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Finance

How to Buy a Timeshare

There’s a lot of hype, and misdirection not to mention stereotypes, about and around timeshares. They can be beneficial if you like to travel a lot. If you do happen to vacation regularly it may be something to look into. If you are curious about how to buy a timeshare, this is the place to start your research into doing just that so you know you are going into the purchase armed with knowledge. 

Know the Type of Timeshare You Need

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There are four basic types of timeshares and your budget as well as what type of traveler you are will determine which is best for you. They are: 1) fixed-week, 2) floating, 3) right-to-use, and 4) pointsclub. Make sure you do your research on each to find the one that will benefit you the most based on what you are able to spend now – and anticipate having to spend in the future – as well as what you know your traveling habits to be. 

Know Your Options After the Purchase

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Will you be able to rent out the allotted times for your timeshare if you are unable to use them so they aren’t wasted and you are able to recoup some of the money you would be losing?

If you are not able to use all of your contract due to other financial burdened such as a new child or the loss of a job, will you be able to sell the contract to someone else? Make sure you know what you are able to do with the timeshare, and what you are not able to do. 

Talk to Other Timeshare Travelers

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The best way to find out what has worked and what hasn’t for other timeshare travelers is to talk to them. There are groups specifically for those who love this lifestyle to share information, especially with those new to timeshares, so seek one out and start looking over forums for answers to your questions. If you still seek answers, feel free to ask a question yourself. 

Rent a Timeshare First

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If it is possible, try renting a week or so in a timeshare location from someone who has already purchased in that location to see if you would be happy visiting there often, if you are happy with the amenities and the overall feel of the building and the staff. If you feel comfortable there for a week, it is a safe bet you would be happy coming back each year. But, renting first is a great way to make sure you would happy with a long-term investment. 

Read the Fine Print

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There are a lot of timeshare sellers out there that will have a well-rehearsed pitch. They will only tell you all of the great points about their program and not tell you anything about the fine print. They might even through in a lot of extras to make you sign on a whim. However, if you take the paperwork home and read through it carefully and perhaps even look at several different timeshare companies and compare them – as well as the fine print for each – then you can make a stronger decision you can be happy with. 

It’s important, when making a large investment such as with a timeshare, that you do your research and purchase the right type for your family so that you are happy with the decision and also that you are able to travel to a place that everyone is happy with. If you always travel to a specific destination, you have your decision made, but even if you don’t, there are timeshare options for you. 

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