With life’s little annoyances, it only seems fit to enjoy a much deserved break from time to time. Clever people understand the importance of planning their vacations long before they actually go out for one. However, even more clever individuals understand the importance of buying a timeshare to make sure that they get to have a peace of mind somewhere in a piece of paradise.
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 make your purchase, you have to understand first the different types of timeshare. There are generally two types of timeshare. A floating time agreement offers flexible schedule when you can use your timeshare. And since this is the more preferred option, reservations may be only on a first-come, first-serve basis. This type is considered a leased timeshare wherein as soon as your lease expires, you no longer have the rights to the property. A deeded plan, on the other hand, is when you actually buy a piece of real estate property, share it among owners and use it accordingly to the timeshare agreement. Sometimes called a fixed unit, deeded timeshare allows you to own a particular timeshare (which, in most cases, lasts for 1 week) at a particular time every 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. Understand your timeshare rights before you make your purchase. Generally, timeshares are governed by legal documents known as Covenants, Codes, and Restrictions. Make sure that you get acquainted to these documents, so you know how the timeshare properties are being managed and what your rights are as an owner.
4. Know that the cost of buying a timeshare and the cost of buying a real property is not the same at all. You would need to compute the total cost of timeshare including maintenance fees, taxes, mortgage payments, closing cost, travel cost, broker commissions, financing charges, etc. You need to 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.
Having said all of that, you can avoid being victim to a timeshare scam given the proper precaution and right research on your part.