Timeshares appear as a popular option for people to spend their vacation at luxury apartments and resorts worldwide. This ownership gives owners the right to use a property for a determined period annually and obligates them to pay maintenance and other fees. If you are planning to purchase a timeshare, a resale timeshare market might be an excellent way to go, allowing you to save significant amounts of money. Today, we’ll discuss what to know before buying a resale timeshare.
What is a resale timeshare?
A timeshare is often associated with a guaranteed way for travelers to spend their vacation year after year. Modern timeshares come in different types of ownership such as fixed-week, floating-week, point-based, fractional ownership, etc. There are also deeded and non-deeded ownership.
The first concept refers to owning a property by an individual for a lifetime with an opportunity to pass a timeshare to relatives. The second type of ownership ensures the right to use a timeshare until a specific time in the future. Multiple people are willing to buy such a property, as dividing the property between several owners significantly reduces purchase costs.
Even though timeshares were designed as life-long properties, the need for a resale market was essential as many people wanted to get out of their timeshare. It is worth mentioning that a timeshare resale value is rarely appreciated over time, allowing people interested in this product to save money.
Besides, resale timeshares don’t always mean used – a standard point-based timeshare system ensures better flexibility in resorts and apartments. Thus, it is rare for owners to visit the same place repeatedly.
Buying a timeshare resale: what to consider?
Seek a reliable resale platform
If you search for the best way to buy a timeshare resale, refer only to the licensed online resale forums and platforms to avoid fraudsters. Websites like eBay, Craigslist, Timeshare Users Group Marketplace, and Licensed Timeshare Resale Brokers Association appear as your best bet.
Find a resort
If you are interested in buying a resale timeshare, you need to search for the resort you want. An excellent consideration is to pick an alternative you have already visited. You will better understand what amenities are in a resort, whether it offers units with 2 or 3 bedrooms and other important things.
Select a week and\or a season
Depending on the location, each resort has different seasons to visit – high, low, and med, where the high one is the most popular and busy period of the year. Considering your resort’s system, you also need to select a week. You can use the online timeshare weeks calendar for fixed-week timeshares while choosing the week during a specific season is essential for a floating-week concept.
Clarify other things
Buying a resale timeshare also incorporates selecting the usage of a property, the type of ownership, the size of the unit, occupancy, and others.