A timeshare, commonly referred to as vacation ownership, is a form of fractional ownership of a vacation real estate. In a timeshare, multiple buyers purchase the occupancy rights of a real estate unit or property for specific periods of time. The periods of ownership can vary based on the property. If you’re planning to buy or sell a timeshare, there are things that you need to keep in mind.

In this article, we will discuss certain tips on how to purchase and sell timeshares.

Know the reasons to buy a timeshare
Before you decide to splurge your savings on that hot vacation spot, take a moment to jot down the reasons why you want a timeshare. Timeshares have always been used as a way to enjoy vacations without worrying about the location. Understanding your reasons will also help you make a guided decision about the type of timeshare your want to invest in.

Understand the different types of timeshares
Some of the most common types of timesharing include fixed-week timeshare, floating-week timeshare, and point-system timeshare. The fixed-week timeshare guarantees fixed dates at a fixed location. The floating-week timeshare guarantees one week during a season or at certain times of the year. The point-system timeshare gives buyers certain points that can be redeemed to stay at certain estates. It is important you understand these types of timeshares before you opt for one.

Keep in mind the fees and dues
Another great tip to keep in mind when buying a timeshare is the annual dues. If you own a timeshare, this means that you are responsible for the annual maintenance and dues that come along with it. This amount may vary based on the location as well as the time of your ownership. This makes it very important to know if the annual dues fit your budget for the next decade or not.

On the other hand, if you already own a timeshare and are looking for tips to sell one, the following points can help you get the best deal:

Research the timeshare market value
Before you think of selling, take a step back to note the current value of your property. This will help you have realistic expectations of what you may get in return. Remember that timeshares are not investments. Instead, they are more like vacation subscriptions with one down payment and annual fees. Also, if your property is mortgaged, ensure all your dues are paid to prevent any hiccups in the dealing. Timeshares that are not up-to-date on their dues or are under mortgages are very difficult to sell.

Approach a timeshare reseller
When selling a timeshare, it is best to approach a timeshare reselling and listing company. Choose a trustworthy company by putting in time in research. You could also find reselling companies at the Better Business Bureau (BBB) and the American Resort Development Association (ARDA). When finding and picking a reselling agent, check their credibility and reliability. Reselling timeshares is difficult, and you want someone who is an expert in the field. Note that you can sell your timeshare on your own, but this is usually not recommended. Simply because timeshares are very complex and selling them requires you to have in-depth knowledge of the market, its processes and procedures, and everything else that comes along with it.