Asking Questions Concerning a Timeshare Sale

Multi-ownership, space share, vacation ownership or vacation ownership are synonymous names for a timeshare.

When buying any real estate, asking important questions is relevant by knowing understanding the whole process involved in the purchase and getting as much information as possible.

First, you should know what type of timeshare agreement you're getting yourself into. One of these agreements is called "fixed weeks" where one can use and enjoy the property during a specific amount of time during the year. This is also the most often deeded ownerships. Another one is called "condo hotels" where rental profits are offered as well as the enjoyment days for the buyer of the timeshare. "Fractional ownership" refers to the type of agreement which lasts between five to 26 weeks.

Next, you should also know what you are paying for when you are buying a timeshare because this is your place for a vacation that you can use for a specific amount of time per year and days or weeks to use. This includes the maintenance on the property and the one-time purchasing fees, and some would include other vacation bonuses such as food, airfair and car rentals.

Now, determine how much your timeshare is worth since resale values on timeshares are not high. Researching the type of protection the buyer has where the timeshare is purchased and getting from the seller a plan that describes the specifics of the timeshare plan is very important. Before making the final purchase, research also on the company you are purchasing from. Also, keep in mind that timeshares are not to be purchased with the idea that it will make a high profit.

After that, you should know other costs that you are responsible for. As a timeshare owner, you are obligated to pay for the fees for maintenance and upkeep on the timeshare aside from the cost of the timeshare building.

Lastly, know what the due diligence period is. You are always free to terminate the contract if you feel that you no longer want to purchase.