Things To Keep In Mind While Buying A Timeshare

Posted by Nick Niesen on November 8th, 2010

Timeshares, also known as fractional ownership, is something that has been around since the first extended family decided to save on the cost of their vacation by sharing the cost of renting a cottage or vacation property.

An important thing to decide is whether you need fixed or floating timeshare? Actually, it depends on your lifestyle and job. If you always take your vacation the same time every year, then a fixed week is the best bet for you. Families with children who like to take their vacations during school breaks are the typical consumers for fixed week timeshares. People with more flexibility in their scheduling and those who don't like being forced to schedule their vacation a year in advance will best benefit from the floating week timeshare.

If you decide to finance your timeshare, you also need to consider the added cost of interest, which can inflate your timeshare purchase by several thousand dollars if you are financing for 5-10 years. It is better to use cash for buying a timeshare, but if you do need to finance the purchase, try and minimize the cost by only financing for a couple of years.

Some things to watch out for in shopping for timeshares include being wary of prizes, especially prizes that ask that you only to pay the shipping and handling. Never pay for anything while you are just looking at timeshares. Purchasing a timeshare is not nearly the same as purchasing a house or even a condo. Some things are very similar but there are distinct differences that you need to be aware of, and you need to make sure that you have all the necessary details in front of you before you make any kind of decision.

Buy during a prime season- your timeshare will be worth more when you go to sell or exchange it. Never buy a timeshare on the spot. If it is a good deal, it will still be there tomorrow and the next day. It certainly will be there after you've had an opportunity to do a little research online.

There is something quite wonderful about a timeshare especially if you are able to trade or swap your week with someone who holds a timeshare somewhere else in the world. This can make your timeshare a real, lifelong bargain.

The point of having a timeshare is to have fun, not to be fretting about dirty carpets caused by other owners of your timeshare or leaking windows or any other unpleasant maintenance issue. You don?t want to have to worry about getting basic maintenance done. You want peace of mind knowing that the timeshare is well kept, the furnishings and carpets are clean and in good repair, and utilities such as cable television, phone and electricity are up to date. So you have to choose the other owners of your timeshare well.

Finally you have to know that there are plenty of scam artist on the Internet willing to take your money for a property they don't even own. Finding a timeshare deal is not hard but do your homework. Look at several websites on the Internet before making any decisions. Visit the resort you are interested in before buying a timeshare, new or used.