Timeshare Properties: A Buying Guide for Resale Timeshares

Are you getting tired of hearing those long presentations given by timeshare companies? The solution is to buy a timeshare resale. The timeshare resale industry was almost nonexistent ten years ago, but now it is awakening and slowly and steadily gaining ground. Many reputable companies have joined this emerging market, but timeshare resales also occur through classified ads and auction sites. Potential buyers should look at a timeshare resale because they cost 30-50% less than a new timeshare unit. New timeshares are expensive because the companies spend so much on advertising. The cost of this advertising may be higher than the entire cost of a resale timeshare, making purchasing a resale a much less expensive option than buying a new timeshare. However, there are a few things to think about when buying a resale.

Do not rely 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. Timeshare is indeed a great investment in your vacationing 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. It is advisable to buy your timeshare in a prime season which gives you more options for exchange later on.

Never ignore the timeshares floor plan. Some units are converted motel rooms, and although some may be great, others turn out poorly. Look for a well-planned and well-designed timeshare unit. You should also check if the unit is well-maintained. A timeshare unit that is dust-free, clean and free of squeaking doors and structural damage says a lot about the quality of the timeshare facility's management. Well-maintained and well-kept units indicate good management and add to the timeshare's value.

Timeshare resale prices are low, and this sometimes overshadows their underlying costs, including property taxes, maintenance fees, and any special assessments for the year. Ask the unit's seller whether all these costs have been paid up to date, because otherwise the cost of owning a resale will be higher. It is better to buy a unit in a timeshare resort where the maintenance fee is low, because this is an annual cost that will add up over time. If you are buying a timeshare resale through a broker, don't make the error of making your purchase through an unlicensed broker. There have been many frauds and scams related to resales in the timeshare industry, so you should always use a licensed broker. They have much more to lose than a non-licensed broker. You should also put your money into escrow until you receive the timeshare.

Look into the prices of timeshare properties in the area that interests you, because price is the most significant factor when you are choosing a unit. You should always keep in mind that resale timeshare units often sell for as little as 30% to 50% of the price of a new unit. You can do this type of research on eBay, bidshare.com and other Internet auction sites. If you are buying your unit through a licensed broker, he or she should be able to show you a comparative analysis of prices if you ask.

The larger the timeshare unit you buy, the better the value you will receive. Your chances of exchanging will go up if you have a bigger unit, too. Most people are thrilled to buy large units because they are able to accommodate bigger families, larger gatherings and more friends. Make sure you ask the seller why the unit is being sold. It might be inconvenience or some problem with management, but you need to know the reasons behind the sale so you can judge whether you will want to deal with them in the future or not.

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