Read these 11 Timeshare: When to Buy Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Timeshare tips and hundreds of other topics.
There are many types of Timeshares but the 4 basic are described within. Yours might be dissimilar or yet still, even be a mixture of the plans.
Deeded Timeshare (Fixed Unit, Fixed Week)
Here you will be given a deed that testifies you own a particular Timeshare at a definite time each year.
A Floating Time Agreement
Flexible time available for Timeshare usage. When reserving it is on a first-come basis, since every owner has that same choice.
This is a lease and at the end you will no longer have any rights to the property.
Points-Based or Vacation Clubs
Timeshare owners can pick from a assortment of vacation spot where each stay uses points, which vary depending upon the timeshare and season procured.
Before accepting a vacation offer check the company out on the Better Business Bureau. Double check that you meet all of their required guidelines listed under “Terms and Conditions.” See if a deposit is needed and if so, how much and if you will be refunded and when. You might want to pick up a copy of the timeshare laws in that state. Verify reservations and the cancellation rules as well. See if they are offering transportation to and from your staying point. Are they paying for lodgings, including taxes?
In the last few years the available foreign timeshares has far exceeded resorts in the United States with more than 4,000 timeshares in over 80 countries. Europe, the Caribbean and Mexico rank high on USA residents list for timeshare ownership. But beware, as most foreign timeshares are not registered in the United States you need to be careful dealing financially with developers! Foreign ownership will probably be Right To Use property, but because of this, it will be less maintenance and less expensive. Check available years left on it, title insurance, and will you be able to resell it if so desire.
Conditions for accepting a free timeshare vacation might be as follows: Age, if you are married then both must attend the sales presentation; you will need to meet income standards, you will need to show proof of your identity when you arrive and there is a possibility that and advance deposit may be requested to guarantee your spot. Be sure to attend if so because it might not be refundable if you change your mind and do not go. Some deposits are refunded once you attend the meeting.
To find a timeshare that is “perfect” for you make a list of places that you're interested in. Explore the Internet for timeshare resorts in those areas. Consider joining a timeshare “User Group” paying close attention to owner comments. Remember to keep notes so you will remember both good and bad reviews. Go and take a tour of a resort and talk with their salespeople. Check all fees and request a blank copy of purchase agreement. Read all documents meticulously! When offered a timeshare, do not sign the contract immediately. Think about it! If you have your laptop available to you – go on the Internet and compare prices. If you don't have one, hunt out the local library and use theirs!
Look into the Internet timeshare brokers to see what resale units might be available at the resort.
The cost when buying a Timeshare is as follows: first, the owners pay for their unit. When sold by developers, financing is available for first time buyers but most re-sales are paid for in cash. Secondly, all Timeshare holders share maintenance fees, management fees and costs of upkeep. This includes areas like pools, tennis courts and etcetera. Keep in mind fees differ so be sure to have them disclosed to you before you buy!
To buy from a timeshare developer you must be a first time buyer as developers build and sell new timeshares only. You can be comfortable buying this way as state laws guide their sales practices. Consider becoming accustomed with timeshare laws in the state where you plan to buy. You may research them by the real estate commission web site for the state that you are interested in purchasing in. Try the agent page, as they are the best places to find the information about timeshare laws. If you are considering buying outside of United States be doubly sure you know the laws!
When buying a resale or pre-owned timeshare they can usually be bought at a fraction of the cost of a new unit. However, make sure you do not just the “math” but the entire “homework” as well. Check the unit out well so you will not be surprised by unusual upcoming maintenance costs. Understanding all of the variables and your rights as a timeshare owner will give you more self-confidence while negotiating for the desired property.
Bonus time can add additional days to a resort. When buying your annual week, a lot of the resorts let owners use the resort for extra days if a space is available, doing this at a preferred rate. If owners who can utilize either/or mid week time and low season time it will be to their advantage and they definitely will benefit from it! Hint: If a company that handles many resorts plus has an exchange program, the bonus times could really add up.
It's a good idea to keep an eye on the market when buying timeshare properties. Some people test the market and list their property around 10%-20% below their original buying price. Watch for those that are eager to sell because they will go around 50% lower. And if you really want a bargain? Wait for the desperate need-to-sell deals. It will probably be a whopping 75% below original price. What a steal!
Timeshares can be bought from the “original” developer of a project or from owners who have decided that they are no longer interested in using their property. Measure up purchase prices for both, before you commit yourself to a legal and binding agreement. Secondly, developers often offer a buyer a “cool down” time, which gives a buyer an opportunity to back down from an offer with no penalties applied if you desire to do so. However, keep in mind that the law does not usually apply to resales from an individual owner.
|Jennifer Mathes, Ph.D.|