How to Invest in Timeshares

The concept of timeshares began in Europe in the 1960's then spread to the United States in the 1970's. It gives families the opportunity to own a vacation home for a fraction of the price. The cost is shared among several families, along with the maintenance costs. Close to 5 million families now own timeshares.

Instructions

Difficulty: Moderate

1. Decide where you'd like to buy a timeshare.
2. Search for available timeshares online. They are available in all kinds of resort locations.
3. Talk to a realtor with experience in the city where you'd like to buy a timeshare. See what listings they have. Often realtors know about available properties before they make it online.
4. Tour the homes until you find one you'd like to buy into. Work with the realtor, resort or owner to complete the sale.
5. Know that timeshares work in several ways. Some timeshares are purchased outright. You get a deed with the property. Others may require a lease or be handled on a point system. You can buy directly from the owner or from the resort.
6. Get financing by applying through a bank, mortgage broker or credit union. Look for a broker that specializes in vacation home financing. Some timeshare websites offer financing information, too.

Tips & Warnings

• Avoid hidden costs by getting everything in writing. Know before buying the timeshare what the maintenance costs are, along with any other hidden costs.
• By Canadian law, you get 10 days to cancel a timeshare contract.
• If you cancel your contract, the seller has to refund your money within 15 days.