Before buying a timeshare there should not be any unanswered questions. It does not matter if you are buying from an individual, through a classified or with a listing agency, you want to know exactly what it is that you are receiving for your investment. Here are some of the top questions you should ask before you buy a timeshare.
1. Is Property Deeded or Leased?
When it comes to value after the sale, there is nothing more important than the actual conditions of the sale you are making. Ask whether or not you are buying a deeded timeshare or a leased timeshare. A deeded timeshare option is where you receive an actual deed for the property. While you do not actually own the property itself, the week you own is yours. You are free to do what you want with it after you bought it. You can keep it, hand it down to your kids, rent it or trade it for another timeshare. A leased timeshare means that you are just buying that week and are not free to resell or trade.
2. What Are Extra Costs Involved?
The purchase price of the timeshare is not the only cost involved in buying the vacation package. Not included in the price are yearly fees that are required for the general upkeep of the property. Maintenance fees, processing fees and taxes are all additional costs involved.
3. Are Weeks Fixed or Floating?
There is a big difference between the two. If your timeshare has a fixed week of stay you must abide by this time. You will have to arrange all of your future vacations around this time of year. A floating option is much better as you can then plan around the events in your life rather than when your timeshare is available.
4. When Does the Day of the Week Begin and End?
Not all timeshare purchases are the same. When you buy your timeshare you must make sure you are clear on exactly when the week starts. More importantly, you need to know when the vacation time will end. If you get there too early, or begin to leave too late, you could have some problems with other owners.
5. Can You See Contract Before It Is Signed?
If their answer is anything other than yes, you should walk away from the deal. Make sure you read over the contract very carefully before signing or handing over any money. This will spell out exactly what is included and what you are responsible for during the time that you stay at the resort or own the timeshare.
6. Are There Owner Discounts?
Buying a timeshare does not have to hinge on this answer, but it will help you have a much better vacation while you are there. Some timeshare companies have set up special discounts for their owners on food, drink and other amenities found on-site. There may also be some discounts available at local areas to entice the timeshare owners into their places of business.
7. What is Trade Power?
You may see that you want to trade the timeshare after a few years
to begin staying in another vacation resort. Ask the owner what the
trade power of the unit you are buying is.