Wednesday, April 23, 2014

What To Know Before Buying A Timeshare

When purchasing from the developer, it’s implied you have clear title, although it is always good to ask.  In addition to the questions you need to ask yourself to determine if timeshare is right for you, there are a number of questions you should get full answers to before signing on the dotted line.  Remember that there are more than 6,000 resorts worldwide and at any given time, literally millions of intervals for sale on both the primary and secondary market.  Rarely, if ever, does a case of “this is the only one” exist in timeshare.

Here is a “starter list” of questions to ask and get full answers to:

1)    Do you understand all the terms and conditions of the contract?

2)    What are the current maintenance fees?

3)    What is the five (5) year history of those fees?

4)    Are there any special assessments and if so, what are they and what are they for?

5)    Is the HOA (Home Owners Association) under developer control or owner control? 

6)    How much of the resort is sold out?

7)    Does control of the HOA change at any point based on how sold out the resort is?

8)    What is the current delinquency rate among owners?

What would you add to this list?

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