Buying A Timeshare – What To Check Before You Buy

Despite there being many happy timeshare owners in the world, the timeshare industry certainly has had a chequered history. While they promise weeks in the sun or on the ski slopes at a fraction of the cost of buying a property, all too often we hear about unscrupulous dealings in regard to timeshares. If you are considering buying a timeshare property, make sure that you don’t buy it on a whim or at the first viewing.

Buying a timeshare – what to check

Make sure that you deal with a reputable vendor and that the development is a member of Resorts Condominiums International or Interval International – these are two leading timeshare exchange groups. While this won’t guarantee that you won’t have problems, membership of one of these groups will at least give you the best possible ‘right to swap’.

Make sure to thoroughly investigate the area and market if you are looking to buy a timeshare in an area where there are a lot of other timeshare developments, to make sure you get the best deal.

Timeshares rarely increase in value and are typically sold ‘second hand’ for about half the price charged by the developer, so it is normally cheaper to buy a timeshare from an existing owner.

Make sure to check the maintenance charge history on second-hand properties, and check that there is an upper limit if you are buying a new property.

Investigate who will own the development once the timeshares have been sold – it is usually preferable if the timeshare holders have ownership rather than the developer.

If you buy a timeshare, bear in mind that there is a minimum ‘cooling-off period’ of 10 days in Europe and 14 days in the UK, during which any contract to purchase can be cancelled.

It is also worth bearing in mind that buying a timeshare is not necessarily a ‘forever’. Many are owned by the timeshare owners as a shareholders using a company vehicle, and if the other shareholders decide to sell the property, your timeshare will be replaced by whatever you get out of the liquidation of the company.