If you are thinking about buying a timeshare, first you need to understand what it’s all about. Here are some tips that will help you decide whether this is a good option for you or not.
If you buy a timeshare, you have a limited use of a property without being the full owner. Timeshares are a good way of securing a vacation spot, but there are some things you need to consider before deciding if this is an option for you.
1- It is not owning real estate
Purchasing a timeshare is not actually acquiring real estate, you are acquiring the right to use the property subject to the rules established in the contract.
If you sell your timeshare, you are transferring the right to use the property to another person. You cannot make any alterations to the land or property.
2- Read the contract carefully
Not all contracts are the same, so as your usage will be subjected to the rules stated there, you need to read it carefully.
Take note of the fees and maintenance costs and be really careful to read every detail. Some timeshares can be difficult to sell, so don’t make a purchase that you might regret later.
3- Make sure you can sell it
As hinted in the previous tip, sometimes timeshares can be difficult to sell. And if you manage to, it is really hard to ask for the full price because it is a saturated market.
4- Learn about trade rules
If you purchase a timeshare that is part of a large resort, you might be able to trade it for another option. Some resorts offer the possibility to trade your current timeshare for another property, but you might be requested to pay transfer fees and other fees might apply.
Also, you will need to sign another contract so read it carefully because conditions may vary.
5- Understand booking
A frequent complaint of timeshare owners is that they can’t use the property during their vacations. If you don’t have a fixed schedule, you’re more likely to find these issues.
You might have to book a year or two in advance to make sure you get your desired dates.
An informed decision is always a better decision, so take your time to do extensive research before you invest your money in buying a timeshare.