A timeshare is your chance to have a vacation home if you choose wisely.
A timeshare offers many families the opportunity to "own" a vacation property without spending the cash required to make an outright purchase. The concept of a timeshare works by allowing more than one owner for a piece of property. Each of the owners purchases or leases a share of the vacation home or condominium, and the owners collectively pay the expenses that come with having the property, such as maintenance and landscaping. In return, each person has a claim to a piece of the property without the full costs. Timeshares are frequently sold at sales presentations that last 90 minutes or longer. To get the most out of the presentation, you must do some homework before and during the presentation.
Instructions
1. Learn the terms that timeshare salespeople typically use during presentations. The Federal Trade Commission (FTC) offers consumers a guide entitled "Time and Time Again: Buying and Selling Timeshares and Vacation Plans," that you can read to find the terms. A link to the FTC's guide is provided in this article's Resources section.) Learn the terms before the presentation so that you can concentrate on other details during the sale pitch. Such details include pricing, fees, agreement limitations, ownership responsibilities and cancellation terms.
2. Prepare a budget for your initial purchase (if it occurs) and for each visit to the timeshare after it becomes yours. The company will require a down payment or deposit on the timeshare and your first annual maintenance payments. Annual fees for maintenance and administrative costs are charged each year.
3. Bring your budget and notes on the timeshare terms to the presentation. Refer to them as needed during the presentation.
4. Jot down questions as soon as they enter your brain, even if the salesperson leaves little time for you to do so or little time for questions at the end. Make sure you have all of your questions answered before signing any contracts.
5. Hang on to the contract and any paperwork you receive during the pitch. Resolve to complete it after the presentation, when you return home. Fax or bring a copy to your attorney for a second opinion.
6. Get prices before you leave. Know what the maintenance fee, down payment, lease payment, taxes and insurance payments are before leaving the presentation. Without knowing these costs, you cannot make a decision at home.
Tags: down payment, during presentation, Learn terms, little time, piece property