This article will help to assist consumers interested purchasing timeshare by providing a comprehensive list of topics to consider before signing the deed for time share property ownership. There are many timesharing options available from traditional deeded week ownership to points memberships as well as interval ownership; it is important to put the time in and do the research before agreeing to attend a timeshare presentation or attempt to buy for less on the timeshare resale market. By the end of this article a potential buyer should be able to determine what factors are most and least important in timeshare ownership.
Resort Specific Information
- What are the annual maintenance fees at the resort?
- Is there any increase in the maintenance fees from year to year?
- What is the cut off point for making reservations for the year? Is it early or late compared to comparable resorts?
- Are there any additional benefits associated with ownership at this resort? i.e. extra vacation weeks, access to restricted areas, complimentary entertainment passes
- Does the resort company offer bonus week programs?
- Are bonus weeks available for timeshare weeks purchased at low seasons?
- Is it necessary to join an exchange program to exchange or trade the timeshare?
- Is there a particular exchange company this resort is affiliated with?
- Are both points based and fixed week timeshares available at the resort?
- Does the resort have a high rating with regard to trading weeks/is it easy to trade this resort for another location?
Current Resort Owner Feedback
- What is the overall feedback on the resort?
- How long have the oldest timeshare holders been vacationing at the resort?
- How easy is it to book a vacation at this resort?
- What is the ease of exchange for other resorts?
- How professional and responsive is the management?
- What is the overall satisfaction with the management company?
- Are there any hidden maintenance or other fees?
- Have the fees remained consistent over the years?
- What is the demographic profile of the resort?
- Have/Will the developers improve upon the overall appearance of the property for the future?
If Purchasing Timeshare on the Resale Market
- Perform a background check on the area of interest and try to get an idea as to why the property may be up for sale; i.e. great distance from attractions, poor neighborhood.
- What reason does the seller give for giving up the timeshare?
- Is the unit constructed well with modern upgrades and amenities?
- What is the management company the seller uses? Any issues/disputes?
- Are all payments up to date?
Most importantly, consider what you want to get out of vacation ownership. Do you want a resort that is close to all of the action, or would you prefer to be tucked away in a secluded retreat? With so many locations and variations on ownership to choose from, your best bet is to contact a reputable timeshare broker with a high success rate in dealing with timeshares. This can be an invaluable resource for the undecided buyer, whereas if you have already made up your mind you can save lots of time, hassle and money by buying directly from a previous owner on the resale market. If you are sure to pay close attention to the important factors mentioned above you will be able to make a more informed decision on your ideal timeshare.
The most important factor to consider before buying a timeshare unit is the reason for owning it. A number of owners were lured by the timeshare sales presentation and in the end wanting to get rid of it. Know your priorities first and see if it will fit your budget.