The Wall Street Journal recently (April 2012) aired a video about the difficulty of selling timeshares.
According to the WSJ, an estimated 50% of owners are behind on their payments.
A few notes from the video:
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A reader poses an interesting question he wanted to share with our readers:
Why is the government doing nothing about timeshare scams?
Time shares are not real estate or investments, they are nothing but empty space.
In addition to my first question, how many time share owners does it take to keep up the maintenance of a two bedroom apartment?
This is outrageous.
If I ever go back to Florida and are approached by a time share salesman I will sit next to the salesman and take my sweet time reading all the pages of the contract. …and if they have a problem with that, I will tell them…”just want to know what I am getting into before I sign the dotted line”.
A reader who is affiliated with a non-profit organization shares their experience with accepting timeshare as a donation.
This is an important read for any timeshare owner, and provides a great deal of insight into issues surrounding increasing maintenance fees and stopping payment.
“I am affiliated with a non-profit organization. We received a timeshare donation week from an individual, not truly knowing what we were getting into.
Our first year the maintenance fees were increased by 20% without our consent. We reluctantly paid the bill, and one of our board members enjoyed the vacation week.
When talking about the value of timeshare, Hawaiian timeshares frequently come up as the example of a timeshare location that is able to hold it’s sale value. In light of the fact that timeshares in Hawaii tend to hold their value over time, there has been a lot of discussion as of late regarding rising maintenance fees for these timeshare resort properties in Hawaii.
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Timeshare ownership requires that yearly maintenance fees be paid by the owners to assure that the resort is kept up to date and well maintained. These fees cover the cost of running the resort, landscaping, physical property maintenance, insurance, utilities, and replacement of fixtures, furniture and appliances. Maintenance fees also cover the costs of special events and entertainment offered by the resort, as well as offsetting the cost of reduced airfare, car rentals and event tickets. How much you will be held responsible for when calculating yearly maintenance fees depends on what type of time share you own.
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