The Hard Truth

Only a fraction of timeshare owners happily use their timeshare each and every year. Most timeshare owners never use their timeshares—(for reasons including lifestyle changes, work responsibilities, short on cash flow, unavailable weeks, inability to travel due to health conditions, and even the death of a spouse), but continue to pay maintenance fees each and every year without fail on a property they never or hardly ever use. These same disgruntled owners frequently pay high up front listing fees to try and resell and/or rent their weeks, with no results.  Now that timeshares rent out just like hotels, being an owner is no longer necessary. So those interested in using timeshares would rather rent a timeshare unit and pay on a “pay as you go basis”, rather than a “pay whether you use it or not basis”.

Most bought their timeshare believing they now have an annual retreat to a place in paradise only to realize in very short time, it is more of a financial nightmare than any trip to paradise.  The deeds do not show ownership of real property, but only indicate “rights of usage”, and it also requires annual maintenance fee payments whether a person uses it or not. Jane Bryant Quinn, a world renown journalist for Newsweek Magazine and the Washington Posts, wrote an article in Newsweek called “The Trap in Timeshares”.  Ms. Quinn exposes the many problems of timeshare ownership, stating, “When your lifestyle changes, a timeshare can hang around your neck like an albatross. In almost all cases there is no way of getting out of the ever escalating maintenance fees.”  She also reminds us that timeshares are forever by stating, “The biggest red flag is the perpetuity. At some point in your life you will not want this holiday anymore…but you can’t store a timeshare in your basement next to the dusty exercise bike. Dying, incidentally, does not help. Your heirs will inherit the timeshare and along with it the ever escalating maintenance fees.”

Equally troubling, some timeshare owners become so disillusioned they try to make the problem go away by not paying. This is a huge mistake as the developer will often ruin your credit and track you down with a default judgment. This simply means they can attach your personal property to collect all fees and dues along with the looming attorney and court costs.

What can timeshare owners do? With most of their options depleted, many owners attempt to sell or rent their timeshare to someone else. Many listing companies abound that attempt to lure timeshare owners to pay an upfront listing fee to list their timeshare week.  Once the upfront fee is paid these companies regularly just post your listing on the Internet alongside millions of others that have also paid this upfront fee.  A prospective buyer would basically need to “find a needle in a haystack” to see yours out of all those listings. Here again, the timeshare owner is frustrated, and deceived. Despite being told that these resorts are in high demand, the resale market offers little hope for people desperate to get out of the ongoing financial contractual burden.  

In her Newsweek article, Ms. Quinn states that, “With the resale market decimated by developers renting your units out to prospective buyers for a fraction of what you are paying in maintenance fees, there are no options.”

Florida’s Attorney General has a page on the website at www.myfloridalegal.com cautioning consumers. Regarding timeshare re-sales it warns, “The Company’s salespeople are likely to claim that the market in the area where your resort is located is in “demand” and that they are being overwhelmed with buyer requests for your resort. In some cases, the salespeople may even tell you that they have a buyer waiting in the wings who wants to buy your timeshare. Be skeptical of these types of claims. Please remember the timeshare market is not in any “demand” and it is unlikely that there is a buyer ready and willing to buy your timeshare.”  So the media are not the only ones with urgent warnings for timeshare owners.
With empty promises, difficulties trading, and rapidly increasing maintenance fees, tax bills, and special assessments - it just makes sense that when one reads the fine print, it’s easy to see how timeshare owners are disillusioned.
 
Timesharescape is an industry leader in creating a 100% Guaranteed Exit Strategy to get owners completely out of their financial obligations and burdens related to timeshare ownership.  Timesharescape’s experienced and professional staff has literally saved thousands of owners millions of dollars each and every year.