Timeshare Considerations

Are you thinking about buying a timeshare? While the thought of having your own time share for your vacationing dreams may just tickle you pink and spur you into jumping in head first, the truth is that buying a time share requires careful planning and preparation, and there are many factors to take into consideration before buying any time share—especially your first.

First of all, you need to factor in and calculate all the different costs involved. It’s not simply a matter of buying a time share for a one-shot deal and then being done with it. Time shares involve a lot of different costs, including the mortgage payments, property taxes, maintenance fees, finance charges, and broker commissions—and don’t forget about travel costs.

If, after these preliminary financial considerations, you decide that it still makes sense to buy your very own time share, then the next thing you need to do is some comparison shopping in order to find the right time share for you.

What kinds of things should you look for in a time share? Consider the location of the time share, the availability of units, as well as the quality of the resort property itself. It’s also a good idea to talk to as many people as you can—the current owners, local real estate agents, the management company, as well as the local Better Business Bureau—to get an accurate portrayal of the time share and all that it involves.

Next, what are the benefits and special features of each time share? Think about the benefits when comparison shopping for the right time share. You will also need to look at all the terms, conditions, and obligations associated with the time share.

Never feel pressure to get a time share when you aren’t ready, comfortable, or completely informed about which decision is the right one for you. Investing in a time share should be a careful and well-thought-out decision that takes a great deal of deliberation.

Don’t forget about contracts. Study all the paperwork and read through contracts down to the tiniest detail before making your decision regarding a time share. Find out if you have the ability to cancel the contract at any given time. And get everything in writing—every incentive, bonus, promise, and representation needs to be in writing in order for it to be legal and binding.

Buying your own time share can be very exciting, but it’s best to take these and other considerations into account before making a final decision.