Buying Timeshares on eBay and how to bid for the Best Vacations
All of the recent attention in the media on fraud relating to timeshare purchases and online travel clubs should remind people to do their homework before pursuing a timeshare purchase. You should certainly take it upon yourself to do sufficient research in advance to ensure you find the absolute best legitimate timeshare deal that meets your needs that is available. With that being said, eBay can help you find amazing deals on timeshares as long as you keep a few precautions in mind.
When exploring the timeshare options available, you will quickly realize that eBay is full of unique potential buys. You should keep in mind, however, the added potential for fraudulent practices in this forum as well. By keeping the following guidelines in mind as you shop for a timeshare on eBay, you can increase your odds of finding your dream vacation home at an affordable price without risking your financial future by trusting someone who is only out to take advantage of you and steal your hard-earned money.
Understanding Timeshare Ownership
Before you begin shopping, it is essential that you familiarize yourself with the ins and outs of timeshare ownership. Because you are sharing this home with others who will also be using it for vacations, look at every detail thoroughly, gathering information on the dates available to you, the annual prices, and whether or not the investment has the potential to build equity. By taking these steps, you can ensure that the many advantages that make timeshares so popular are on your side. Among these advantages are flexibility, consistency in vacation pricing, customized conveniences for your situation, and associated amenities for a flat and manageable dollar amount.
Familiarizing Yourself with the Color Coding System
Before shopping on eBay for a timeshare, you will want to learn the color coding system to differentiate your choices based on demand and availability. Under this system, red equals high demand throughout the year, white or yellow equals moderate demand, and blue or green labels indicate low demand. These colors clue you into the projected availability of the property throughout the year. This consideration is significant if you plan to buy a property that you want to have available during peak times of the year, such as during a holiday weekend. You will likely wind up paying somewhat more for the use of a timeshare during those times.
Choosing the Right Type of Timeshare
It is also important to choose the right type of timeshare. If necessary, contact the seller if they do not clarify the type they are offering. There are three different types from which to choose: fee simple, right-to-use, and fixed vs. floating timeshares. In the fee-simple system, buyers actually get a copy of the deed and own a piece of the property indefinitely, allowing them to use it as equity. Right-to-use properties are less expensive, but the original property owner still holds the deed and takes care of maintenance and other issues. The final type buys investors set periods of time throughout the year in which the property becomes accessible to them. For example, a single week in the summer and a single week in the winter may be the extent of the contract.
Researching the Seller to Avoid Fraudulent Practices
The final and perhaps most important consideration is the knowledge of the seller. This information helps nip the potential for fraud in the bud. Before buying, research the seller and take note of their feedback ratings. You should also carefully note the fine print, such as their guarantees on payments in addition to the terms and conditions. Ensure that the seller has a positive selling history and make contact with them before completing the purchase.
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