Buying Guide For Timeshare Resale
Are you on a hunt for timeshares? Are you tired of listening to the lengthy presentations of timeshare companies? Here is the solution, go buy a timeshare resale. Almost non-existent a decade ago timeshare resale industry is waking up to the call and catching up slowly and steadily. Timeshare resale takes place through classifieds, auction sites and also many reputed firms have joined this emerging market. The reason why anybody should look at buying timeshare resale is that they cost 30%-50% less than the new timeshare. The reason why new timeshares are expensive is the timeshare companies spend a lot on advertising. Sometimes the cost of advertising is higher than the value of resale. That is why timeshare resale is much cheaper option than new timeshare. But one should remember certain things while buying timeshare resale.
Do not believe on word of mouth if the seller tells you that the timeshare is in a great location. It is advisable to see the timeshare yourself or at least tell your friend or family member if they live close to the location to go and see it. Timeshare is indeed a great investment in your life provided you know you are buying a right one. And also consider things like whether the timeshare is in a high demand area and in close proximity to grocery stores, malls, restaurants and other amenities. And also find out whether there are any major attractions nearby. Also buy your timeshare in a prime season which gives you more options for exchange later on.
Also do not ignore the floor plan. Some units are converted from motels into timeshare units, while some may be outstanding but some may turn out to be very bad. Look for well designed and well planned unit. And also see if the units are well maintained. If it's clean and free from dust, structural damages and squeaking doors it speaks a lot about the management. Well maintained and well kept units represent a good management. This also adds to the value of the unit.
The low prices of timeshare resale overshadow the underlying cost sometimes such as maintenance fees, property taxes and if there is any special assessment this year. Clearly ask the seller if all these have been paid up to date otherwise the price of owning a timeshare resale increases and makes no sense in buying. Also buy a timeshare resale unit in a timeshare resort which has low maintenance fee, as this is an annual fee it keeps on adding if you pay any extra money.
If you are buying through a broker, do not fall into the trap of buying through an unlicensed broker. The timeshare industry has witnessed many scams and frauds related to timeshare resale. So always go to a licensed broker because they have much at stake compared to a non-licensed broker. Also put the money in an escrow account until the time you get the timeshare unit.
The foremost important criterion is the price, so do your homework and research the prices of timeshare units in the area you are interested in buying. A timeshare is an investment for a better life. Keep in mind that the prices of timeshare resale units are as low as 30% to almost half the price of the new units. You can do the research on internet auction sites like eBay and bidshare.com. If you are buying through a broker you can ask the broker to show a comparative analysis of prices.
The bigger the unit, the better the value and chances of exchanging. Most people are happy if they buy big units as it also accommodates big families and friends and also big gatherings. Also do not forget to ask the seller the reason why they are selling their units. It can be due to some problems related to management or inconvenience. This information will be crucial to you as you might be able to gauge whether you can handle those issues later on or not.
Article Source: FxTradingStock.com
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by: Ferdinand Lumberg
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Date: Mon, 6 Sep 2010
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