There are a few ways to buy a timeshare. The most common way most timeshares have been sold is at a sales presentation at the timeshare resort while you are on vacation. You remember the scene: the tour, the 90 minute presentation, the offer of a huge discount if you buy today, or the sales person asking the manager to come over to lean on you to make his sale.
If you were lucky, did your homework, and knew what you were getting into you may have had a good buying experience. If you have yet to do it this way, it would be wise to follow this advice. A few simple pointers for helping you buy a timeshare if you buy it at the resort.
1. Compare the costs of buying and maintaining a timeshare with renting a similar property. Perhaps rent a unit from a current owner first to make sure you like the complex.
2. Evaluate the location and quality of the resort by visiting the facility and talking to current owners about their experience. Check for complaints about the seller, developer and management company with the State Attorney General’s Office, local consumer protection agencies and the Better Business Bureau.
3. Make sure all promises made by the sales agent are contained in the contract. If it is not in writing, it was not said.
4. Don’t act on impulse or be swayed by high-pressure sales tactics. If possible, ask a lawyer or real estate professional to review the contract before signing.
5. Get the name and contact information of a company representative who can answer your questions before, during and after the sales presentation, and after your purchase.
6. Ask about your ability to cancel the contract (sometimes called “right of rescission”). Many states guarantee your right of rescission, but cancellation periods vary. If the law doesn’t require a right-of-rescission or cooling-off period where you’re buying, ask that one be included in your contract.
7. Use an escrow account if you’re buying into a property that’s not yet completed to protect you if the developer defaults.
8. Be wary of timeshares in foreign countries, since you won’t be protected by U.S. laws.
NOW having said all of that, I would never recommend buying a timeshare that way! I recommend buying a timeshare on the resale market – or a “used” timeshare. Essentially all timeshares are used by other people on other weeks. Why buy a timeshare this way? Saving Money.
You will save a huge amount of money when buying a timeshare resale. Anywhere from a 25% discount to 50% or more. That is a huge amount of money!
Next question: What is the most reliable way to buy a timeshare from the current owner? I say, ” a Timeshare Resales Specialist”. A timeshare specialist will have all the experience and contacts they need to get the job done right the first time.
THAT is the way to do it!