One of the big questions that often arise when people are looking into buying a timeshare is should they buy a new timeshare from a resort company or use a reseller to buy a “used” timeshare. With many people wanting to sell their existing timeshares, you can often find great deals on properties that are in a highly demanded area at cheaper prices with a timeshare reseller than buying a new one.
There are several considerations that you need to make if you are in the market to invest in a timeshare property. Often times it is cheaper and less hassle to buy a used timeshare than to buy a new one. You won’t generally have to listen to a sales presentation or visit the resort that you want to make a purchase in, however you should be familiar with where you want to go and then research the market in that area, find out about the fees and taxes that are due for it and then make your decision.
If you are in the market to make a purchase with a timeshare resales company, here are a few considerations before deciding which location and which company you should purchase through.
- First, you want to make sure that you are getting a good value. Check with the resort about what a new timeshare unit will cost you. You also want to check on what the maintenance fees are for that location. Find out if there are any taxes and when they are due. Also, what all is included in the price of the timeshare, such as housekeeping, simple maintenance items and any assessments that can be made on it.
- Research different avenues of buying a used timeshare in the location that you desire. For example, if you want an Orlando timeshare, can you find one cheaper on eBay or with one of numerous companies versus buying directly from the resort? Check classified ads in the local newspaper as well as you can find great deals this way.
- Find out if the property is deeded to you or has restrictions on pets or the number of people that can stay with you. You want to make sure that you plan ahead for the future of your family or your vacations if you want to bring other couples with you.
- What fees are required for closing on the property? Who pays any back taxes, closing costs and filing costs for the property? Since you are buying, or investing in real estate, all things are negotiable in most cases.
- Make sure you know what you are buying. Have you visited the resort or area before? Do you know which way the unit faces? Is it well maintained and easy to find and get into the resort area? What all is around it as far as grocery stores, attractions? What does the resort itself have to offer for entertainment?
- The best bet is to never agree to anything on the phone with a resales company. Have them send you the documents that you will be signing and have them reviewed by someone that is familiar with timeshares or real estate, such as an attorney, before you sign anything. This can often times save you hidden fees or other headaches down the road.
There are so many different companies that specialize in timeshares these days that your best bet is to shop around amongst them and compare prices. Be sure to find out all fees, closing costs, taxes and everything you can both about the property and the reseller company before you sign anything. Knowing and taking a little time to research the property yourself can make you a more informed consumer and purchaser.