Buying due diligence

[sennyjo]

Hi -

I have never bought a timeshare and am considering purchasing at a resort close to home that I would enjoy visiting each fall. I would use this every year, even if just for a long weekend.

I asked the resort for information about its reserves and history of special assessments, as well as for minutes from the most recent owner meetings. I’d like to know what I’m signing up for, and what the known issues are so I can make a decision as to if I want to accept the known issues or not.

I was flatly denied this ‘confidential’ information which is quite off putting. I’ve owned a few condos and these documents were readily provided - is this refusing to ‘open the kimono’ standard for timeshares? It’s setting off alarm bells (what are they hiding) and I’m wondering if I should run the other way.

Also, what’s the best way to find sales price for weeks that have sold recently? I checked the TUGs website and it links listed about 4 sales in the last few years.

What other questions about I be askin?

thank you

 

[Patri]

Check eBay for completed sales.

 

[jw0]

Maybe try searching for your resort on the tug website. You may be able to contact owners at the resort in question and ask them the questions you had (reserves, special assessments, etc.)

 

[sennyjo]

Thanks - I’ll give that a shot.

 

[tonyg]

You could ask some questions which might be answered by a helpful owner of the resort of interest.

 

[R1964]

You can check redweek for sales also.

 

[rainbows1957]

There is a lot of info here on TUG if you have the time to read. I learned the hard way on the first two timeshares I bought. They were money pits with high maintenance fees and/or special assessments and/or no updates to the units. I believe there must have been money being stolen from the maintenance fees on one because we didn't even have decent towels and sheets really. I got rid of those timeshares. My third timeshare is wonderful and the board keeps the yearly maintenance fee extremely reasonable. Every year there are updates--they know how to budget and buy replacements smartly. I checked it out before I bought the third timeshare by asking here on TUG for the "real story" about the history and stability from actual owners. My timeshares have also been in driving distance and I used them every year like you plan to. I learned the hard way that trading on RCI is expensive and that is a whole separate area to learn about if you have that in mind.

 

[rainbows1957]

One more comment--visit the actual timeshare rather than selecting it blind...rent a week if possible and stay there.

 

[silentg]

Is it possible to tell us the name of the timeshare? We might know of it?