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Everyone has heard
the horror stories associated with purchasing a timeshare property. Huge
payments, poor accommodations, stolen funds, and resorts that shall we say have
“lost their appeal?!

Well once you have
decided to go the Timeshare rout for your vacations it is important to take
into account a few factors when making your purchase decision. A Timeshare can be owned
forever but most are sold after 8-9 years. This makes the price you pay very
important if you hope to avoid a major loss when the time comes to sell.

When purchasing a
Timeshare make sure the seller has an escrow arrangement with his or her
solicitor (or accountant) to administer the sale of the property and handle the
transfer of funds and title. Only when you are completely satisfied should you
instruct the solicitor to release your money and certify the transfer. If you
are offered a banked week, then check that the owner actually owns the week and
that the Management Fees are up to date by contacting the Management Company
and the exchange company.

Make sure the
exchange company is informed of the change in ownership before transfer and always
be sure you understand who in the purchase agreement (seller or buyer) will
assume the costs of transferring the ownership of the unit. A “Right of
Use” ownership transfer may cost from $140 to $1,700 and the transfer
costs for a “Deeded” ownership may amount to as much as $3,000.

Only buy from the
developer of the resort as a last choice alternative and if you do have to go
that route be prepared to pay substantially higher prices for your Timeshare
units.

The starting price for
“sleep 6″, peak season week in good quality resorts in most of Europe
should be in or around $4000 and should provide good exchange power and minimum
losses on resale. In the UK a larger unit in peak school season at a top class resort
should cost you between $6,000 and $10,000, and most of your money should come
back when you resell. Once you find what you want , bargain hard! It’s a buyers
market so take advantage!

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Tags: accountant, escrow, Europe, exchange company, horror stories, how to buy a timeshare, management company, management fees, minimum losses, money, peak season, purchase agreement, purchase decision, quality resorts, rout, sleep, solicitor, timeshare property, timeshare units, vacations

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