Tips for Buying Timeshares & Renting Timeshares
Timeshare: Making the Decision to Buy
A vacation home without the long-distance hassle: a timeshare might be the perfect solution.
You’ve found it: the place you’d like to return to again and again for your vacation. Having a home base rather than trying to find hotel accommodations makes sense to you, but the thought of buying a house and trying to maintain from a distance while only using it a few weeks each year seems daunting and expensive. Looking at timeshares for sale may be your best solution. You have the option of buying new, or the option of buying timeshares for sale by owner.
When you buy a unit, usually a condo, you agree to share it with others but have the option of using it for your own vacations. Often a maintenance or management company will assess an annual fee, and in return they’ll make sure the building is maintained and protected.
How the timeshare arrangement is set up varies by timeshare company. It’s a good idea to look at both new properties and timeshares for sale by owner. But some key factors to consider include:
- Decide if the area you’ve picked is one you’ll be happy to vacation at for years to come.
- Inspect the timeshare for sale. If possible, have a professional home inspector take a look as well.
- Check the timeshare company’s record with the state’s Better Business Bureau or State Attorney General’s Office to see if there are outstanding complaints regarding maintenance and association agreements.
- When possible, talk to other timeshare owners in the complex. Find out what they think of the area and the timeshare.
- Don’t let someone pressure you to make a decision on the spot. Always take time to think it over.
- Consider what’s more important—having a brand-new unit that will cost anywhere from 30-60% more, or being able to buy a previously-owned timeshare that will be less expensive.
Timeshares for Sale: Where do I Find Them?
You’ve decided to buy—now how do you find just the right one?
The world of timeshares for sale can be confusing. And unfortunately, scams do happen in this market, so it’s worth your while to take your time and be sure of your choice.
In terms of price, timeshares for sale by owner will save you money. Buying direct reduces the costs associated with middlemen, saving you money and costing the seller less, so both sides win.
First, of course, you need to know where you want to be. Beaches? Lakes? Mountains? Private getaways? Once you have zeroed in on the place that sounds like heaven for upcoming vacations, figure out what you need. Nonsmoking? Number of bedrooms? Now it’s time to look at the time shares for sale available.
Now you’re ready to get more specific. VacationPropertyDirect.com lists time shares for sale by owner, sorted by state. Whether on a gentle mountainside in Vermont, on the shores of one of Minnesota’s 10,000 lakes, or relaxing in Scottsdale’s lovely desert environment, the choices are extensive.
Once you’ve found something that sounds like it fits your needs, you can contact the owner directly. Make arrangements to visit the timeshare and the neighborhood, so you can see firsthand if it’s what you want. Consider the availability of things like grocery stores and doctors, if you are planning to use the timeshare a few times a year. Find out about the year-round climate, if you’d like to use it for more than one season.
If the time share meets your checklist, you’re on the road to peaceful, worry-free vacations for years to come!
Timeshare Resales: Know Your Market
Interested in selling a timeshare? Understanding the market is key.
You’ve got a timeshare, and now you’d like to sell it. How do you go about selling timeshares?
- While we’ve been trained to think of buildings and condos as real estate, what you’re really selling is a vacation. Play up the aspects of your location: beach, mountains, skiing, solitude, family-friendly—that’s what gets people’s attention.
- Price is key. Do your homework—check with the building management company or local tax offices to find out what kind of prices timeshares have sold for recently.
- When checking resale, make sure you look for comparable prices—look for units similar in size, location, and age as the one you want to sell.
- If available, consider hiring a timeshare appraiser. Find one that’s licensed in the same state as the timeshare is located. They may have access to recent sales information that you can’t easily get.
- Check with the timeshare management company to learn what regulations they may have regarding resale.
- You can advertise locally through newspapers, or you can use the power of the World Wide Web—VacationPropertyDirect.com is an excellent and cost-effective way to reach a huge potential pool of buyers.
- Be careful if approached by a timeshare broker—some are legitimate, some are not. Some may offer services that are identical to what you can do yourself via the internet.
- Above all, make sure your timeshare is in top condition, clean and repair-free.
Timeshare Rentals – The How To’s
Have a timeshare available, or want to borrow one for a bit? Here’s what to know.
There’s a misconception that says timeshares are strictly for-sale properties. That’s not the case. Potential timeshare buyers have the option of renting a timeshare from an owner who isn’t using the timeshare, but doesn’t want to sell it. Or someone thinks they may eventually be interested in timeshare sales, but they’re not ready for the full commitment just yet. Timeshare rentals by owner allow both owners and renters to have flexibility. It’s a win-win for both sides.
A few things to keep in mind when renting a timeshare, whether you’re the landlord or the renter:
- Even though the timeshare is not changing ownership, the rental should be done in writing with specifics about what is expected for both sides. Payment, damage deposits, check-in and check-out times, rules regarding pets, smoking, or children, should be spelled out and signed by both parties.
- Timeshare owners should consult the property managers of the timeshare to see what the rules regarding rental are, and share those regulations with the renter.
- Timeshare renters should treat the timeshare as what it is: property that belongs to someone else. Follow the rules, keep everything clean, and notify the owner if you notice anything amiss (plumbing problems, appliances not working properly, etc.).
- Renters should make their payments on time, and timeshare owners should refund damage deposits promptly.
- For both sides, be respectful of neighboring timeshares. If you know the timeshare owner next door is sensitive to loud noise, consider putting a “quiet time” clause in the rental contract—and if you’re the renter, comply with those clauses.
- If the rental goes well, the renter should provide a reference for the owner, if the owner plans to rent the property again.
It’s all about respect—and a fun use for a vacation rental!