You may be in the market for a resort getaway, one that you can count on year after year. Maybe you have a friend or family member who’s had a great experience or you might have been offered a tremendous deal from a timeshare rep. However you come to decide you want to purchase a resort property, there are a few basic items to keep in mind as you begin shopping.
As with any purchase, you want to do price comparisons, perform research on the company you’re considering, and take a hard look at what your getting for your money. Finding just the right property can be an overwhelming experience, making it difficult for you to know if you’re getting the best deal. Consider some timeshare buying tips before signing your name to any agreement.
Check Your Schedule
As you’re reviewing timeshare options, always remember to check your work schedule (along with family members you may be bringing along). You’ll have wasted time and money by signing a contract for a timeshare that is only available during a week that is in conflict with your calendar. It may be a good idea to check with your employer before committing, to ensure there will be no problem with taking the specified time.
It’s Not an Investment
Buying a timeshare interval is not the same as buying a piece of land. Put simply, it’s not an investment of anything more than your leisure time. While this may be valuable to you, remember that your timeshare won’t really hold any monetary value (and there won’t be a financial upside when you decide to sell). If you can’t afford to spend the money on a timeshare – as you would on any fun excursion – don’t make the purchase.
There’s One Form of Payment
When it comes to how you pay for your timeshare, there is only one sensible answer: cash. It’s wise to avoid jacking up your credit card and you definitely want to avoid a loan. Borrowing money to buy a timeshare can bring steep interest fees and – don’t forget – a resort property won’t bring a financial return. Any money you put into the timeshare will probably never be recouped.
Know When to Sign
Resort companies know how to treat new clients and, more importantly, how to spoil them. Timeshare presentations are often accompanied by food and even alcohol to make your level of impulsivity – and their sales numbers – go up. You might be tempted to sign for a new property during one of these presentations, but avoid the urge. Take time to consider the proposal and don’t forget to ask about a grace period on your contract.
Arrive In Person
While purchasing a timeshare is nothing like owning a house, there’s one similarity in the buying process: you always want to see it in person. If the resort interval truly seems like a sound purchase, you should make the effort travel to the property and inspect it first hand. Pictures and sales pitches can be misleading, so don’t make the mistake of buying the timeshare without seeing it first. And while you’re visiting, don’t be shy about talking to other property owners about their experience; it may just help you make up your mind.
An Exit Tip
Hopefully your timeshare purchase will be a fun, memorable experience for you and your family each year. If the day comes that you decide you want to let your property go, make sure to have a clear understanding of the best way to move forward. If you want to learn more, contact Celebration Resort Relief for a no-cost consultation. Buying or exiting a timeshare can be complicated, but you don’t have to do it alone.