So, you're about to take the plunge, you have decided to purchase in a Vacation Resort Property... sometimes called a Timeshare or Fractional Ownership. The salesperson was charming and persuasive; now you just can't wait to get started with your new "Vacation Lifestyle"... but wait, don't sign those papers just yet!

Take a deep breath to get your emotions in check and then do your due diligence!

First, is it a true timeshare where you own a week at one location but can exchange it for a different location or is it a point system that you use at any of their resorts? Make sure you understand the difference, each type has its pros and cons but if you do your homework then you can make an educated decision about what is best for your family.

Once you have decided about the ownership structure that you prefer, now it's time to check out the company! You can find out anything on the web and it is an amazing resource that can save you time and money in the long run. Check out the company for complaints or excessive litigation; remember that they will all have a complaint or two just because they serve people (some folks just live to complain). In general, they should not have a large amount of unsatisfied owners or a large attrition rate.

Most importantly, ask to look at their Reserve Study and ask if they are funding it... some states don't require it but you as a consumer should. The Reserve Study is a technical and financial analysis done by a third party, unbiased provider that documents all of the items that are paid for by owner's dues or fees. Reserve funds are monies are set aside to ensure that future capital expenses are covered by funds that have been set aside for that purpose. Items such as the carpeting and furniture must be replaced on regularly scheduled intervals or they become worn and out dated. This process protects the owner's investment and maintains the properties curb appeal, after all no one wants to vacation in a run down dump!

If you are satisfied with your homework results, go ahead and sign on the dotted line and welcome to the wonderful world of the Vacation Lifestyle!