Are you considering buying a timeshare?
As stress from the current health crisis looms heavily, more people are looking for a vacation. It’s a noticeable trend since house sales on vacation houses rose by 16%. However, you don’t have to buy a whole vacation house to get a break.
Timeshare properties are becoming a trend. Keep reading to find out five factors to consider when choosing a timeshare.
1. Are the Weeks Fixed or Floating?
When choosing a timeshare property, ask whether the weeks are floating or fixed. It will help decide the right timeshare for your schedule. For traditional timeshares, the buyer selects from a given set of the week with a set date.
Meanwhile, some timeshare properties sell floating weeks. It allows buyers to choose certain weeks within a certain period without a specific date.
For example, you purchased a two-week timeshare at Hilton resale listings from November to February. It means you choose the week to use the timeshare property. It won’t matter whether it’s the first or last two weeks, as long as it’s within November to February.
2. What is the Legal Structure of the Timeshare Property?
There are two types of timeshare property structures. These are the shared timeshare ownership and shared leased ownership.
For shared timeshare ownership, every buyer gets a percentage of the property. If you’re the buyer, you’ll receive a deed for the percentage you own in that property. For example, an apartment of 10 units sold to 23 timeshare buyers will issue 23 deeds for each buyer.
A leased ownership timeshare has one title deed the developer retains. All the timeshare owners will only hold a lease agreement to use the property.
Know the types when buying a timeshare since it explains its cost. Shared deed timeshares are more expensive than their shared lease agreement counterparts.
It will help understand your options when reselling the timeshare. Shared lease is more restrictive than shared deed timeshare properties.
3. What are the Terms and Conditions?
Understand the rules and regulations the property developer maintains. Some timeshare properties aren’t pet-friendly while others have a set of penalties when someone doesn’t follow the set terms and conditions. Knowing such information will help choose an appropriate timeshare for your activities.
4. Does the Timeshare Property have Exchange Programs?
Exchange programs are a partnership between timeshare properties, enabling them to trade time with one another. It means timeshare buyers can spend their time in another partner resort. For instance, the owner of a week in December at an apartment unit near the beach can exchange the property for a week at a ski resort.
5. Consider the Reputation When Choosing a Timeshare
When choosing a timeshare, it’s best to go with reputable properties. It usually means the property has great market value while ensuring quality facilities.
Choose the Right Timeshare today!
These are five questions to ask when choosing a timeshare. Use them to weigh the pros and cons of your chosen timeshare properties.
Did you find this guide useful? Check our other blog posts for more.