subject: Rules For Timeshare Purchasers [print this page] With lifes little annoyances, it only seems fit to enjoy a much deserved break from time to time. Clever people understand the importance of planning their vacations long before they actually go out for one. However, even more clever individuals understand the importance of buying a timeshare to make sure that they get to have a peace of mind somewhere in a piece of paradise.
Hence, here is a list of guidelines that you have to mull over before buying a timeshare:
1. Before you make your purchase, you have to understand first the different types of timeshare. There are generally two types of timeshare. A floating time agreement offers flexible schedule when you can use your timeshare. And since this is the more preferred option, reservations may be only on a first-come, first-serve basis. This type is considered a leased timeshare wherein as soon as your lease expires, you no longer have the rights to the property. A deeded plan, on the other hand, is when you actually buy a piece of real estate property, share it among owners and use it accordingly to the timeshare agreement. Sometimes called a fixed unit, deeded timeshare allows you to own a particular timeshare (which, in most cases, lasts for 1 week) at a particular time every year.
2. Research and do your homework on the location of your timeshare. While you are at it, you might also want to check out prices of other alternative accommodations in that place. If an alternative costs you less, then there is no point buying a more expensive timeshare. But then again, consider your comfort as well. For example, what if the alternative accommodation might not provide you with the same comfort as the timeshare accommodation? In the end, it is up for you to decide whether its cost over comfort or the other way around.
3. Know your timeshare rights before buying. In general, timeshare properties are governed by legal documents known as Covenants, Codes and Restrictions. This establishes rights for real estate property owners and states how the timeshare should be managed.
4. Know that the cost of buying a timeshare and the cost of buying a real property is not the same at all. You would need to compute the total cost of timeshare including maintenance fees, taxes, mortgage payments, closing cost, travel cost, broker commissions, financing charges, etc. You need to compare the cost of similar alternative accommodations with the total cost of owning a timeshare now.
5. Read and evaluate the documents thoroughly before signing. When you sign the papers, it means that you are agreeing to the terms and conditions, so make sure that you understand everything. For example, dont accept unfurnished properties if you do not want to spend more. It is better if you request everything in writing, so you can have proofs of your agreements.
by: Bali Patterson
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