Risks You Should Be Aware of When Buying Timeshares
Buying a timeshare can be a very rewarding experience for almost anyone. For some individuals it can prove to be a profitable venture as well. However on the other side of the coin there are people who did not experience such great benefits from purchasing timeshares, a rather find themselves caught in a move which cost them more than they gain. It is therefore very important that before investing in any timeshare company that the potential timeshare purchaser always be aware of the potential benefits and more importantly of the potential risks which are involved with purchasing timeshares.
One of the most important things that you can do when purchasing a timeshare unit is to read the entire contract and understand every word that is in it before putting your name on it. Some contracts come with smaller print near the end and it is imperative that you read this smaller print or you may find yourself in a timeshare nightmare that you are legally bound to you.
Timeshares are usually classified into two separate types of timeshare plans. These plans are known as deeded plans and non-deeded plans. The deed timeshare plan is where an individual purchases part ownership of the real estate timeshare property. When purchasing a deeded timeshare plan the owner will usually get a title of deed to the property so that is inheritable to the purchaser’s heirs.
The non-deeded timeshare plan is also sometimes called a “right to use” plan. Basically the non-deed timeshare plan is a license or a membership plan which allows the purchaser of the use of the property during certain times throughout the year and is only good for a specified amount of time. Just how many years the non-deed plan is good for varies from resort to resort.
one thing that the deed it and the non-deeded timeshare plan has in common is the fact that the units cost is always directly proportionate to the time of the year as well as the laying of time that the individual wants to own. Of course in the right to own timeshare plan once the agreed-upon time has expired, the purchaser no longer has the right to the timeshare.The most important thing you can do when buying a timeshare or getting a right to use plan is to make sure that the company is actually a license to broker. One of the ways to do this is by simply asking the broker for the license number. If a decline giving you their license number, it is safe to assume that they are not a licensed broker. At the very least they are not trustworthy if they cannot prove to you that they are licensed to sell you a timeshare.