Before you buy a Timeshare there are a few terms and details you should know so that will help you get the best deal on your perfect Vacation Timeshare. Where to look for deals, how to get the best deal, find out how they have sold for and more.
A well informed purchaser is our best client.
Type of Timeshare Plans
The two basic types of timesharing plans are deeded or leased. When an ownership interest on a piece of real estate is purchased it is referred to as a deeded plan. In a leased (or non-deeded) plan, the buyer purchases a lease, license, or club membership that entitles them to use of the property for a set number of years for a specific amount of time each year. The price of your unit in both timesharing plans is related to the season and the length of time you want to purchase. Meaning that a winter week in a warm climate is worth more than a summer week in the same location.
Shopping Wisely
The most effective ways to do this are by taking your time and comparison shopping – both of which drive timeshare sales personnel to distraction. They all want you to tour the resort, listen to their presentation and commit to a purchase within an hour and a half to two hours. Some may even offer you special “first day incentives” such as a price discount or an additional premium to purchase immediately following the presentation and tour. Don’t fall victim to their pleas unless you are absolutely sure that you want to buy the property on that day. A perfect response is “We want to think about this. If we decide to buy, we’ll be back another day.” Basically if you are truly serious about buying a vacation-ownership property that you will use and enjoy for many years, don’t just squeeze sales tours in around the edges of theme-park visits and other vacation activities.
Pricing
First and foremost, do your research. Should you visit a resort or any other sales office and like the property you see keep in mind that the listed price may not be the final price. Many resale companies tell customers that the property is worth far more than it actually is, sometimes exceeding the price that the resort or developer will sell it for. Like other property few sellers set firm prices meaning most are willing to negotiate. The pricing schedule typically contains enough profit to allow for some flexibility. Obviously, if you express enough interest in the product but are unsure about the price, the salesperson may respond with an immediate reduction in the price. This is called a drop in the industry and you should definitely take advantage of it. Both parties will benefit from a fair price sale.
Likewise, if you are financing your timeshare purchase the terms are just as important as the price. For instance if you want to save on the total amount spent, negotiate a lower rate over a shorter term whereas if you would like to have a lower payment each month then you can work for a higher rate over a longer term.
Finding Bargains
If you are a person that is looking for a great timeshare deal then checking the following places may be useful:
Classified advertising in newspapers, timeshare-related consumer publications and on websites such as ICM Group. Unsold units from less-than-prime locations. For example, if the unit looks out to an interior courtyard or parking lot instead of a golf course or ocean view then the seller should be flexible in negotiating prices for such accommodations. Resorts with resale units available. In the event that the owners’ association may be assisting with unit resales or trying to sell timeshares it acquired through foreclosure from owners who failed to pay maintenance fees and property taxes. In some resort areas, independent real-estate brokers sometimes specialize in timeshare resales. Timeshares auctions also may be available at websites such as eBay and Yahoo. Convenience Versus Practicality
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