There are different forms, shapes and sizes of timeshare, however, in general they are holiday accommodations shared by multiple owner. It is one of the greatest idea for holiday freaks, especially those who love to spend holidays with their families. Since, timeshare is a shared property, it might seem confusing as to how to buy or sell such type of property. It is today one of the growing business, with thousands of timeshares around the world, with the leading names such as Hilton, Marriotts, DeVere, and Westgate. If you are interested in buying or selling one of your timeshare, here are five tips that would help you get through with this phase.
- Buy a Secondhand Timeshare:
It is better idea to buy timeshare on a resale. The biggest benefit of a secondhand timeshare is that it is less expensive than a new one. Main reason is that half of the cost of a new one goes to marketing and commissions expenses.
- Consider Licensed Broker:
This is another easy way to buy a timeshare, whether it is second hand or a new one. Getting help from a licensed real estate broker saves you the time and worry. Since, they are experienced they get the deal closed more efficiently in the reasonable prices, mainly because they are well aware of the market rates and tricky paperwork.
- Resale Potential:
When you are planning to buy one, you might not be thinking of selling your property. The rule of thumb of buying a property is to consider the resale value before making a decision. In case you need to sell in future, the location and resale potential of your property should be kept in mind. Remember, it is a long term investment.
- Bear the Cost in Mind:
It is very important to consider the cost that are involved in buying a timeshare. It is much different than buying other types of properties. Before buying a timeshare property, be sure that you are able to pay the long term fee.
- Do Your Homework:
Before you choose to sell timeshare, it is beneficial to do your homework. You should know what is involved in selling, what market rate is and where your property stands in the market competition. Keep in mind you should make some profit out of your property.
- Advertisement is they Key:
It is one of the rule of selling that you do the marketing in the right way. You should spend some amount of money in order to sell timeshare. There are several advertising companies that can help you out for this purpose. They use various channels such as TV. Radio, Internet or Print media to get your message delivered to the buyers in the market.
- Sell Through Legal Channel:
As you are planning to sell through a company, make sure it is a licensed real estate company. If a company is not licensed, then don’t assume they are real estate company. Many advertising agencies play some tricks to sell your property under the guise of real estate brokerage.
- Set Realistic Price:
It is important to set realistic price for your property. on the resale market, timeshare is usually sold for 30 to 40% of resort price, or less than that. to set the right price, speak to the licensed brokerage and know the market price. They don’t charge money upfront, moreover, they know that they cannot set highest price because the property won’t sell and they won’t make any commission out of it.
So, whether it is a Disney vacations plan or annual vacation plan with your family, these tips will make you buy one of the most satisfying trip for you and your family.
Enjoy Our Content?
Subscribe to get the latest from "Everybody Loves Your Money."