A timeshare is a residential property to be used for a vacation purpose. It is called a timeshare because multiple owners share the property cost so that each owner has the right to stay in the vacation location for an assigned period annually. As maintenance fees increase annually, and the resale value drops people begin to feel trapped in their investment and soon begin to ask how to get out of my timeshare. To avoid any unforeseen challenges, you should do your homework before buying a timeshare.
What To Know Before Buying a Timeshare
There are things you need to consider before buying a timeshare. Here is a list of things to consider before you make a decision.
- What Kind of Deed Does The Timeshare Have?
One of the first things to consider is what kind of deed the timeshare has. There are two types of contracts offered, a deed or a non-deed contract. Deed contracts allow you to use, rent, resell or gift your timeshare out. A non-deed contract, on the other hand, gives you the right to use the property for a given time, but the ownership goes back to the original owner. Be clear on the type of deed you want before you buy.
- Know Your Right of Refusal On Timeshare contracts
One frequently asked question about timeshare is, “How to get rid of my timeshare”. Usually, timeshare companies include a right to cancel your timeshare contract, which is known as a contract rescission. You should find out the rescission period your state laws allow (between 5-15 days after purchase) and should be stated in written format. If you cancel within this period, there will be no penalty.
- Maintenance Fees
One of the drawbacks of a timeshare is the high annual maintenance fees. These maintenance fees tend to increase annually. You should pay attention to the cost of the maintenance fee since you’ll be paying for it as long as you have the timeshare.
- Investigate The Property
Fraudsters are rampant in the timeshare industry. You have to be extra vigilant about the timeshare you wish to buy. One of the best ways to avoid any scam is to see the property you wish to purchase and decide if you love it. Remember to do your homework on the timeshare company.
- Don’t Pay Full Price
Timeshares are almost always negotiable. If you are given a price, try to negotiate a good deal for yourself.
If you don’t do your homework before buying a timeshare, a few months later, you’d surfing the web for “How to get rid of my timeshare.” These tips are sure to help you make the right decisions.