What you should know about timeshare

We can’t all afford to buy our dream home in the sun, but maybe we don’t really want the hassle of booking hotels every year. If this is you, one option is to consider a timeshare. The first considerations when buying a timeshare are which of two main types you want, fixed or floating.

Timeshares, are a fractional ownership, which means you buy a period of time when you can use a property.  This is a bit like deciding with other members of your family or friends to pool your money to buy a holiday property. The difference with buying through a timeshare company is that you share the property with strangers.

Considerations when buying a timeshare are type, when, where, cost, finance and avoiding scams.

Fixed or floating

You have the choice of fixed or floating timeshares.  With fixed you will go to the same place at the exact same week every year. If you have kids and have to go in the school holidays then this may suit you. If you need more flexibility then a better option is a floating week timeshare. This means you can choose the time you want to go. Bear in mind that if you want a popular time-slot then someone else may book it before you.

Finance

If you decide to finance your timeshare, you also need to consider the added cost of interest.  You will have to build the cost of finance in to deciding what you can afford to spend. You may have to shop around for the best loan for buying a timeshare. Not all loan companies will lend because there is no physical equity to guarantee the loan.

Take time over your considerations when buying a timeshare.

Some timeshare salesmen have developed a reputation for pushy selling. You may find companies offering incentives like prizes to lure you in to a purchase. Never pay for anything while you are just researching. If it is a reputable company then there should be no problem in you deciding to go away and consider your options. If it is a good deal, it will still be there next week. So go away and do some research online.

When

Choosing which weeks to buy will depend on many things. If you are going for a fixed week timeshare then it needs to fit in with your commitments like school terms or work closures. If you have more flexibility then choosing a time during peak season will be worth more when you go to sell or exchange it.  However these weeks will cost you more so it depends on your budget.

With some timeshare companies you can swap your week with someone who has a timeshare in a completely different part of the world. This flexibility can make your timeshare even more attractive. The ideal location when you have a young family may well change as they grow up.

Choose a reputable timeshare company

The advantage of having a timeshare is it can feel more like home, which many prefer to a hotel atmosphere. Unlike buying your own property outright, you don’t have to deal with maintenance issues. The company will deal with getting any maintenance done. You want to pick a reputable company so you know the timeshare will be well-kept. You want the furnishings to be clean and in good repair, and utilities such as cable television, phone, and electricity to be reliable and updated when needed.

Beware of fraud

Sadly these days you need to beware of fraud. There are scam artists on the internet who may try to sell you a timeshare for a property they don’t actually own.You need to do a lot of research and due diligence. Search for reviews about the company. Ideally you should visit the property before buying a timeshare, new or used.

If you take in to account these important considerations when buying a timeshare, then it can prove to be a good choice for years to come.

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