Do You Know The Risks Involved In Buying A Timeshare Property?
Buying a timeshare property can be rewarding for many people
. While many people may reap the rich benefits of timeshares there are several others for whom the timeshare investment was nothing more than a mere fraud and dream resorts turned into nightmares. Thus investing in a timeshare should always be done with high alertness and caution. Before signing a contract or a check, always consider both the benefits and the risks involved, and always read the finely written statements before signing a contract.
The timeshares are basically classified into deeded and non-deeded plans. In a deeded plan, an individual buys an ownership in a piece of real estate property. The owner usually gets the title of the property and the property is also inheritable to the heirs of the owner. Where as, in a non-deeded plan or right to use plan, an individual buys a lease, a club membership or a license that lets you use the property for a specific amount of time each year and for stated number of years. But in both the cases the cost of the unit is directly proportional to the season of the year and length of time an individual wants to buy. The rights of the timeshare owner ceases after the lease expires in right to use timeshare.
Every individual takes adequate care while making a major investment. And this applies in the case of buying a timeshare also. You must read all the documents carefully and understand fully what you are getting for your investment before signing any agreements or paying any fees. A professional advice might also be critical involving big timeshare investments. So take expert advice from people who have bought timeshare before or your attorney. Here is a list of things that all people should consider before buying a timeshare property.
If you are buying a timeshare from a timeshare resale company verify that they are licensed brokers. Easy way to verify this is by asking the license number of the broker. Then you can verify that with the State Department which deals with these kinds of transactions and know about the history of the broker. Be vigilant when you are buying a timeshare from a non-licensed firm, your money would be at stake as the non-licensed firms wouldn't have much to lose, so greater chances of fraud exist.
-Remember that a timeshare is intended as a vacation property, not an investment property and that it is not realistic to expect to make a large return by reselling your timeshare.
-If you are buying a right to use timeshare watch out, if the sponsor declares bankruptcy, you may lose your rights.
-If the property you're looking at does not yet have all of the features installed which the seller promises, get an agreement in writing that these will be installed, including a projected date of completion.
-Don't take the seller's word about any promises or claims about the property's resale value.
-Do not get impulsive when buying a timeshare. Read each and every paper thoroughly. Take adequate time in researching, analyzing and making a decision to buy a timeshare.
-Never believe in the word of mouth, neither on phone or face to face. Request everything in writing especially the promises that were made orally.
-Before you make a purchase, make sure that the timeshare company guarantees their exchange program, since not every company does this. It's not worth it to purchase a timeshare without this kind of program, unless you're certain that you're interested in and able to vacation in the same place every year.
by: Eric K Frey
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