Perhaps you have always been interested in owning a vacation home but never had the cash available to purchase. Resale Timeshares have always been available but not at the bargain prices we are seeing today.
Perhaps you are interested in owning a timeshare as you have a favorite holiday destination but are fed up staying in an anonymous hotel. You would prefer to stay in your “own” apartment or hotel room where people know you. Why not check to see if there are any units in your holiday hot spot,
Did you know that some people are selling their timeshare interests for as little as $1. No that is not a typing mistake, it is one dollar. Why so little, In the current economic climate, a lot of people are suffering financial hardship and trying to cut costs where possible. They can no longer afford to visit their condo and perhaps are finding the annual fees and maintenance costs a burden.
There are numerous reasons why people sell anything and it is not always because there is an issue with the vacation unit. But you would obviously act prudently and check out all the facts and figures before entering into any legally binding contracts.
A lot of people buy vacation homes without realising what they are doing. It is often called the “Pina Colada” effect as the sales representatives usually give you a free pina colada before trying to sell you the unit. Don’t forget this isn’t an investment in the strict sense of the word. You do not always own a property or share in that property. What you “own” is the right to stay in a certain location for a specific period of time at a given date in the year.
But if you approach your purchase correctly you may actually find that you have purchased a ticket to see the world rather than the same place year on year. This is what I suggest you do.
1) NEVER buy a new timeshare – always buy a resale.
2) Never buy until you have researched both the company and the location thoroughly. This is rather cheeky but personally I would go on the free trips organised by the timeshare owners and do your research in person. Just make sure that you leave your credit cards at home. This will allow you to see the location and accommodation first hand. Then you can investigate whether there are any resale units in that building.
3) Think location, location and location before making a decision. I am not just talking about you liking the location. You may want to spend a week every year in the middle of the desert but do others,
If however, you buy a decent resale condo in Florida or California, you will probably find that you will be able to rent those weeks you don’t use. Or even better, you may be able to swop your week in Florida for two weeks in Spain or somewhere else. This is how the more savvy resale timeshare investors travel their way around the globe!