Did you know that 85% of Americans traveled over the summer and took more vacation time than they did in 2021?
If you’re big on travel but enjoy going to the same places, a timeshare might be right for you. Emotional attachment, good prices, and beautiful scenery are just a few of the reasons people travel to the same spots consistently.
Finding the right timeshare for your needs can save you money. Keep reading to learn how to find the best timeshares for sale.
Have an Idea of What You Want
If you look up timeshares for sale, you’re going to find a lot of options that don’t fit your needs. It’s best to have an idea of what you are looking for before starting your search.
Here are some of the features to consider to narrow down your options:
- Beachfront property
- Condo in the city
- One or two-bedroom unit
- Kitchenette vs. full kitchen
Don’t forget to think about the activities and amenities you want to have access to when staying in your timeshare.
You’ll need more than this guide to find the best timeshares to buy. Completing research on different timeshare companies is essential to finding what you need.
Check out online reviews to learn about the customer experience from other clients. In addition to reading reviews about a timeshare company, look for reviews of any rental property you are considering buying.
When renting your first timeshare, this step is the most important. You should never sign a contract without completing your own research. Don’t rely on what a salesperson is promising you.
Create a Budget
Buying a timeshare can get expensive if you don’t budget properly. Creating a budget allows you to set an amount you are willing to spend without paying for something overpriced.
Make sure you understand the full price of a timeshare. Often, there are hidden fees associated with the purchase.
If you ever want to sell your timeshare, you can work with a timeshare cancellation company to receive money for your unit, but you might have to pay fees for this service as well.
Once you have a budget in mind, you can shop around to find the best deal. Come up with a list of potential options and compare prices. You might be able to find a discount if you are flexible with the days you want to travel.
You’ll be dealing with timeshare owners directly so don’t be afraid to negotiate the price. Make an offer less than the asking price and you just might get lucky.
If you plan on taking out a timeshare loan, get pre-approved for a reasonable rate before making an offer. Showing an owner your pre-approval may persuade them to take a lower offer.
Visit the Timeshare
One of the best timeshare tips to follow is to visit the actual unit before buying. You can visit during a timeshare tour presentation or scope out the resort yourself.
While on this visit, examine the condition of the facility, talk to the staff, and inspect the surrounding real estate. The overall conditions at a resort will impact resale value if you decide you don’t want to own a timeshare in the future.
Some timeshare owners allow you to rent a week to try the unit before you buy it. Inquire about this to the timeshare owner directly.
Consider the Different Structures
In any timeshare guide, you’ll find that timeshares are structured as shared deeded ownership or shared leased ownership.
The type of timeshare you purchase will affect the property interest you owe.
Shared Deeded Ownership
With the shared deeded ownership structures, each timeshare owner gets a percentage of the real property, correlating to how long they have the property.
For example, an owner that only has the timeshare once a week per year will have a smaller ownership percentage than an owner that has the timeshare for a month out of the year.
Owners receive deeds for a percentage of the unit that specifies when they can use the property.
Shared deeded ownership often comes with the right to transfer your timeshare to someone else or the right to sell. This perk makes them pricier than shared leased ownership timeshares.
Shared Leased Ownership
The developer of the timeshare retains the deed to the property under the shared leased ownership structure. Each owner holds a leased interest in the property, much like a rental tenant would.
A lease agreement entitles the owner to use the property each year during their set week. Interest in the property expires after a certain term of years or upon your death.
Leased ownership is more affordable but comes with more restrictions. You might not be able to transfer or sell your timeshare with this leasing structure.
Although less expensive than a shared deeded ownership timeshare, many find that the former is the better option. Knowing you can sell your timeshare when times get tough is the peace of mind many buyers look for.
Timeshares for Sale: Finding What’s Right for You
Timeshares get a bad reputation because salespeople often prey on individuals that don’t understand the full picture.
However, timeshares can be a great investment if you complete your own research and know what you are getting into before signing the contract.
Since there are so many timeshares for sale, we hope this guide pushes you in the right direction to find a unit that fits your needs.
For more articles on various topics like this, check out the other posts on our website.
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