Tips On How To Buy A Timeshare

Timeshares are more than running jokes by vacationers looking to get some extra perks by attending a timeshare presentation. They’re actually real estate investments that could pay off in the long run, if you know what you’re doing when you go to buy a timeshare.

A timeshare is a real estate property that has multiple parties holding rights or ownership to the property. Many times these are condominiums or townhouse units, and the parties each own a share that gives them an allotted time during which they can use the property. Usually, these shares are for a week long period, although it may be more depending on the agreement, and the allotted period usually falls on the same week each year. This is why timeshares are so popular with regular vacations because they make excellent alternatives to hotel rooms. Sometimes it pays to buy a timeshare rather than rack up hotel bills over the course of several years.

Before you make a call to buy a timeshare, be an informed shopper and educate yourself on the process. On average, timeshares cost around $16,000 up front, but this gives you 20 years or so of rights to use the property during your allotted time slot. Nicer timeshares will cost more, and that doesn’t even include maintenance fees.

The reason someone who goes to buy a timeshare may be warned of the bad reputation of these properties is due to the high-pressure sales tactics many timeshare sales representatives have earned. Even people who know nothing of the process may have strong opinions about timeshares, because they’ve heard of someone who has been suckered into buying one thanks to all the freebies and vacation gifts offered up front just for attending the presentation. If you are serious about getting a timeshare, look beyond all that, but do be prepared.

It may be hard to walk away from a high-pressure sales rep if you know that you want to pass on the opportunity. On that same note, you should not act too interested in the property even if you are set on buying. It may even be a good idea to pretend as if you are not even serious about the property, but are there to take advantage of the freebies, not to buy a timeshare. Most sales reps would rather negotiate a much better price than let a deal fall through. If the higher-pressure sales tactics turn you off, be honest and say that you are interested, but the salesman is pushing you away.

Always use a licensed broker when you want to buy a timeshare. It’s important that you realize that this is a real estate transaction, so you’re stuck with what you buy. Be wary of any dishonest sellers and don’t be suckered in by fraudulent websites advertising timeshare opportunities. If you don’t understand anything, don’t hesitate to ask your broker questions before proceeding.

As with any real estate transaction, when you buy a timeshare, get everything in writing. You don’t want to run into problems after the final paper is signed, and verbal statements are useless in real estate. Play it safe and smart.

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