Everything You Always Wanted to Know About Timesharing, But Were Afraid to Attend a Sales Presentation to Ask

Part Seven: Bargain Hunting for Luxury Timeshares

By now, you are a virtual “walking encyclopedia” of timeshare knowledge! Floating weeks, odd-year membership, red season, maintenance dues, deeded, fractional, lock-off, trading power, all-inclusive–it all makes sense to you now.

And you thought timesharing was just about taking vacations! Well, it is. But getting more vacation value for your money is what we aim for. And it begins by giving you the basics you learned in Parts One through Six.

In this final installment you will get the low-down on the economic issues of timesharing and take away proven strategies for finding a luxurious timeshare product, cheap. How cheap? How does 60% to 80% off retail sound to you? That’s right. Owners who purchase their timeshare on the resale market pay less than half of the going price on the retail market (at the resort sales presentation).

How to Set a Realistic Budget

The three factors that impact your timeshare budget are purchase price, annual maintenance fee, and the transfer and settlement fee. Let’s take a look at each one of these.

Purchase Price
This price includes the title or membership rights to your timeshare. As a member, you’ll be eligible for all the other benefits of ownership, including making reservations, use of the resort amenities and, in some cases, access to a private beach club and spa.

Annual Maintenance Fee
Fees range from $250 to $1000 per year depending on the membership and the resort. While maintenance fees for a two-bedroom unit will typically be higher than a studio, please know that each resort (or home owner’s association) sets their own fees. As an owner, you will be responsible for this fee every year (or every other year if you have a biennial membership) to cover the cost of maintaining the resort and grounds even if you decide to bank your membership for the year.

Transfer and Settlement Fees
If you are buying a timeshare on the reseller market (either from an online auction or through a timeshare resale company), the timeshare needs to be transferred into your name.

The costs to do that are termed transfer and settlement fees, which may include one or all of the following: county recording fees, homeowner association dues and state tax assessments. The purpose of these fees is to cover the costs incurred by various companies to ensure the transfer adheres to all state regulations (which can be a complicated process) and is processed in a timely manner.

Nine Tips for Buying a Timeshare Week on the Resale Market

1. Buy from a reputable company.
2. Think long-term and buy the biggest unit you can find and afford.
3. Buy the best resort you can find.
4. Know the maximum amount you’re willing to spend.
5. Do your homework! Ask for and check references from the Better Business Bureau (or equivalent). If it’s on eBay, get a feedback rating AND always contact the company (never buy from an individual) by email or phone to ask a question before bidding.
6. Look for a week with great trading power if you will ever exchange your timeshare.
7. As trading power is a function of supply vs. demand, be careful when buying a timeshare in a popular vacation destination that is saturated with timeshares, as is Orlando where the demand rarely exceeds the supply.
8. Pay with a credit card or PayPal.
9. Be patient with closing. Timeshares do take a while to transfer. But don’t get complacent–do follow-up with your reseller.

The Bottom Line and the Dotted Line

So there you have it: Everything You Always Wanted to Know About Timesharing But Were Afraid to Attend a Sales Presentation to Ask. You now have an incredible edge in finding a timeshare that matches your Timeshare IQ, along with successful strategies to hunt down a luxury timeshare at a bargain price.

And here’s the bottom line: before you sign on the dotted line, make sure you can answer every one of the following questions with a definitive “Yes!”

* Does your timeshare reseller have happy customers and positive timeshare-related feedback?
* Is your timeshare reseller a member in good standing of the BBB and industry associations such as ARDA?
* Does your timeshare reseller have a wide variety of inventory for sale on and off eBay?
* Does your timeshare reseller work with a reputable transfer company?
* Does your timeshare reseller guarantee your purchase?
* Does your timeshare reseller only sell timeshares?
* Is your timeshare reseller easy to contact and do they answer their phones?

Happy Travels from Holiday Group–your friendly timeshare experts!

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