Owning a timeshare in Myrtle Beach is a great idea for people who love the Myrtle Beach area. By owning their own weekly property, they can visit there on an annual basis. There are some cautions to be exercised when you buy a timeshare, but there are still very good deals to be found. Buying a timeshare in Myrtle Beach is a good investment for anyone looking to get a start with owning a vacation property.
Tools and Materials Needed
- Internet Access
Step 1: Determine if Timeshare Is Right for You
A timeshare is a sizable investment. There are some timeshares in Myrtle Beach that can cost up to $15,000 with an annual maintenance fee of $500 to $1,000. Before buying one of these properties you should make sure that this investment is right for you. Can you afford this sizable payment for something that you are going to use once a year?
Step 2: Do Your Research
In a lot of respects, buying a timeshare property is much like buying a home or condo. Do your market research into the area, the comparable prices of other units, and resale value. Other things to think about are the different weeks available, and the actual resort the timeshare is located in. These should be looked at carefully as you make your vacation investment.
Step 3: Choose Which Type of Timeshare You Want
A timeshare can be a complicated investment. There are many different timeshare options available when you purchase one. A fixed timeshare means that you are locked into a specific period of time. A floating timeshare gives you a little more flexibility as you plan your vacation from year to year. Buying a deeded timeshare gives you the option of passing on the rights to someone else. While a "right to use" ownership is not actually ownership. You are simply able to use the unit during a specific time.
Step 4: Look at Timeshares
Just like you would not buy a home without first looking it over, you should never buy a timeshare without seeing it for yourself. Some timeshare companies will only show you brochures. However, if you are traveling to Myrtle Beach, you should take a look at the resort yourself to see if the place will work for your needs.
Step 5: Work with Network
You can buy your timeshare from an individual, but there are some government regulations involved that may not make the savings as lucrative as they could be. Purchasing from a timeshare network will help you better control your property, and give you many options like exchanging or trading.
Step 6: Pay for Timeshare
Once you have looked at different timeshare options in Myrtle Beach, you can then buy the week during which you want to use the unit. The best option is to pay with cash upfront instead of financing, or using their payment terms. When you pay with cash you get the best deal and savings.
Step 7: Protect Yourself
As you purchase the timeshare make sure that everything is clear about your deed. Some of the wording can be confusing, especially when it talks about specific weeks, points, exchange fees, and maintenance fees. Make sure that everything is explained and that you protect yourself through title insurance.