If you are tired of hearing all those long presentations given by timeshare companies, here is the solution: simply buy a timeshare resale instead of a new unit. It barely existed a decade ago, but the timeshare resale property industry is now emerging and gaining ground quite steadily. Timeshares can be resold through classified ads and auction sites, but many reputable companies have also joined in the action. Anyone interested in a timeshare property should look into buying a resale, because they cost 30-50% less than a new unit. The reason new timeshare properties are more expensive is the cost of all the advertising done by the timeshare companies. A new unit's advertising cost can be higher than the entire purchase price for a resale unit. This makes buying a timeshare resale a much cheaper alternative to buying a new unit. There are, however, some things to keep in mind when buying a resale timeshare.
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.
Do not disregard the unit's floor plan. Some are converted from motels to timeshare units. While some may turn out wonderfully well, others are terrible. Look for timeshare units that are well designed and planned, and also check to see if they are properly maintained. A unit that is clean and has no dust, structural damage or squeaking doors speaks well of the facility's management. Good management adds to the unit's value and is signified by well maintained and well-kept units.
The low prices of timeshare resale overshadow the underlying cost sometimes such as maintenance fees, property taxes and if there is any special assessment this year. Clearly ask the seller if all these have been paid up to date otherwise the price of owning a timeshare resale increases. Look to buy a resale timeshare unit in a timeshare resort which has low maintenance fee, as this is an annual fee it keeps on adding if you pay any extra money. If you are buying through a broker, do not fall into the trap of buying through an unlicensed broker. The timeshare industry has witnessed many scams and frauds related to timeshare resale. So always go to a licensed broker because they have much at stake compared to a non-licensed broker. Also put the money in an escrow account until the time you get the timeshare unit.
The most important factor is the price, so do your homework by investigating the prices of timeshare units located in the area you are interested in. Remember that timeshare resale properties sell for prices as low as 30% to 50% of the prices for new units. You will be able to learn this information by using Internet auction sites such as eBay and bidshare.com. If you are working through a broker, ask that person to show you a comparative analysis of prices.
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.