Resale Timeshare Properties: A Simple Buyers Guide

Are you getting tired of hearing those long presentations given by timeshare companies

? The solution is to buy a timeshare resale. The timeshare resale industry was almost nonexistent ten years ago, but now it is awakening and slowly and steadily gaining ground. Many reputable companies have joined this emerging market, but timeshare resales also occur through classified ads and auction sites. Potential buyers should look at a timeshare resale because they cost 30-50% less than a new timeshare unit. New timeshares are expensive because the companies spend so much on advertising. The cost of this advertising may be higher than the entire cost of a resale timeshare, making purchasing a resale a much less expensive option than buying a new timeshare. However, there are a few things to think about when buying a resale.

Never rely on the seller's word that the timeshare is in a great location. It is always a good idea to take a look at the property yourself. Provided you are buying the right one, a timeshare is a great investment in your vacation dreams. You should also think about things like whether the timeshare is in a popular area and near grocery stores, restaurants, malls and other amenities. Find out if it is close to any major vacation attractions. It is also a good idea to buy your timeshare in the peak season, because you will have more options for exchange or resale in the future.

Do not ignore the floor plan. Some units are converted from motels into timeshare units, while some may be outstanding but some may turn out to be very bad. Look for well designed and well planned unit. And also see if the units are well maintained. If it's clean and free from dust, structural damages and squeaking doors it speaks a lot about the management. Well maintained and well kept units represent a good management. This also adds to the value of the unit.

Timeshare resale prices are low, and this sometimes overshadows their underlying costs, including property taxes, maintenance fees, and any special assessments for the year. Ask the unit's seller whether all these costs have been paid up to date, because otherwise the cost of owning a resale will be higher. It is better to buy a unit in a timeshare resort where the maintenance fee is low, because this is an annual cost that will add up over time. If you are buying a timeshare resale through a broker, don't make the error of making your purchase through an unlicensed broker. There have been many frauds and scams related to resales in the timeshare industry, so you should always use a licensed broker. They have much more to lose than a non-licensed broker. You should also put your money into escrow until you receive the timeshare.

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 bigger the unit, the better the value and chances of exchanging. Most people are happy if they buy big units as it also accommodates big families and friends and also big gatherings. Also do not forget to ask the seller the reason why they are selling their units. It can be due to some problems related to management or inconvenience. This information will be crucial to you as you might be able to gauge whether you can handle those issues later on or not.

by: Eric Frey

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