Seven Important Considerations When Buying Timeshare on the Resale Market
Friday, August 19, 2005
Be sure to know all the facts before buying resale timeshares.
(Whereas the following information is geared toward those buying timeshare on the resale market, anyone selling timeshares should pay attention. If you plan on selling your timeshare, know that smart buyers will ask questions along the lines of the information presented below. I would encourage anyone selling timeshare to answer questions candidly and honestly.)
While it is true that timeshare resales cost much less than timeshare bought directly from a resort developer, you still need to make sure you’re getting what you want out of the deal when buying a resale timeshare.
Here are some important points for timeshare buyers to consider:
1. One of the first questions that we ask to a prospective advertiser is whether or not the maintenance fees and property taxes have been paid up-to-date. The answer to this question could mean a difference of several thousand dollars in the total cost to the timeshare buyer. Make sure you know the whole cost before you buy.
2. As we all know, buying anything sight-unseen can sometimes bring unexpected results. For this reason, some timeshare owners like to see the actual timeshare unit in person before they sign paperwork.
3. For timeshares that are affiliated with an exchange company, find out if this membership can be transferred. This may save you a lot of hassles later on. This applies to points-system timesharing too. Find out if these points are transferable! Also, be sure that the bonus weeks or any other extras included in the purchase price of your resale timeshare can be transferred.
4. Find out the reason why the timeshare is being sold. This is an important consideration for any buyer.
5. Often, the seller pays to advertise the property while the buyer pays the closing costs. Find out what charges you will be responsible for when the sale closes.
6. Some timeshare units are inevitably located in a facility that has been partially remodeled. Make sure you’re not paying a new-unit price for an old, beat-up timeshare.
7. Has the timeshare been used this year? This is especially important when dealing with an odd-or even-year-use timeshare. It might be two years before you can actually use your timeshare. In the case of right-to-use timeshares, the lease on such property is usually only good for a certain number of years. Be sure to find out how much time is left on the lease.
I hope that those considering a timeshare purchase would ponder these seven points. These timeshare tips could save a lot of grief in the long run.