Timeshare Resales: Are They Safe?

For those that do not know, a timeshare is shared ownership property where you prepay for vacation accommodation at a low, fixed rate. Timeshares are sometimes also called vacation ownership. The number one benefit to owning a timeshare is that families with varying budgets and incomes have a chance to plan ahead to ensure annual vacations at luxury resort properties without causing economical burden. Another great benefit to timeshare ownership is that timeshare properties are maintained for you, so you won’t end up spending your hard earned vacation time repairing or fixing up your property. You can relax and enjoy time with your family creating lasting memories instead!

• Real estate and Timeshares: How are they different?

Have you started researching timeshares and wonder if it makes more sense to invest in a timeshare as opposed to a real estate property of your own? The biggest difference between traditional real estate and timeshare ownership is that timeshares are shared by multiple individuals as opposed to one, single owner. The multiple owners all have a shared and equal financial interest in the property, and they each get to use it during a specified week or weeks annually. On the contrary, with traditional real estate you are the only property owner. Another difference to recognize between traditional real estate and timeshares is the shared maintenance costs. When you own a timeshare, maintenance costs for the property are divided equally among the timeshare owners which makes repairs and upkeep much more affordable than owning an individual property. Maintenance fees keep your timeshare unit and the property grounds, landscaping and amenities in good, working condition and average between a reasonably priced $20 to $50 a month.

• Timeshare or Timeshare Resale?

Now that you know more about timeshares, have you heard about timeshare resales and want more information? A timeshare resale occurs when a timeshare is resold to a new owner by the current owner instead of being sold directly from the resort.

• Beware of Timeshare Resale Scams

However, be aware that if you purchase a timeshare resale you do run the risk of becoming a victim of a timeshare scam. To avoid dealing with a potentially fraudulent timeshare scam or timeshare scammer, and for added security and buyer confidence, it is recommended to always purchase a timeshare directly from the timeshare provider.

• Timeshare Title Company

If you are serious about purchasing a timeshare or timeshare resale, it is in your best interest to hire a licensed and bonded timeshare title company to oversee the timeshare purchase process. Title companies are professionals in the industry, and will handle the timeshare purchase and walk you through each step. They will oversee the deed preparation, escrow of funds, timeshare estoppel certificate, closing statements and recording fees all for one fee. A licensed attorney will review the title work to make sure everything is in order which is essential.