If you do not currently own a timeshare:
If you do not currently own a timeshare, and decide to purchase one, purchase a timeshare through resale from a reputable real estate firm which handles timeshare resale, You will pay only a fraction of the cost of what the original owner paid.
I have purchased four timeshares through Paradise Timeshare Resale, timeshare-resale.com. There are many resale companies you can find online. Make sure you read reviews and ask lots of questions prior to doing business. The seller should pay the resale fees, other fees may be negotiable. There will be the sale price and recording fees for the property transfer. I did all my purchases by phone. I did my research, and knew what I wanted to purchase and waited for a good price. You can buy timeshares for as little as $1.00. Do Internet searches of resale timeshares so you know a good price when you see it.
Once you decide on the property, you then need to ask what are the closing and recording fees, Ask if the maintenance fees have been paid for the current use year and ask which year the ownership of the unit will begin. It’s okay to make an offer lower than the asking price. Always inquire about the maintenance fees and which exchange company is used by the timeshare. (There are many exchange companies and several
timeshare companies have their own internal exchanges.) The two largest external timeshare companies are RCI and Interval International. These will have a separate fee to join into their exchange program.
Ask what is the trading power of the timeshare unit with the major timeshare companies. Ask how many points, or if week traded, what is the trading power credit of this unit in the outside exchange companies. Is the unit you are considering in prime season or swing? There will be different names, but always buy the top season as this will give you the most flexibility.
Ask If the week is fixed or floating. The advantage to fixed week, is that you don’t have to compete with the other timeshare owners to get your week reserved and you will know exactly what you are getting. If you are trading your week, having a fixed week in prime season is a lot less stressful as you don’t have to reserve your unit, it will always be yours. However, if you love your home resort (the resort that you own) having the flexibility to be able to experience the resort in different seasons is an advantage of floating week. Most timeshare now are floating weeks or point based.
Some timeshares sell only points. Your points will then dictate the size of the vacation unit and which season, because of the amount of points you own will dictate what is available. These points allocated by the resort are not the same as outside exchange company points. Before you purchase make sure you understand how many points are needed for your home resort to access the time of year and the unit you want.
Ask if there is an internal exchange fee if utilizing the internal exchange program.
