Timeshare Real Estate

Shopping for a timeshare

• Timeshares offer the right to stay at a property for a set period of time and can be exchanged for time at other resorts. Often, it is deeded real estate.

• Properties require a minimum income, often $50,000 or more annually, to take a tour. Both members of the couple must attend. Tours last 90 minutes to two hours.

• A salesperson will discuss how ownership works. Some resorts sell a points-based system for flexible use, while others sell fixed or floating weeks.

• A finance manager will go over pricing options, which can be $7,000 to $25,000 or more.

• Prices do not include property taxes, club dues or fees for maintenance, reservations, housecleaning or exchanges.

• If you buy in Arizona, you may cancel within seven days of signing a contract. Other states have cooling-off periods of three to 14 days.

• Do some homework before taking a tour. Many clubs offer basics about their time shares on their Web sites.

• Ask for recommendations and check with the Better Business Bureau and the state Department of Real Estate, which regulates timeshares.

• Timeshares generally do not appreciate in value.

• Look for signs of good management, such as desirable amenities, friendly service and good housekeeping. Ask if the property is a member of the American Resort Development Association, which follows a code of conduct.

• Several companies, including www.extimeshare.com and the www.orlando-time-share-sales.com, specialize in timeshare rentals and resales.

• Renting may help you decide if a time share is the right choice. A recent online search found Arizona timeshares renting for $700 to $2,400 a week.

• Some timeshare resorts offer discounted accommodations for those who tour the property so they can try before they buy.