Buying a Timeshare
There has never been a better time to buy timeshares with great deals in all the major tourist destinations.
There are now more than 5,000 timeshare resorts around the world. Whichever vacation destination you prefer, you’ll find the right one for you and your family, says Patrick E. Dougherty of Timeshares United.
“The timeshare market continues to explode and is the fastest-growing sector in the global travel industry with more than 6.7 million timeshare owners and nearly $ 10 billion in annual sales,” he says.
“The timeshare market is booming, especially in the United States, because the weakness of the dollar against many foreign currencies makes prices so attractive to foreign buyers,” says Dougherty.
“With timeshare ownership for less than $ 2,000 a week, it makes perfect sense to buy for many people. For about the price of a vacation, you can have a documented luxury home that you can use for years.” “A lot of people don’t want to spend hundreds of thousands of dollars buying and decorating their vacation home and why they keep paying for hotels year after year,” he adds.
“Another great benefit of a timeshare is that if you don’t want to use your property for a year, you can rent it or stay at one of the 5,000 resorts in 90 countries around the world. An asset that you can sell when you need it,” says Dougherty.
After Florida, South Carolina, California, Hawaii, and Colorado are the most popular timeshare states in the United States. Other hot spots are Las Vegas, Arizona and Mexico.
Ten Top Tips When Buying Timeshare
- Only buy in a resort that you like and plan to visit regularly,
- Don`t buy a time that is not suitable for you even if you like the resort. If you prefer to holiday at a specific time, try to get that exact week or one on either side of it.
- Examination of complaints against the tourist promoter and the management company. The attorney general and the local Better Business Bureau are good sources.
- Always buy from a professional reseller who offers a 14-day cooling-off period, keep all money as collateral, and be ready to confirm that the time purchased is debt-free.
- Learn about your annual management fees and what exactly you get for them.
- As an additional precaution, verify by calling the management company that the seller is the owner of the week in question and that all management fees are up to date.
- Get everything in writing.
- Take advantage of organisations that allow you to change your timeshare space so that you can vacation in other resorts around the world. You must pay a fee to join the organisation, and the processing fees apply to any exchange. Remember that if you buy a week during the most popular times of the year, you have more bargaining power when trading your week for one at a different resort.
- If you are purchasing a timeshare abroad (outside of the US), make sure you fully understand the property and timeshare laws in that country and seek expert advice if not.
- NEVER act on impulse or under pressure.