1. BUYING: Buying a timeshare doesn’t need to be expensive. Look into purchasing your timeshare on the resale market. If you choose to go this route, you should always work with a licensed timeshare resale broker or agent.Check out the LTRBA for licensed brokers!
2. SELLING: Sellers should always work with a licensed broker when selling their timeshare on the resale market.
3. CLOSING COMPANIES: If you are buying or selling a timeshare as a “for sale by owner” you should always use a licensed closing or escrow company.
4. RESEARCH: Research what you are buying. Put some time into your timeshare investment. Take a look at the resort you would be staying at year after year. Does the resort have good reviews posted by other members? Since timeshares are considered an investment you should treat them as you would any other. Read our timeshare 101 article here!
5. EXCHANGE COMPANIES: Make sure your timeshare has the ability to work with an exchange company. This way if you do not wish to vacation in the same spot yearly, you can opt to exchange your points for a different location.
6. TIMESHARE PRESENTATIONS: Attending a timeshare presentation does not mean you must purchase a timeshare right then and there. If you are attending a timeshare presentation and you are pressured into signing a contract make sure there is a recession period. This will allow you to “buy some time” and search the resale market to ensure that you received the best price for your vacationing needs.
7. TIMESHARE PROGRAMS: There are many different timeshare programs available. Make sure you are asking your agent about the programs to see if they fit your needs. A points program may fit your needs better than a weeks program.
8. RESALE VS RETAIL: Check to see what you lose by buying a resale unit. If there are incentives that you lose when you buy resale remember that if you buy the unit on the retail market that you will not be able to sell the unit with those incentives which will decrease the price you can ask.
9. LOCATION: Determine the location of your timeshare based on your family’s needs. For example, if you plan to vacation in Orlando, FL every year, you might want to consider purchasing there. Or, purchase a timeshare plan that includes a points system that will enable you to exchange points for a location that you would like to vacation in.
10. INVESTMENT: Timeshares are an investment into your family’s future vacations. If you are planning to purchase a timeshare, understand that you are not making a financial investment that will gain equity. However, you are guaranteeing that your family will have a place to vacation year after year.