Our Real Estate Blog

4 Things to Consider Before Buying a Timeshare

April 30th, 2008 11:05 AM by Lehel S.

4 Things to Consider Before Buying a Timeshare

Who doesn't want their own little slice of paradise? With the real estate market moving slow, some buyers may be looking more seriously at vacation timeshares. Here's some advice for potential buyers, according to certified financial planner John Gin :
  • Consider the extra costs. The purchase price is only part of the equation. What will it cost to maintain the property? What are the property taxes? How much will it cost you to travel to that destination?
  • Is it a good market for renters? Find out if there's potential to generate rental income during parts of the year when you don't use your property. You need to investigate and possibly be willing to set up rental arrangements.
  • Potential retirement spot. Does the home have potential as a place you'd want to retire? Retirement can have a big impact on your investment decision, and give you more leeway in terms of your options. The most important factor is to know this is a location you are comfortable spending most or all of your time when retirement comes.
  • Avoid snap decisions. Weigh your options and read over all documents carefully before signing anything that commits you to a purchase. A financial adviser may be able to help identify a plan to buying a timeshare or vacation property.

Source: The Times-Picayune (04/22/08)
Posted in:General
Posted by Lehel S. on April 30th, 2008 11:05 AM

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