There are many timeshare units for sale on the market right now. If you do a search on the Internet, you can find people desperate to sell. So are timeshare sales from owners a good deal or a scam?
Our timeshare unit has been one of the best things we ever purchased, but we did our research first. And then we did miss out on one fantastic opportunity because we didn't do our research and hesitated. That will always be remembered as the one that got away. So if you want to make the right choice in buying a timeshare vacation unit, please consider the following points.
You can buy a timeshare vacation unit from an existing owner for a great price. This is because the resale market is very hard. Realtors don't make a lot on a timeshare sale, so they put it at the bottom of their priorities. Those places which specialize in timeshare resales demand a hefty sum from the seller. It is better for the seller to go private and give you a great deal. The important thing to remember though is that you must love the specific place and time you are buying. Do you love Whistler BC ( site of the 2010 Olympics)? Great, but how about Whistler in October? Pretty mushy and rainy. Also find out about any special levies on the property and whether you actually hold title. Actually, buying from an existing owner can take more diligence than from a company. Still, the deals are out there for the brave.
This may be the best time to get a great deal on a private sale of a timeshare. We have attended many meet and greets at various timeshares. Over the past few years there were many people who were buying multiple weeks and properties because of the easy credit and inflated valuation of their homes. Now these people need to sell fast. I met a guy who came up to Whistler once a year, but had six extra weeks in different resort properties as well. He has a family with 3 kids, so it is not like he was planning to trade them. He was planning to rent the timeshare units and sell when the value increased. Poor guy.
Timeshare rentals only benefit the property management company. Period. I could go on, but that is the bottom line. Timeshare vacation properties seldom go up in value. Check your paper or an auction website and bid low.
So why buy a timeshare vacation property from an existing owner?
Because of the following reasons:
- You can get a great price on a timeshare from an owner who just wants to get rid of his headache or has a change in his lifestyle.
- If you pick a place close to you, you can use the facilities year round ( it is called rubber traffic)
- The company who manages the timeshare usually has great specials on other places and trading programs.
- Timeshare properties usually give you more amenities and luxury than standard hotels.
So do your homework, investigate every aspect of the timeshare unit. Put in disclosure items in your sales contract. Buy close to home. And bid low. . . Like mom used to say, “You can always ask!".
Oh yeah. That timeshare I should have bought? New York's first Manhattan timeshare. Right across from Carnegie Hall. Dumb Dumb Dumb!
Colin Noden http://practicalanswers.blogspot.com/ My mission is to find the best practical help in a wide variety of areas. If you are looking for something and have been frustrated in your search, I would be happy to help.