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Timeshare - What (las vegas hotel deals) Are The Risks Involved

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By Paul Hata

 Buying Timeshares can be rewarding for many people. It might a money wheel for some. Last but not the least; it can be a profitable investment for many. But the story doesn’t end here itself.

While many people may reap the rich benefits of timeshares there are several others for whom the timeshare investment was nothing more than a mere fraud and dream resorts turned into nightmares. Thus investing in a timeshare should always be done with high alertness and caution.

Before signing a contract or a check always weigh in both the benefits and the risks involved. If proper precautions are not taken these money spinners can turn into money losers. Always read the finely written statements before signing a contract.

The timeshares are basically classified into deeded and non-deeded plans. In a deeded plan, an individual buys an ownership in a piece of real estate property. The owner usually gets the title of the property and the property is also inheritable to the heirs of the owner.

Where as, in a non-deeded plan or right to use plan, an individual buys a lease, a club membership or a license that lets you use the property for a specific amount of time each year and for stated number of years.

But in both the cases the cost of the unit is directly proportional to the season of the year and length of time an individual wants to buy. The rights of the timeshare owner ceases after the lease expires in right to use timeshare.

Every individual takes adequate care while making a major investment. And this applies in the case of buying a timeshare also. You must read all the documents carefully and understand fully what you are getting for your investment before signing any agreements or paying any fees.

A professional advice might also be critical involving big timeshare investments. So take expert advice from people who have bought timeshare before or your attorney.

Here is a checklist of what all people should consider before buying a timeshare property.

1.If you are buying a timeshare from a timeshare resale company verify that they are licensed brokers. Easy way to verify this is by asking the license number of the broker. Then you can verify that with the State Department which deals with these kinds of transactions and know about the history of the broker.

Be vigilant when you are buying a timeshare from a non-licensed firm, your money would be at stake as the non-licensed firms wouldn’t have much to lose, so greater chances of fraud exist.

2.Keep in mind that timeshares are for personal recreational use and do not expect profit or loss. A resale of timeshare may or may not reap good return.

3.If you are buying a right to use timeshare watch out, if the sponsor declares bankruptcy, you may lose your rights.

4.If you are buying a timeshare in a property where the facilities have not been fully installed take a written commitment from the seller that they will be finished in a specific amount of time.

5.Any claims made by the seller about the returns on the investment in timeshare should be questioned because the future value of a timeshare depends on many factors.

6.Do not get impulsive when buying a timeshare. Read each and every paper thoroughly. Take adequate time in researching, analyzing and making a decision to buy a timeshare.

7.Never believe in the word of mouth, neither on phone or face to face. Request everything in writing especially the promises that were made orally.

8.Try to find out whether the exchange program will be guaranteed or not. Sometimes it isn’t. So make sure to find it out before buying. Buying a timeshare without an exchange program is not worth the money because you will get bored going to the same property every year and also you will not have the flexibility of schedule if you don’t have exchange facility.

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Timeshare - Choose The Right Broker
By Paul Hata

 Finding a real estate broker is easy. They are there at every nuke and corner, online, offline and everywhere. Same is not the case with timeshare brokers. Not all real estate brokers deal with timeshare resale.

They may be little more prominent in coastal states like Florida, North and South Carolina but not everywhere else. As many of us know or at least the people who tried selling their timeshare. It is not easiest of the tasks. In fact I would say it is one of the most challenging tasks.

Timeshare should never be bought as an investment. It should be for your individual use and for spending the most beautiful moments of your life.But many circumstances can force timeshare owners to sell their timeshare. Timeshares doesn’t even sell at their original price.

They usually sell 30-50% below their original price. And leave the price alone, even selling is also difficult, it takes a lot of time to close a timeshare sale. Having learnt the above facts it is almost imperative to conclude that selecting a right broker is critical to the sale of your timeshare property.

Do your homework by researching about some good brokers near your timeshare property. Searching for timeshare brokers in the state where you live doesn’t make sense because most of the brokers who deal in timeshares could found only around high vacationing places like Florida.

Look for those brokers who have a good track record in handling timeshare resale. It is advised to go with big and reputable brokers as they are more likely to handle your resale professionally and responsibly.

They are also less likely to play games or cheat you because of their name. Do not hesitate to ask questions related to their success in selling timeshares, their experience in selling timeshares of the timeshare resort you hold timeshares with.

Also find out the average time that a timeshare property sits in the market before being sold and last but not the least the average selling price of the properties they sold. Now compare these aspects of some brokers and go with the best one.

It is not a bad idea to find out people in your development who have recently sold their timeshare units and ask them which broker they hired to resale their units. Also take inputs on broker’s performance in handling the resale of your timeshare unit and did they get the best possible return on their sale.

Cost is also a factor while selecting a timeshare broker. Beware of the brokers who charge upfront fee and excessive commission. Some brokers charge as high as $500 upfront fee.

While it may be a norm but you should still ask in writing to list all the services they are providing for that fee. It is generally recommended to go with the broker who doesn’t charge an upfront fee.

One of the reasons why brokers charge an upfront fee is many owners price their units ridiculously high and they end up sitting for a long time and eventually they never get sold. So, be careful while pricing your timeshare unit.

But the brokers also can advise the owners that the unit may not sell at such an exorbitant price. Try to find about the background of the broker through better business bureau.

Also ask the broker some important questions like what strategy they will be employing to sell their unit, estimated time it will take to sell the unit. The broker should be able to answer all your questions. If the broker is unwilling or unable to answer your questions they you may better look out for some other broker.

Thus, a good broker who charges reasonable commission is critical for the resale of your timeshare because it is in the hands of the broker to make or break a deal and fetch a good value to your timeshare unit.

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Timeshare - The Frequently Asked Questions
By Paul Hata

 Although the concept of timeshares is not new to the public still people have many questions about timeshares. Few of the most important frequently asked questions that people enquire about are discussed below :

Is renting a timeshare better than buying it?

Buying a timeshare gives you much bigger choices. As an owner of the timeshare you get the amenities are better and cost much less. Owners can get discounts on lodging, entertainment, food, travel and many other resort facilities.

The average rental fee is way higher than the average maintenance fee and is also increasing every year. In addition to all the above benefits a timeshare owner has equity in the property which can come to the advantage of the owner when he wants to sell it.

Is buying a timeshare good investment?

Many people get this question in their minds whether to buy timeshares as an investment. The answer can be disappointing to you because it has been seen that the value of the timeshare depreciates with time and they can go do as much as 30%-50% depending on the location and season.

A timeshare should be thought as an investment in life, for guaranteed vacations and better facilities. Also if you compare the cost of owning a timeshare with a hotel in long term period, a timeshare would save you a lot of money.

Can you rent your timeshare to somebody else?

Sure you can as long as you are the legal owner of that timeshare meaning you cannot rent out a timeshare that is received in exchange.

What is the procedure of making an exchange?

Most timeshare companies have business network with timeshare companies and you are automatically enrolled into exchange program and also the fee for the first year is paid by the timeshare developer in most cases.

You can also go to the timeshare exchange company and put your timeshare for exchange. But keep in mind few things like you will get similar kind of unit meaning you can’t expect to get a two bedroom timeshare in exchange of a one bedroom.

Also plan in advance if you plan to exchange timeshare as it may take a while depending on the availability. Also remember there is a fee for exchanging timeshares.

What are fixed week and floating week?

In a fixed week plan you are entitled to use your timeshare only at a specific week each year and specific unit. But in a floating week you have the option of choosing a range of week but only on first come first serve basis as many owners would like to do the same thing.

The advantage of a fixed week is that your timeshare week is assured and also the unit you want. While floating week is advantageous to people who have schedule conflicts with fixed unit timeshare.

Are there any other additional fees when you buy a timeshare?

The answer is yes. Typically there is a maintenance fee and other fee like transfer fee if you are transferring a timeshare. There may be property tax also.

Should I have to pay any upfront fee while buying or selling a timeshare through a broker?The answer is strict no. Experts say never every pay an upfront fee to buy or sell or rent timeshare.

Like any other industry timeshare industry is also prone to many scammers and frauds. There have been instances where people paid huge upfront

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Wednesday, August 20th, 2008 at 9:20 pm and is filed under travel. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.