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Questions to Ask When Buying Timeshare
Tuesday, October 06th, 2009 / Vacation Tips

buytimeshareBuying a timeshare isn’t too different than buying a traditional piece of property in that there are many questions you will need to ask and have answered before you put your money down. There are many different types of timeshares with different values. You will need to know what type of timeshare you are buying and what amount of time is included in the sale. Fixed weeks are very common as deeded ownerships, purchasing this type of ownership means that you will have ownership of a specific time during the year. This may or may not be a ‘fractional ownership’ meaning that you have a certain amount of ownership time in one specific facility.

There are some time shares that work on a point system, meaning you don’t have any fractional ownership in any specific property but you have a certain value of points that you can use in any of the resorts held under that timeshare entity. Fractional ownership means the timeshare owners actually own a portion of the property. The points system involves properties that stay in the ownership of the timeshare entity. You have no real property value at all, only points per year to use at the facilities. However you will still be charged monthly, bi monthly or yearly upkeep fees by the facility owners.

Make sure you understand all the fees that you are paying not only in the escrow but also in monthly, quarterly, semi-quarterly or yearly fees. In order to figure out your ability to own, you will need to know exactly what you are expected to pay and exactly what you are getting for your money.

Don’t just buy your timeshare from a timeshare company that pops a balloon to signify your purchase. Find out what the timeshare is worth on the resale market. Resales are not high value items. Make sure that you are purchasing this as a vacation proposition, not as an investment. Timeshares do not make good investment properties unless you are the builder or the sales team. That said, research the company you are purchasing from also. If they have a lot of bad comments, reconsider purchasing from them. Why put yourself through unnecessary stress. Understand, just like any other real estate purchase, when the sale is finished, it’s final, there are no returns. In that light, find out what your due diligence period is. If you are within that period and you feel like you might be making a mistake, you are free to back out of the contract without adverse effects.

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Tags: Buy Timeshare, Question When Buying Timeshare, When Buying Timeshare
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Questions to Ask When Selling Timeshare
Tuesday, October 06th, 2009 / Vacation Tips

howtosellyourtimeshareWhen selling your timeshare company stability and viability are very important. As such, you will want to know how long the company has been in the business of selling time shares. If they are new to the process you will do yourself a favor by moving on to a more experienced reseller. If the company has been in business for a long while, that still doesn’t necessarily mean they will be a good company to use. You will want to know what their monthly average is in selling time shares and what kind of time shares the specialize in if they do specialize in one. Find out if they will give you references that you can call.

Find out as much as you can about their advertising campaign. What are they doing in order to attract potential buyers and what kind of exposure will your timeshare property have. Compare what the company will be charging you with what you are to receive for that charge.

What do they believe sets them apart from the multitude of other entities vying to sell your property. What in particular do they do that will potentially sell your timeshare faster than other providers? No not be lulled into a sense of security by a sales person telling you that your particular timeshare type is in such great demand that it will sell itself. Get an idea of what their sales strategy is and a ballpark idea of how long your timeshare may take to sell. Do not sign an exclusive right to sell  unless you have complete faith in this company’s ability to sell your property, otherwise, make this an open agreement that allows for other agencies to sell the property. In the same vein, if a company gives you a verbal guarantee that they can sell your property in a specific amount of time for a set cost, they are in all likelihood up to something. No company can guarantee that they will sell your property in a specific time for a specific price unless they intend to purchase the property should it not sell.

In the current economic climate, timeshares are not high on the purchase priority list for many people, because of this, the timeshare market has suffered just as much if not more than the traditional real estate market. If you are trying to sell your timeshare in this marketplace, be prepared to either sell at a greatly reduced value or be prepared for a long time on the market.

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Tags: Questions When Sellin Timeshare, Selling Timeshare, Timeshare
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