshare gives them peace of mind, a destination they enjoy and a place to develop treasured memories. Everyone wants to own a timeshare at their favorite vacation spot, so we'll discuss some of the important factors you'll want to keep in mind while you're buying one.
1) The first thing to do before buying any timeshare is to understand the types of timeshare. There are basically two types of timeshare plans. A deeded plan, in which you actually buy a piece of real estate property and own it along with other owners but, you can use it only according to the timeshare agreement. A fixed unit, fixed week, deeded timeshare allows you to own a specific timeshare at a specific time each year. A floating time agreement allows you to be flexible about the dates that you can use your timeshare. But reservations may be only first come first serve as many owners would like to go for that option. Right to use timeshare or a non-deeded timeshare is a leased timeshare. Again it is classified into fixed unit and floating time just as in the case of deeded timeshare. However, you will no longer have rights to the property after the lease expires.
2) Do your homework regarding the location before making a timeshare investment. You will want to decide whether you'll be able to go there every year. Some research on the prices of alternative accommodations available in the location would not hurt, either. Why buy a timeshare if an available alternative is less expensive? At the same time, however, consider your comfort level. The less expensive alternative accommodation may not give you the same level of comfort as the timeshare you're considering. It depends on which factor, cost or comfort, you consider most important.
3) Always know your timeshare rights before you buy one. They might be violated in some cases. Most of the time, timeshare properties are governed by legal documents called Covenants, Codes, and Restrictions. They create the rights of timeshare owners and govern how the timeshare is to be managed.
4) Rethink your decision if you want to buy a timeshare purely as an investment rather than for vacation purposes. Timeshares are not the most profitable types of properties when it comes to reselling. They typically don't have good resale value, and the resale process can be difficult because of competition from the original owner. Timeshares are, however, good investments in a Lifetime of Vacation Enjoyment (LOVE).
5) While you may think that the cost of buying a timeshare is simply the cost of buying only the real property. You may be wrong. You should always calculate the total cost of timeshare which includes mortgage payments, maintenance fees, taxes, travel cost, closing cost, broker commissions, financing charges etc. Compare the cost of similar alternative accommodations with the total cost of owning a timeshare now. Remember that hotel accommodation rates increase at a rate of 2-3% a year.
6) Thoroughly read each and every timeshare document before you sign anything. Never believe any promises the salesman makes, and ask for everything to be put in writing. Look into the seller's reputation and whether the seller is licensed to sell timeshares. Finally, never accept any property that has incomplete facilities, but if you do, always require the seller to sign a written commitment to complete the facilities before a specified date.
If you are thinking about timeshare ownership and want to discover more Timeshare Information, you should check out We Own Timeshares. Meet and connect with timeshare owners on this Timeshare Ownership social network. It is free to join and you can create your own profile in minutes. Share experiences and reviews of different timeshare locations and start asking questions in the forum. Visit today.
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