How To Make The Right Timeshare Purchase
Everyone has heard the horror stories associated with purchasing a timeshare property
. Huge payments, poor accommodations, stolen funds, and resorts that shall we say have "lost their appeal"!
Before buying, there are some important things to consider when using a timeshare purchase for your travels. While times shares are supposed to be owned permanently, many are sold after about 8 to 9 years. Take into proper perspective the price that you will pay, as it will become a factor if and when you decide to sell.
When dealing with persons other than the owner, verify and confirm that the person is legally authorized to transact business and handle money matters for and in behalf of the owner. Under no circumstances should you allow your solicitor to pay any money until proper confirmation has been made. If you are offered a banked week, then check that the owner actually owns the week and that the management Fees are up to date by contacting the management company and the exchange company.
Make sure the exchange company is informed of the change in ownership before transfer and always be sure you understand who in the purchase agreement (seller or buyer) will assume the costs of transferring the ownership of the unit. The cost of transferring a "Right of Use" ownership will be $140 to $1,700 while the cost of transferring a "titled" ownership would be up to $3,000.
Unless you have to, do not buy directly from the developer of the resort, it will be more expensive than buying timeshare units.
About $4,000 would be the starting price of a "sleep 6" during the peak season in Europe in a reputable resort, and it should command a good resale value with little risk of incurring a loss. A larger unit in the UK at peak school seasons in a top of the line resort would be $6,000 to $10,000, which would not be far from its resale value. Once you find what you want, bargain hard! Exploit the competition of the sellers.
by: Lauren Schultz
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