Most people say timeshare is a good investment, but they cost a lot of money. One can buy a timeshare from a company, owner, or right from a resort. And you also have the option to sell the timeshare on your own or opt for a company and a broker to help you with the process. According to research, buying the timeshare directly from an owner has more benefits and helps you save money.
Let us discuss some of the tips for buying and selling the timeshares.
Buying a timeshare
1. Omit the developers
When you buy a timeshare from the owner directly and not the development company you can save a lot of money. People can find a variety of resale sites to help connect with sellers.
2. Try to pay in cash
Unlike a traditional mortgage the timeshare mortgage loans run higher between 12 to 18 percent. Over the years, the timeshares depreciate in value, and so one should try to pay in cash during the resale.
3. Buy a timeshare if you intend to keep it
One should keep in mind that when buying a timeshare, it does not appreciate but depreciate over time. Hence one should buy it with a mentality to keep it. People hardly get more than the purchase price and often fail to sell it. Hence, before the purchase, try to gain as much knowledge as possible.
Selling a timeshare
1. Sell the timeshare from where you bought
Many timeshare companies have a resale program available. And many companies provide you with a list of buyers who might show interest. Hence when selling the timeshare, start from where you bought it.
2. Sell your timeshare to other owners.
When you plan to sell your timeshare as the company who has the “interval” in it before or after you, try to sell the timeshare to those owners. They would show interest in buying it and extend their stay.
3. Be aware of scams
During the tough economic time one can expect to witness many scammers. Do your research before you sell your timeshare to any individual or company. This will help you avoid scammers.
Show I pass my timeshare to my kids?
Timeshare is not deeded to you. One just receives a deed for the share of the property. If you want to pass down the timeshare to your children, meet up with an attorney, and discuss the pros and cons. This will help you avoid probate.