When buying a worldwide timeshare many people don’t know where to begin so I hope the following helps. Owning a timeshare is a significant financial investment in terms of your family’s future holidays rather than your finances so it is important not to make any mistakes.
Basically, you can either buy from new or purchase a resale timeshare property.
Many people when buying a timeshare from new do so after attending a timeshare presentation. This is often followed by a visit to a resort or resorts on a very cheap or free visit run by the timeshare company. If you are serious, this is a good way to proceed. However, you will still need to keep your wits about you, do your own extensive research and get independent legal and financial advice. You must always ask the company what their cancellation options are as these are not always that good once you have walked out the door!
You may also use one of the timeshare brokers to act for you. Timeshare brokers will act as a go-between by matching a seller with a buyer and often dealing with the transfer of funds. Please note, there is no need to pay any fees up front. If they say they have a something ready for you at a good price, then why would they need a deposit until paperwork is produced anyway? If you are asked, I suggest you go elsewhere.
Contact resorts directly as you will cut out the costs of the middle men. Try independent websites that merely put buyers and sellers together either for new or rebuys.
You should also contact resorts if you are buying second-hand, check online sites such as Redweek.co.uk and even EBay. As usual, be very careful with such large sums of money over the Internet. You may be honest, but others may not be. Use Escrow or similar to help protect yourself. A good specialist legal professional can give you some guidance on dealing with payments.
When financing a timeshare your options include releasing equity from your permanent home, getting a specific timeshare loan or a standard bank loan. Don’t entertain any finance deal offered by a timeshare company on face value, as these are often a bad deal. If you are told that the price is dependent on you making a decision then and there, it is wise to assume it’s a bad deal! If you need finance, it is also worth considering whether you can afford a timeshare in the first place as your costs don’t just end at the purchase and will include at least maintenance costs.
In summary, however you decide to buy your worldwide timeshare, do extensive research, use independent and specialist advice and check out all financial options. Being careful will ensure a smooth purchase and many happy vacations in the future!
Want to find out more about worldwide timeshare, then visit Miles Vitnar’s site on how to choose the best timeshare re-sale companies for your needs.