Questions to ask when Buying Timeshare

Buying a timeshare isn't too different than buying a traditional piece of property in that there are many questions you will need to ask and have answered before you put your money down. There are many different types of timeshares with different values. You will need to know what type of timeshare you are buying and what amount of time is included in the sale. Fixed weeks are very common as deeded ownerships, purchasing this type of ownership means that you will have ownership of a specific time during the year. This may or may not be a ‘fractional ownership' meaning that you have a certain amount of ownership time in one specific facility. There are some time shares that work on a point system, meaning you don't have any fractional ownership in any specific property but you have a certain value of points that you can use in any of the resorts held under that timeshare entity. Fractional ownership means the timeshare owners actually own a portion of the property. The points system involves properties that stay in the ownership of the timeshare entity. You have no real property value at all, only points per year to use at the facilities. However you will still be charged monthly, bi monthly or yearly upkeep fees by the facility owners.

Make sure you understand all the fees that you are paying not only in the escrow but also in monthly, quarterly, semi-quarterly or yearly fees. In order to figure out your ability to own, you will need to know exactly what you are expected to pay and exactly what you are getting for your money.

Don't just buy your timeshare from a timeshare company that pops a balloon to signify your purchase. Find out what the timeshare is worth on the resale market. Resales are not high value items. Make sure that you are purchasing this as a vacation proposition, not as an investment. Timeshares do not make good investment properties unless you are the builder or the sales team. That said, research the company you are purchasing from also. If they have a lot of bad comments, reconsider purchasing from them. Why put yourself through unnecessary stress. Understand, just like any other real estate purchase, when the sale is finished, it's final, there are no returns. In that light, find out what your due diligence period is. If you are within that period and you feel like you might be making a mistake, you are free to back out of the contract without adverse effects.

This article is written on behalf of Visions of the World timeshare who help you sell and buy timeshare right across Europe with our friendly team of experts.