Timeshare resales cost much less than buying directly from the resort developer. The buyers of the resale timeshares should be very careful while purchasing and should personally check out the timeshares before investing any money. They should not totally depend on the words of timeshare resellers and should know the details about maintenance fees and property taxes of the timeshares.
Timeshares generally have appealing prices. The buyers should be informed about the details of the expenses incurred in closing the sale and should check the entire lease or mortgage contract agreement beforehand to see how much time is left on the lease.
One of the important points a buyer has to keep in mind is why the timeshare is being resold. There may a situation in which the seller has experienced some problem with the timeshare and wants to get rid of it. Buyers should be very careful when dealing with some resale companies that exaggerate likelihood of the sale and the sale price. They may sometimes charge up front fees and then not sell the timeshare. Customers should be in a position to recover their investment if the resale company fails to follow through on their end of the bargain. Buyers should buy timeshare resales only through licensed resale broker.
All the legal rules as per Timeshares Act of Europe relating to the sale of the timeshares are applicable to timeshare resales as well. The intermediaries involved in the resale should document the required information as per legislation.
There are two types of timeshare resales, typical and special resales. With typical resales, 95% of the timeshares can be resold and the maximum resale price may range from 30% to 50% of the developer price. With special resales, the buyer can use other benefits like airline tickets and accommodations in the luxury hotels and condos. The maximum resale price may range from 50% to 85%.