Consider The Risks Before You Buy A Timeshare
There are both risks and rewards involved in buying a timeshare
, largely depending on which timeshare company you choose to purchase one of these properties from. There are many people out there who have had nothing but enjoyment from their timeshare properties while others have seen their dream vacation property turn into a nightmare and a money pit due to the fraudulent machinations of scam artists. Buying a timeshare should be done with a great deal of caution and an awareness of the potential risks. Think carefully about the benefits as well as the risks as you consider buying and of course, always read the fine print before you sign anything.Timeshares may be either deeded purchases or arrangements with no deed; these are essentially a long term lease which does expire eventually rather than an actual purchase. Deeded timeshares involve an actual deed of ownership which may be passed to heirs in a will and all of the rights of ownership. In either case, the price of the timeshare is determined by the amount of time the buyer has the right to use the property as well as the time of year that they are allowed to use it.
Buying a timeshare is an important decision and is one not to be rushed into. Read over any documents and contracts very carefully, making sure that you understand all of the terms and conditions spelled out therein. Never sign anything unless you completely understand what you're agreeing to. You may want to have your lawyer look the contract over before signing and you should definitely speak to someone who owns a share in the property. Before you buy a timeshare, keep the following points in mind:
-Check into the licensure of timeshare resale companies. You can inquire about this with the State Department, who will usually maintain records about the company's history as well. Be extremely cautious when dealing with an unlicensed firm - your degree of risk will be much higher than with a licensed company.
-A timeshare is meant to be a vacation property rather than an investment; you may not necessarily receive a good return on your investment if you resell.
-If you are buying a right to use timeshare watch out, if the sponsor declares bankruptcy, you may lose your rights.
-If you are buying a timeshare in a property where the facilities have not been fully installed take a written commitment from the seller that they will be finished in a specific amount of time.
-Any claims made by the seller about the returns on the investment in timeshare should be questioned because the future value of a timeshare depends on many factors.
-A timeshare should not be an impulse purchase. Read over all associated documents and consider the matter carefully before you decide.
-Especially if the seller makes any promises to you orally, ask to get it in writing; in fact, get everything in writing.
-Try to find out whether the exchange program will be guaranteed or not. Sometimes it isn't. So make sure to find it out before buying. Buying a timeshare without an exchange program is not worth the money because you will get bored going to the same property every year and also you will not have the flexibility of schedule if you don't have exchange facility.
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