Recommendations Before Making a Timeshare Purchase

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People do get stressed a lot these days what with work deadlines, unpredictable bosses, and annoyingly competitive co-workers. All the news about wars and calamities all over the world also contribute to stress levels. It is only fit to take a break from all these displeasures and take a week off to have a vacation. A lot of people would agree that buying a timeshare would be the best option if people want to escape their stressful lives to fly to some paradise in any part of the world conveniently. However, not everyone is aware of the basic concepts that go with buying timeshares.

The following is a sort of checklist or collection of guidelines for what to keep in mind when picking out a timeshare:

1.    Before you buy a timeshare, you must be aware of the different types. There are basically tow types. The first is a floating time agreement, which offers you flexible schedule when you want to use your timeshare. Consequently, you need to make your reservations, which is a first-come, first-serve basis. This is also considered as a lease timeshare. Meaning, when your lease expires, your rights to the ownership of the property also expires. The second type of timeshare is the deeded timeshare. This is when you actually plan to buy a real estate property to share it among owners, depending on the timeshare agreement. Also called a fixed unit, this type allows you to own a specific timeshare at a specific time each year.

2. Research and do your homework on the location of your timeshare. While you are at it, you might also want to check out prices of other alternative accommodations in that place. If an alternative costs you less, then there is no point buying a more expensive timeshare. But then again, consider your comfort as well. For example, what if the alternative accommodation might not provide you with the same comfort as the timeshare accommodation? In the end, it is up for you to decide whether it’s cost over comfort or the other way around.

3. Know your timeshare rights before buying. In general, timeshare properties are governed by legal documents known as Covenants, Codes and Restrictions. This establishes rights for real estate property owners and states how the timeshare should be managed.

4. If you think that the cost of purchasing a timeshare is simply the cost of buying only the real property, then you may have it wrong. You should always calculate the total cost of timeshare which includes mortgage payments, maintenance fees, taxes, travel cost, closing cost, broker commissions, financing charges etc. Compare the cost of similar alternative accommodations with the total cost of owning a timeshare now.

5. Before signing any agreement, read and evaluate every document carefully. As much as possible, request everything in writing. Don’t accept properties with unfinished facilities, if you do so, ask for a written commitment from the seller that they would be finished within a specific period of time.

Timeshare rip-offs are very widespread nowadays. Always make sure that you are dealing with a credible company so as to avoid any unnecessary stress on your end.

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