Buying a Timeshare Cheap

Buying a Timeshare Cheap

 
Timeshares are properties having shared ownership or user rights. This concept has quite a few drawbacks such as high maintenance fees (often exposed after a deal), the inconvenience of long-term commitment, and low resale value. However, if one is willing, these flaws can always be manipulated and turned to one’s advantage and profit. Through timeshares, it is possible to purchase a lifetime’s worth of affordable vacations without going through the pain of buying an expensive vacation home. They help in saving a substantial amount of money over the cost of regular hotel vacations. And because of the saturation in the market, availability of cheap timeshares is commonplace.

Before purchasing a timeshare property, the prospective buyer should look into the following:

• Type of timeshare: Deciding the type is the first step. Among the various types, a deeded timeshare is almost like owning a real estate. A right-to-use timeshare provides only the right to occupy a unit at specific times. Right-to-use timeshares have the advantage of deciding when to use the unit. Points-based timeshare lets you purchase points to be redeemed for stays in resorts of choice.

• Choosing the resort and the time period for vacation: A potential buyer can be wise by choosing an offbeat resort instead of going for the high-end popular destinations. Also, one can time the vacation perfectly to avoid unnecessary expenditures, as in say, a couple of weeks before or after the peak season.

• Shopping at the resale market: To ensure cheap and economical deals, ransacking the resale market is mandatory. The internet is full of advertisements of resale properties. There are auction sites and online classifieds sites providing extensive timeshare listings as well.

• Comparing all the costs, and not just the upfront price: Apart from the conspicuous sale price, these timeshare properties have high annual maintenance and upkeep fees. To these, assessment charges get added in case the property had gone through or would undergo renovation. Deeded timeshare sales are charged with transfer tax as well.

Reviewing the contract before signing: The scrutinizing eyes of an attorney is crucial for reviewing before a purchase is done to ensure feasibility.

There are certain tricks to ensure a cheap purchase:

• Looking for resale properties whose annual maintenance fees are already paid by the owners.

• Choosing a property close to home to ensure the year-round use of the amenities.

• Selecting a timeshare network that allows discounted stays at other properties.

However, before making a purchase, it is highly recommended to visit the actual site. Relying solely on posh photographs and flashy deals on the internet might turn sour.

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