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Buying A Timeshare
So how would you select the right timeshare? My view is to choose a favourite location so if an exchange doesn't take place, at least you'll be relaxing in a area you enjoy.
When you bought your home did it "feel" right? Try that test with a timeshare.
Perhaps make it close to home to save travelling time and cost, but make certain it's popular to improve your chances of an exchange.
Gas prices will not be going down so proximity has to be considered.
After you've decided where to buy then visiting is something you must do. Would you buy a car without seeing it? Try to avoid new resorts as the sales pitch will be at its worst (best?) and very often the prices will be higher.
Having said that, if you can remain immune to the patter you may learn some bad points about other locations.
Just like property buying it's all about location!...and information. Continued below
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Look for privately owned timeshare as the owners may be more motivated to sell, and if they are you must try and find out why. Personal reasons are fine but perhaps there's something wrong with the resort?
Engage in conversation and find out why. It's better to ask questions first and do your research rather than regret it later. Trying to sell when problems become more apparent can lead to a financial loss.
Check if the resort has a website...are there boards showing timeshares for sale? Has the resort been maintained to a high standard? And be alert for any signs of poor maintenance.
When you meet other people staying there ask them what they think of the facilities. Do they seem genuinely happy there? Is the management doing a good job?
If possible, attend the next resort meeting to watch and listen. These meetings are an excellent way to hear about any problems in the resort.
Arrange to meet the resort manager...ask him how long he's worked there, why he enjoys working there. Are the timeshare owners legally contracted to sell via the resort and, if so, what is their commission?
Find out the service costs. ALWAYS read the small print! Are there any open repair clauses.
Do a Google search for "timeshare problems" or a similar phrase.
Take a look at our eBay listings and see if there's a timeshare in the location of your choice and compare the sale price with the auction price.
But, remember!...if you decide to buy on eBay visit the timeshare before you buy. Don't let auction fever take control of your emotions!
Don't buy your timeshare solely as an investment! It's meant to be for holidays and exchanging. It could be viewed as a money saving purchase as you may be saving over the long term instead of paying for hotels for your vacations.
Above all...imagine you were trying to sell it. What benefits would you offer the buyer?
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