How to Ask Questions About a Timeshare Sale
When purchasing any real estate, it is important to ask informed questions. Even though buying a timeshare is not a traditional real estate purchase, it is still important to understand the process involved and gather as much information as possible. A timeshare is also referred to as a vacation ownership, space share, multi-ownership or holiday ownership.
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Instructions
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Find out what kind of timeshare agreement you're agreeing to. There are several different kinds of timeshares, so there is one for everyone looking to purchase. "Fixed Weeks" are most often deeded ownerships, and those purchasing this type of timeshare will be given a specific amount of time during the year when they can enjoy their property. Other types of "fixed weeks" timeshares are "fractional ownership," that last between five and 26 weeks, and "condo hotels" that offer rental profits as well as the days for the purchaser to enjoy the timeshare.
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Determine what you are paying for when you are making the purchase. Your timeshare is a vacation spot that allows you a specific amount of time per year and days or weeks to use. It includes a one-time purchasing fee and maintenance on the property. Some purchases also include other vacation perks, like airfare, car rentals or food.
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Find out what how much your timeshare is worth. Resale values on timeshares are not high. Timeshares should not be purchased with the idea that one will make a high profit. Also it is very important to research what kind of protection the purchaser has where the timeshare is bought, and the buyer should get a plan from the seller describing the specifics of the timeshare plan. Investigate the company you are buying from before making the final purchase.
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Find out what other costs you are responsible for. Typically when you own a timeshare, you're not only obligated to pay for the cost of your timeshare building, but you're also obligated to pay other fees for upkeep and maintenance on the property.
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Find out what the due diligence period is. If you feel that you no longer want to purchase, then you are free to get out of your contract.
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