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The Secret to Making a Successful Timeshare Purchase

Mar 17, 2008
Everyone has heard the horror stories associated with purchasing a timeshare property. Huge payments, poor accommodations, stolen funds, and resorts that shall we say have lost their appeal!

Well once you have decided to go the timeshare rout for your vacations it is important to take into account a few factors when making your purchase decision. A timeshare can be owned forever but most are sold after 8-9 years. This makes the price you pay very important if you hope to avoid a major loss when the time comes to sell.

When purchasing a timeshare make sure the seller has an escrow arrangement with his or her solicitor (or accountant) to administer the sale of the property and handle the transfer of funds and title. Only when you are completely satisfied should you instruct the solicitor to release your money and certify the transfer. If you are offered a banked week, then check that the owner actually owns the week and that the management fees are up to date by contacting the management company and the exchange company.

Make sure the exchange company is informed of the change in ownership before transfer and always be sure you understand who in the purchase agreement (seller or buyer) will assume the costs of transferring the ownership of the unit. A "right of use" ownership transfer may cost from $140 to $1,700 and the transfer costs for a deeded ownership may amount to as much as $3,000.

Only buy from the developer of the resort as a last choice alternative and if you do have to go that route be prepared to pay substantially higher prices for your timeshare units.

The starting price for "sleep 6", peak season week in good quality resorts in most of europe should be in or around $4000 and should provide good exchange power and minimum losses on resale. In the United Kingdom a larger unit in peak school season at a top class resort should cost you between $6,000 and $10,000, and most of your money should come back when you resell. Once you find what you want, bargain hard! It's a buyers market so take advantage!

The idea is to learn the tips and tricks for saving on your family vacations and get a good understanding of fractional cottage ownership, destination clubs, wholesale travel groups, vacation clubs, all inclusive resorts and timeshare units. Like anything else we do education is key. You do not drive without taking driving lessons, and you do not swim without taking swimming lessons so take advantage of the resources that are out there and learn how to save money on your family vacations. Learn to avoid those costly vacation scams and do not let your family down.
About the Author
Lionel is an Industrial Engineer and certified Master Lean Six Sigma Black Belt. His interests include: Music, writing, and travel. Subscribe to his free newsletter by visiting his website at: http://www.lmvr123.com and learn all sorts of tips, tricks, and new ideas to save money on your family vacations. Lionel also operates the Music Media Entertainment Group
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