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Critical Questions to Ask When You Buy Timeshare or Timeshare Resale

Jason Tremblay — Mon, 01 Mar 2010 14:00:32 +0000

People who are buying homes and residential real estate right now are doing so because this is an excellent time to buy. And many consumers are finding the same to be true when it comes to buying timeshares, timeshare resales, or other vacation ownership real estate.

Timeshare companies and timeshare developers who sell new timeshare are working hard to earn the timeshare sale … you may find them more negotiable than ever. But the best deals are usually available in buying timeshare resales from belt-tightening, budget conscious timeshare owners, who are anxious to sell their timeshare in order to get out from under annual timeshare maintenance fees and/or property taxes.

So if you are interested in taking advantage of the better-than-ever deals available in timeshare and timeshare resales, here are some important questions you need to ask before you sign on the dotted line.

Applies When You Are Buying Timeshare Either New or as a Timeshare Resale:

Make sure you know the resort name and exact location. Pay special attention to timeshare resorts that have been built in phases because the description of the Phase I property could be very different from Phase V property. Know the specific address of the timeshare unit or the timeshare property usage you are buying.
Know the annual maintenance fees, how much they have increased over the years, and the date of the last increase.
Find out what the property taxes are, if they are included in your maintenance fee, and how and when you pay them if you are responsible for making the payment yourself.
In a points based system, know the number of points you are buying.
Know whether you are buying a fixed or floating timeshare interval.
How many rooms are in the unit, what is the square footage, and can you see a floor plan?
Find out both how many people the unit sleeps as well as the number of bedrooms. These will not be the same number!
Ask about the view from your unit. Are you beachside? Have a scenic view of the mountains? Or are you staring at the parking lot? Desirability of view can affect the value of the timeshare.

Applies Specifically When You Are Buying Timeshare Resale:

Learn what, if any, privileges of timeshare ownership cannot be transferred in a timeshare resale.
Know how you will handle the timeshare title transfer, the escrow account, and the closing contract.

Applies Specifically When You Are Buying Timeshare New From the Resort or Developer:

Know the exact sales price you will be paying and the duration and interest rate of the timeshare mortgage if you are using developer financing.
Know if you can transfer to another financing source without paying a penalty on developer financing and if there are time limits for doing this.
Find out if there are perks, loyalty programs, or benefits you can take advantage of because you have purchased a new timeshare at the developer’s full price.

And while all of these are critical questions to ask before you buy timeshare or a timeshare resale, based on the situation, there may be many other important questions to ask as well. To make sure you wind up owning a timeshare that fits both your vacation needs and your budget, do three simple things:

Take your time, don’t let anyone rush you.
Do your own research so that you know exactly what you are buying and the terms of the sale.
Do not “settle” for a property that is almost-right. There are too many great deals in timeshare sales and timeshare resales for you to buy anything less than a timeshare that is ideal for you and your family to enjoy for many happy years.

Foreclosure on Massachusetts Timeshare Property

Jason Tremblay — Mon, 27 Oct 2008 04:01:12 +0000

In a blog post called, “They Wouldn’t Have this Problem if They’d Bought Timeshare Resales” which was published last March, we looked at the problems at the Navigator Beach Club timeshare in Dennisport, Massachusetts.

While the timeshare resort was in its construction phase (it currently stands uncompleted, with all work at a standstill) units were sold to buyers as timeshare intervals. People reportedly paid up to $16,000 for what they believed, and what was represented as, “timeshare”. However, the developer, Robert Reposa, failed (according to an investigation by Team 5 Investigates at theBostonchannel.com)to file the necessary paperwork with the State of Massachusetts.

Massachusetts law requires developers to form entities and file deeds. Neither of which was done in the case of the Navigator Beach Club timeshare resort. In the mean time, the owner fell behind on the $2.2 million mortgage and construction, which was scheduled to be completed 2 years ago, fell behind, and finally screeched to a halt.

Last week, a foreclosure deed was filed on the property in the Barnstable County Registry of Deeds. The Massachusetts Attorney General has declined comment on the matter as an active investigation is underway.

Other Options in Massachusetts Timeshare Resorts

Unfortunately, the timeshare buyers at the Navigator Beach Club will probably have to wait this one out in court. We hope this matter is quickly resolved and that all of the people who paid for timeshare at this Massachusetts timeshare resort receive their money back. Nothing will compensate them for the time they must spend in addressing this or the disappointment and stress this matter has, no doubt, caused.

There are many other options in Massachusetts timeshares, and you don’t have to wait for them to be built or wonder if the deal is authentic. You can take this risk out of buying timeshare when you purchase timeshare resales—at completed and operational resorts—directly from timeshare owners. To learn more about the opportunities in timeshare for sale by-owner, visit www.SellMyTimeshareNOW.com or call 1-877-815-4227.

What Do Timeshare Owners Really Want?

Jason Tremblay — Tue, 21 Oct 2008 04:01:45 +0000

Yesterday we told you about data compiled by Ypartnership/Yankelovich, Inc. 2008 National Leisure Travel MONITOR (sm) for Interval International. The research was released in a report titled, “Future Timeshare Buyers: 2008 Market Profile” and was presented last week at the 10th Annual Vacation Ownership Investment Conference recently held in Orlando, Florida.

According to the findings of this study, timeshare owners and timeshare buyers want new and different experiences. Peter C. Yesawich, co-author of the annual survey with Yankelovich, Inc, and chairman and chief executive officer of Ypartnership was quoted by Hotels Magazine as describing people interested in buying timeshare as those who want to “live life to the fullest.”

Yesawich sees timeshare buyers as desiring, “personalization and customization … more brands, more types of products, and more consumer choices overall so they can select what best fits their needs.”

Hotels Magazine describes prospective timeshare owners as, “individuals chasing originality, expressed by their pursuit of new experiences. They prefer traveling to places that are more than just entertainment, where they can also get a sense of participation, and spending their money on life-enriching experiences.”

Clearly fifty really is the new thirty. But are timeshare resorts and timeshare developers prepared to keep up with the changing demands of consumers, especially in these days of tight credit and decreased spending?

Timeshare Developers and the Vacation Ownership Industry are Ready

Howard A. Bendell, director of market research and analysis for Interval International, sees the findings of the report as being very important to the timeshare industry and timeshare developers. Bendell says, “timeshare developers are in the perfect position to offer these consumers exactly what they want: personalization, customization, and originality – in the form of vacation experiences that are tailor-made for the individual every year.”

Clearly if you are buying timeshare, viewing you expenditure as one that has value to you over a lifetime, you are concerned that your vacation needs and interests will no doubt change in upcoming years. As Bendell observes, “… families can create a different experience each year through a myriad of resort offerings and by using the ability to exchange their resort time.”

The study also backs up a finding that has been evidenced in the past: timeshare buyers are willing to pay more – as much as 20 percent more – to get what they really want. Buying timeshare that offers products and services customized to your specifications is what Bendell describes as a good value proposition.

With the economy rocking and reeling these days, and even timeshare developers and big hoteliers feeling the effects, it is good to know that overall there is a bright outlook for the industry. According to facts presented by Hotels Magazine, there are now more people in the US who want to buy timeshare than who already own it. This translates to a potential to at least double the number of timeshare owners in the future, if timeshare developers listen to the market and are ready to respond to the call.

To learn more about the timeshare and vacation ownership report, read yesterday’s post on The Timeshare Authority:

Timeshare Owners Boring? Not a Chance; They’re Thrill Seekers

Timeshare Owners Boring? Not a Chance; They’re Thrill Seekers

Jason Tremblay — Mon, 20 Oct 2008 04:01:16 +0000

Hotels Magazine just published a very interesting article based on a newly release report titled, “Future Timeshare Buyers: 2008 Market Profile“, which includes data collected for the Ypartnership/Yankelovich, Inc. 2008 National Leisure Travel MONITOR (sm).

For so many years, we have been told that the average timeshare buyer is a middle age, middle to upper income, and middle-of-the-road type individual buying timeshare for vacation security. But this study, developed exclusively for Interval International, paints a very different picture of today’s timeshare owner and timeshare buyer.

The study collected data during January and February of 2008, and included a sampling of the population of US adults who are active (current) leisure travelers. All of those participating in the timeshare profile study had taken at least one trip of 75 miles or more from their home that required overnight accommodations, for the purpose of vacation or leisure.

Much to the surprise of even seasoned experts in the timeshare resort industry, the people who expressed an interest in buying timeshare were not your security seeking, ‘take me to the same place every year,’ types. Instead, they show a, “greater zest for life, are more interested in trying new things, and taking risks.”

“What’s perhaps most interesting,” said Howard A. Bendell, director of market research and analysis for Interval International, “is that while the demography of potential timeshare buyers is largely reflective of Boomers, the psychographics are more akin to attributes more often related to Generations X and Y.”

You Already Knew This about Buying Timeshare

If you are a timeshare owner who falls into the Baby Boomer profile, you know that the label, ‘boring’ does not fit you. You didn’t buy timeshare because you wanted to experience the ’same ole thing’ every year; you are likely to have bought it because your life is so busy and so full that you recognize timeshare as a way to ensure your vacation, even during your busiest times. According to Hotels.com, “This group can also be characterized as individuals chasing originality, expressed by their pursuit of new experiences. They prefer traveling to places that are more than just entertainment, where they can also get a sense of participation, and spending their money on life-enriching experiences.”

So all you Boomers, who have shied away from buying timeshare because you feared it was too staid, and just not cool enough for you, there is no reason to hold back any longer. The research is in, and it says that timeshare owners are not sitting back in a rocking chair, but are instead vital, proactive people, who are serious about living their life to the fullest.

Check in on The Timeshare Authority Blog tomorrow, for more facts from the “Future Timeshare Buyers: 2008 Market Profile”.

Sell Timeshare – What Are My Options?

Jason Tremblay — Mon, 15 Sep 2008 04:01:24 +0000

Okay, summer is over, and perhaps you failed to use your timeshare once again. If you have a timeshare that you are not enjoying, and you are not interested in using it as a timeshare rental, then you should consider selling it as a timeshare resale.

But do you understand your options for reselling your timeshare?

One choice is to work with a timeshare broker, a real estate professional who will handle your timeshare resale for you. You will be using a licensed real estate broker, and you should expect the broker to charge you a commission when your timeshare sells. Commissions for timeshare resales are typically higher than real estate commissions for selling a home, so expect to pay as much as 15 to 30 percent in sales commission.

For Sell by Owner Timeshare Resales Advertising

Your other realistic option for selling your timeshare is to let Sell My Timeshare NOW advertise your timeshare for you. Using the vast exposure of the internet, your timeshare ad can be seen by interested timeshare buyers all over the world.

The job of a timeshare advertising company is to position your timeshare resales ad so that it draws global visibility in a worldwide marketplace. And nothing does that better than internet advertising does. Where once your daily newspaper or even television was a good way to attract many buyers, today’s tool of choice for maximum exposure advertising is the internet.

This short video can help you learn more about your options to sell timeshare efficiently …

Travel Channel Reports on Time-Shares

Jason Tremblay — Wed, 10 Sep 2008 04:01:02 +0000

Travel writer Terry Ward has written an excellent article for the Travel Channel. She writes about the way timesharing has changed in recent years and explains a lot about why buying time-shares makes such good vacation sense.

In the article (titled, “Vacation Time-Shares, See More Places, Save More Money,”) Ward says, “Your benefit as a buyer comes not in the property’s appreciating value over time, but in the fact that every year, for a rate that’s fixed when you buy in, you are guaranteed a week or more of vacation time in pretty much your choice of destinations.”

As one of her sources, the writer quotes Kim Kavin, author of The Everything Family Guide to Timeshare, a timeshare book that is especially helpful to new and prospective timeshare buyers. Kavin says, “When you buy a time-share unit, you are essentially buying a financial hedge against vacation inflation, or the rising cost of hotel rooms.”

But Ward wisely doesn’t limit her focus to the purchase of new timeshares only. Instead, she directs much of her article to looking at timeshare resales, and for that information, she turned to Sell My Timeshare NOW.

Buying Timeshares Can be Smart; Buying Resales Timeshares Can be Brilliant

The article advises timeshare buyers that they should understand that buying timeshare can come with “hidden costs.” Ward describes such costs in this way, “Be aware that in addition to the initial outlay of cash to purchase your time-share, you’ll also be responsible for annual maintenance fees ranging from roughly $200 to $600. Other hidden costs can include one-time fees for capital improvements, exchange company fees incurred when you exchange your week for another week, and conversion fees should you choose to convert your week into points for a cruise, airline miles and the like. For time-share owners who opt to finance their purchase, mortgage interest payments can also come into play.”

At Sell My Timeshare NOW, we like to think that such costs are never hidden; that we help timeshare buyers clearly understand what they are purchasing when they buy timeshare resales, so that expenses such as maintenance fees, or possible bills for capital improvements never catch them by surprise.

The Travel Channel article offers helpful information about timeshares and timeshare resales. Follow this link to read the full article, “Vacation Time-Shares, See More Places, Save More Money.” And for answers to all your questions about how to buy, rent, or sell timeshare, call the timeshare resales and timeshare rental specialists at Sell My Timeshare NOW. 877-815-4227, or internationally +1-603-516-0200.

Is Timeshare An Investment Property?

Jason Tremblay — Wed, 03 Sep 2008 04:01:13 +0000

You don’t have to do much reading, talking, or thinking about buying timeshare before the question inevitably comes up, “Is timeshare an investment property?”

According to the Merriam Webster’s Collegiate Dictionary, the word ‘investment’ in its true sense refers strictly to matters of money. And it is a very rare thing for a timeshare to increase in value above the price you paid to purchase it – especially if you purchase it as new property.

Yet, in everyday use, we often speak of investing our time, our talents, or our emotions, into something that does not yield a financial return, but does benefit us in other ways. And in this regard, timeshares and timeshare resales definitely can be beneficial and rewarding in our lives.

What Drives Up the Cost of New Timeshares

If you have ever been to a developer’s traditional timeshare sales presentation, or have talked to others who have, then you already know how that game is played. You agree to listen to what the timeshare sales representative or representatives have to say; perhaps you tour a timeshare property and you see a video presentation about the timeshare resort. In return for your time, you are rewarded with a perk. Depending upon how long the timeshare presentation is and/or the size of the timeshare sales company with which you are dealing, your ‘reward’ can be anything from a free lunch to several days comped (or discounted) at a timeshare resort.

Imagine what a new pair of shoes would cost if every time someone went in the store and tried on a pair, that person received a gift. Think about how pricey a new home would be if every interested home buyer or looker was given free tickets to Disney just for stopping by to tour the house.

The business model used in the sale of new timeshare is certainly unique, and apparently works, because timeshare sales have increased consistently, year-in-year out. But clearly, the cost of all the free gifts that are given to the people who never buy timeshare is built into the sales price of new timeshare, and is borne by those people who do buy timeshare. It is very hard for timeshare property to appreciate when it carries with it such high front-end marketing costs.

But Buying Timeshare Can Still Be the Smartest Move You Ever Made

Okay, so you probably won’t ‘make’ money on the purchase of a timeshare you buy from a developer. But that doesn’t mean you can’t truly benefit from buying timeshare. Timeshare locks-in the cost of your vacation accommodations for as long as you own your timeshare, whether that is years, decades, or a lifetime. Certainly, in that way, buying timeshare is a valid hedge against vacation inflation.

Absolutely nothing makes vacation planning easier than owning timeshare. In today’s busy world, where husband and wife are both dealing with the demands of jobs and family, it is often the case that no one has time to hunt out a vacation deal or shop for the right hotel accommodations. Owning timeshare eliminates this problem entirely. Mark the days on your calendar, book a flight or gas up the car, and start your vacation. Timeshare ownership eliminates vacation planning hassle, and lets you and your family relax and enjoy … which is what a vacation should be all about.

I guess the bottom line is that some investments, don’t come wrapped in dollar signs, and timeshare is one of them. But don’t shortchange the idea of owning timeshare by overlooking all the value they can bring to your quality of life. Click on the video below to hear some additional thoughts about the benefits and realities of owning timeshare.

By the way, if you are ever attending a timeshare sales presentation, and someone tries to tell you what a good investment timeshares are, you should exit, immediately. That’s a major red flag that you are dealing with someone who will tell you anything (even a lie) in order to sell timeshare.