Travel

How to Buy a Timeshare

Did you know that there are more than 1,500 timeshare vacation club resorts across the U.S. with more than 200,000 units held by nearly 10 million owners?

The travel industry is expanding, especially with the coronavirus pandemic. Travel bookings, including resort stays and condominiums, are on the rise as millions of Americans seek accommodations away from home.

So if you have been considering becoming a timeshare owner, you are in luck.

Let’s take a closer look at all the factors you need to consider if you buy a timeshare.

Understanding the Different Types of Timeshares

A timeshare is a form of fractional ownership that is broken up into different sections. It gives various owners the right to use the same property or unit. Two common types of timeshares are fixed-week and floating-week.

The fixed-week type allows the timeshare owner to use the same unit for the same week each year. The floating-week type gives the owner the flexibility of reserving a unit during any week of the year, depending on availability. 

Shopping Around and Comparing Prices

Start by obtaining a list of the best timeshare properties and comparing their prices. It is important to research the company as well so you know that you’re buying from an established and credible company. For example, considering where to buy Hilton resales for those looking to buy at a much lower cost can get points for a fraction of buying them directly from the brand. 

Consumers should always be aware of potential red flags. Too-good-to-be-true pricing, companies that ask for large retainers or deposits, and companies that are not willing to provide thorough disclosure on the resale process.

Know the Rights and Responsibilities of Timeshare Ownership

As an owner, you have certain rights when it comes to using and managing the unit you purchased. You typically have the right to occupy the timeshare during appointed and scheduled weeks. You are also entitled to certain maintenance services, such as routine housekeeping and the upkeep of shared grounds.

Additionally, you have the responsibility to pay the associated fees for the timeshare. This includes the annual fees and other assessments.  Failing to pay fees on time or to adhere to the resort policies can result in serious consequences, including fines or, in severe cases, eviction. 

Avoiding Common Traps of Timeshare Purchases

One such trap is to avoid getting involved in timeshare sales, where you pay a large upfront fee. Avoid being pressured into making a snap decision. You may be swayed by a salesperson without comparing different options available at multiple properties.

Not all salespersons will tell you the truth about the costs associated, so be sure to ask questions and review all documents thoroughly. Additionally, check to make sure the timeshare is registered with the applicable authorities. 

The Definitive Guide on How to Buy a Timeshare

The process on how to buy a timeshare is not overly daunting if you do it wisely. Be sure to conduct research, familiarize yourself with the terms and ensure that you are aware of your rights as a buyer.

To begin, consider one of the many certified professionals in the timeshare industry, and take the step to purchase a timeshare away from home.

Did you find this post helpful? Don’t forget to browse the rest of our blogs for more tips and advice that could help you!