Aug 02, 2016
A timeshare is certainly a great way for you and your family to vacation. You can purchase one almost anywhere in the world, and you can even choose the time of year that you want to travel in most cases. Although a timeshare offers many benefits, there are some questions you should ask before you sign on the dotted line.
#1 – What Does It Include?
Although a timeshare is mostly about providing a place for your family to stay when you go on vacation, whether that place is a villa, a condo, an apartment, or even a hotel room. Be sure to understand everything you’ll be getting with your purchase – including the amount of time you can use your timeshare each year, location, unit info (number of bedrooms, view from the unit, building/resort phase if any, amenities, etc.), and season (including week numbers). Don’t just take the company’s word for it; get a confirmation in writing.
#2 – What’s the Resale Value?
Before you purchase your timeshare, think about what might happen in the future if you decide to sell it. Some timeshares have major tourist attractions nearby; others have world-class amenities like skiing, golfing, or surfing. Don’t just research the timeshare. Make sure you research the entire area since the amenities and attractions nearby will have a tremendous effect on the resale value.
#3 – Will I Need a Deed?
According to experts in the industry, obtaining a deed with your purchase can provide you with an extra layer of security, especially if the company that sold you the timeshare goes out of business. This way, if the property does go under, you’ll get at least something back. Most certificates of timeshare ownership simply provide you with the right to use a property, and if that property goes out of business, your money goes with it. For this reason, you may want to find a company that will offer you an actual deed.
#4 – Do the Long-Term Costs Make Sense?
Some experts say that you should look at the overall cost of your vacations over the last five years. Then, compare those to the cost of purchasing (and using) your timeshare, and see if it makes sense. If you’ll save money or spend about the same amount, then you’ll be getting a great deal. Even if a timeshare will cost a little more than what you typically spend per year, the benefits and perks may be worth it to you.
#5 – Is the Seller Reputable?
The last thing you want to do is purchase a timeshare from a less-than-reputable company or person. Before you buy, make sure you go online and do plenty of research about the seller. Your best bet is to check out the Better Business Bureau’s ranking of that company and look for unbiased reviews from everyday consumers just like yourself. Never rely on testimonials you find on the company’s website as these can be easily faked. If the seller is an individual person you’ll want to research that person as well. A simple Google search can often display any negative information about a particular person if you have their full name. You can even try to go as far as a background check if the seller allows it.
Buying a timeshare is one of the most exciting times in your life as it provides you and your family with a place you can go year in and year out. However, it is still important to do your research before you make any kind of commitment. Otherwise, you might find that your timeshare isn’t all it’s cracked up to be.