Timeshares: A Buyer's Checklist
Many buyers get confused when asked if they have a checklist of things to consider before buying a timeshare. The following paragraphs provide you with a checklist to make sure that you are not missing the important criteria that should be weighed against the timeshare you are buying.
If you plan to buy timeshare via a broker, ensure that he is licensed and make an attempt to discover his reputation. Be sure to ask good questions that are relevant to the timeshare. Here's a few good questions to start with:
* What are the chances of getting a best timeshare like in a desired week? * Are there any extra benefits accompanying your timeshare? * Do the timeshare company has bonus week program? * By what date you should make the reservation at the earliest? * Can you exchange or trade your timeshares without joining an exchange company? * What is the maintenance fee of the resort and do they keep raising it every year. If yes, how much?
Also try to inquire from the broker about the point system. Some reputable firms sell the timeshares for more if they have points system. Ask him if this is reasonable or if you are better off buying a resale. Also, the factors that determine the cost of timeshare units are demand for a particular week may be high so the price may be high. Demand for a particular location may also be high. The size of the unit also affects the price, the bigger units are easy to trade in and exchange hence they are in more demand. Last, but not least, the reputation of the firm owning the timeshare resort is an important factor.
Try to go see the unit in person before buying. Sometimes the description is not the reality. Or, if you can't go see it, try to have a friend or family member who may live near the unit go see it. Also, try to get references from the neighbors. Ask what they think of the management and amenities. You may also want to ask them:
* What they think of the resort? * Time since they have been vacationing in this resort? * Are dates easy get without much problems? * Is the management company good and are they satisfied? * How about the maintenance fees and other fees? Do they have a good record or they raise it too frequently? * Is it easy to make reservations and exchanges? * Are developers planning on improving the property in near future?
Online auction sites can help you do your homework and find out the prices in the area you are looking at buying.
Keep in mind that if you are buying a resale timeshare unit, it should be as cheap as half the price of the new timeshare unit that developers sell. If you are buying a new timeshare through a timeshare company, read everything carefully in fine print before signing any contracts. When buying a resale timeshare, ask the seller why they are selling it because there can be an underlying problem like problems with the management company or inconvenience. This way you can get a feel of the potential problems that you may also have to face and can decide whether you may be able to handle it or not. Also, make sure that there are no past dues on maintenance fees and property taxes, as these will add up your cost. If you take care of all these important factors, you should be able to make a smarter decision in buying a timeshare.
Buy-Timeshares-Online.com showcases hundreds of Florida timeshares as well as time shares around the world.
Published January 26th, 2008
Filed in Home, Recreation