Published on Aug 13, 2015
Understanding the Benefits of Buying From Existing Owners
The secondary market is comprised of the individuals who bought at the presentation, and are now wanting to sell their timeshare. Either a broker has purchased the ownership, and is reselling the account, or you are buying directly from a seller. Before buying a timeshare, you really should consider all of your buying options, and don’t be afraid to ask for help from someone knowledgable.
Why Buy A Timeshare For Sale By Owner?
There are many reasons to purchase from an owner directly. From thousands of dollars in savings, to getting extra unused usage banked inside the account, or even getting a lower cost in maintenance in some special situations. You may even have the flexibility to perform a loan take-over-payments, or seek financing that is more favorable than the developer’s high financing rates.
Okay… What’s the Catch?
In some cases, the developer has restricted certain benefits to retail purchases, and the new owner will lose those particular benefits. These can range from small changes to rather large differences. For example, Travelshare is not transferrable with the purchase of a WorldMark by Wyndham ownership, and you cannot become Elite Status with resale HGVC accounts. Many owners decide the sometimes minimal features of these programs don’t justify paying a higher price to get, but you can educate yourself on each issue by reading the following articles:
Is the Transfer Process Safe?
Transferring an ownership can be tricky in some cases, and very easy in others. In many cases, the property has a deed that needs to be rewritten. This type of transfer should be left to a closing company that is licensed, bonded and insured. This way you can make the account is exactly what you are expecting. You should expect to see that there are no past fees, the account has the right amount of usage (annual usage? credits/points expiring? reservations pending?) and also make sure you know when the next maintenance is paid. These are all things that professionals can help you with, whether or not you buy from a brokerage or from the owner directly.
View Our Listings