Be Smart When Buying Timeshares
admin as Buying Timeshares
Jun|15|2008
One of my friends is currently very busy. In addition to running an Internet marketing consultant business, she is wrangling with US immigration to become a citizen and is learning how to become a US citizen. She is also currently learning how to buy a Florida timeshare. She’s learned a lot about timeshares, and has graciously allowed me to share her tips:
Avoid big promises. Salesmen who use high-pressure sales tactics or use words such as “perfect” or “free” are generally people to be wary of. Timeshares are an investment, so any promise that seems too good to be true often is.
Location is the most important part of a timeshare. If you want to trade your timeshare with other timeshare owners, it helps if you have a timeshare in a highly desirable location — such as Orlando — during peak summer or tourist season.
Get everything in writing and ask lots of questions. Timeshares vary widely, and some programs are points based, some are not inflation proof, some offer you ownership, while others need to be renewed. Always learn exactly how timeshares work, and keep in mind that only promises made in writing count.
Don’t confuse a timeshare as a real estate investment. Yes, some types of timeshares are assets, and they can even appreciate in value if they’re in a highly desirable location. However, if you want to invest in real estate you should be investing in foreclosures, rental properties, or other types of properties. Timeshares are really more of an investment in your future trips and vacations. They’re more of an investment in your peace of mind when you next plan your travel.
Know your own budgets. Know exactly how much you spend on vacation accommodations and other vacation costs when you travel. This will give you a sense of how much the timeshare can save you over time.
Do the math. In the initial few years, a timeshare may cost you more money than a hotel room. However, over time you may save money. Don’t plan on seeing a return on your initial investment right away.
Be sure to keep in mind quality vacation as well as costs. Timeshares are not just about money saved on hotel bills. They have other, more intangible benefits as well. For example, most timeshares come with wonderful amenities and kitchens — two things that you may not be able to get in the local discount hotel room. Compare the sort of vacation you might be able to have in a timeshare that offers you two bedrooms, a living room, and more space. Also, consider the amenities and the quality of services you can enjoy with a timeshare. Concierge services, for example, can ensure that you get tickets and transportation easily when you want it. A spa in the same building may save you on health club costs and on a long walk to the spa. Weigh these benefits against the costs to determine whether a timeshare is worth it for you.
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