The Benefits Of Buying A Timeshare Over A Vacation Home-By Guest Blogger Carmen Guzlas

The Benefits of Buying a Timeshare Over a Vacation Home

There are a number of benefits to buying a timeshare, including having a place to call your own when you travel so you can opt out of paying for expensive hotels, being able to build equity, and being able to claim special tax advantages. You can get many of those benefits from owning a vacation home, as well. However, there are many benefits you can get from owning a timeshare that you can't get from owning a vacation home.

Here are a few benefits that buying a timeshare has over buying a vacation home:

Timeshares are More Affordable

A condominium in South Beach or a nice cottage in Martha's Vineyard would make awesome vacation homes, but they'll also cost you an arm and a leg. Vacation homes are often way out of most people's budgets. However, a timeshare can give you the chance to own a piece of that dream vacation home.

Most timeshares are much more affordable than buying the vacation home by yourself. You can enjoy that luxury vacation home without having to pay full price for it.

You Pay for What You Use

When you buy a vacation home, you are responsible for the mortgage, taxes and upkeep all year long. However, you may only end up staying in the home a few weeks out of the year (at most). You may not want to rent it out in order to keep it available for when you like it. The house could go unused for the majority of the year.

With a timeshare, you only pay for what you use. You pay a portion of the ownership costs, and you get access to the property for a corresponding amount of time.

You Share Responsibility

Caring for a second home is a big responsibility -- especially when you don't live in it. You can have to pay for and manage the upkeep, including cleaning, repairs, utilities, and so on. It can be an expensive and time-consuming endeavor.

When you own a timeshare, you share that responsibility with the others who own the house. You only care for the house as long as you are staying in it, significantly reducing your burden for responsibility.

You Can Trade It

If you own a timeshare in the Outer Banks but you decide you're tired of spending your vacation there every year, you can trade your timeshare for the chance to stay somewhere else. You can use a timeshare network to trade with another timeshare owner to stay in a more exotic location.

If you own a vacation home, you are tied to that location. House swaps are possible, but they are not as easy to arrange as timeshare trades.

Owning a vacation home is a luxury that many people dream of but that few are able to afford. Timeshares are more affordable and offer owners a number of other benefits over vacation homes.

What do you think are the best benefits of owning a timeshare instead of a vacation home? Share your thoughts in the comments!

About the Author:

Carmen Guzlas is a writer and manager for Movoto, where she has recently been researching Real Estate in San Jose. Her main hobbies are making soup (daily!) and hiking with her dog.

Yet Another Lawsuit In Timeshareland

The bad news doesn't seem to end for Wyndham, does it?

http://finance.yahoo.com/news/finn-law-group-requests-ftc-134400376.html

In addition to claiming "unfair and deceptive practices in the sale of vacation ownerships",  there's mentiion of the fact that the timeshares in question had little or no resale value.

This is a very important lawsuit with huge implications for the entire industry.

More and more lawsuits are being filed every day.  More and more owners are getting takken advantage of.  More and more non-owners are being turned off to the entire idea of timeshare.

When will it end?  Does the entire industry need to be torn down and built from the bottom up?

Yet Another Timeshare Scheme...This Time Targetting Wyndham Owners

Just received word of another scheme targetting unknowing and gullible timeshare owners.  This one involves Wyndham timeshare owners...as if these guys don't have enough problems.

Here's the information being sent:

Wyndham Resort's Give Back Program

NO Fees, NO Hassles, NO Worries

Resort Giveback helps Wyndham Owners get out of their unwanted Wyndham timeshare and eliminate maintenance fees and taxes forever. There are no fees for our service and the process is quick and simple! If you want to participate in the Giveback Program call us today or click on the link below to fill out the qualification form.


Obvioiusly, I'm not going to share the link, the website or the phone number...these guys don't need any more free publicity...but I will be looking into this myself.

Let me be direct here:  THERE IIS NO LEGITIMATE GIVE BACK PROGRAM.  PERIOD,

Any, let me repeat, any timeshare owner that is contacted byy any timeshare related company first (meaning that you didn't contact them first) can not and should not be trusted. 

It also bears repeating that all timeshare owners had better start both asking some questions of their resort regarding who has access to the owner database and all timeshare owners had better have their timeshare documentation carefully reviewed by a timeshare savvy law firm.  You never know what is in your paperwork unless you know what to look out for.

If any readers have fallen prey to this particulaar scheme, we want to hear from you.

More Name Changes...What Exactly Is Going On Here?

Really, there is MUCH to report on in timeshare land...recap of the recent ARDA conference, update on International Timeshare Appreciation Day 2013, the launch of a new timeshare MLS site that's free for consumers and has lots of things that are missing from the current services available, more pending "Five and Almost 10 With..." interviews, recapping the brilliant Five Year Plan from TATOC...and yet, this week, I'm drawn yet again to the ongoing escapdes with Festiva/Patton Hospitality.

If you are new to this blog...welcome and before you continue, I urge you to read the previous posts and comments regarding the former Celebration World Resort, Festiva Hospitality and RCI.  Big, important issues there.

I was made aware of a letter than some owners of the former Celebration World Resort recently received with the subject being "Important information regarding your vacation week".  Here's the letter in full:

We are excited to announce that Festiva Management Group is now Patton Hospitality Management.  With the ever changing world of vacation ownership, we are changing as well to offer you programs that create value and benefits through all stages of your vacation ownership. From owner rental programs to new exchange benefits to new vacationing opportunities, Patton Hospitality Management gives you reasons to ‘Expect More’ than ever before from your management company.

We would like to introduce you to www.VacationCondos.com. This professionally managed rental portal designed as a resource for timeshare owners to market their timeshare to millions of online vacationers searching for vacationing opportunities in your property’s destination. VacationCondos.com has a proven rental track record with more than $30 million in rental revenues for timeshare owners since 2010!

In addition to a core database of more than 100,000 renters to the desinations where your property is located, VacationCondos.com works with an extensive network of online global distribution systems to market your property though as well as many additional online travel partners. Once in our program, our revenue management team will consider all factors of demand, market conditions and competition to maximize the occupancy and revenues you can achieve.

Plus, it's easy to get started.
The entire process to list your unit with VacationCondos.com can be done online in only 5 minutes and costs $5* when you enroll by April 30th and use promotion code VC1.

This is just one of the many new and exciting programs offered by Patton Hospitality Management. We look forward to working with you on this and other valuable programs in the months and years to come.

Sincerely,


Patton Hospitality Management

Huh?  What?  Festiva is now Patton?  Why?  And why are they assuming that timeshare owners want to rent out their week?  And why bother charging the $5.00?  Did this letter go to all Festiva owners or just owners at the Orlando resort?  Is Festiva/Patton changing their business model?  What are the implications for current owners?

There's a ton more question that I and owners have.  We all know that Festiva is monitoring this blog...so I'm reaching out to them for answers.  If any owners have opinions...and I know you do...we want to hear from you as well.

The First Shot Has Been Fired In The Timeshare Wars

Timeshare owners and prospective timeshare owners everywhere had better start paying attention NOW.

As I've previously reported; entities within the timeshare industry are doing things right now to make it harder, if not impossible for timeshare owners to sell their timeshare.

These efforts are being undertaken as "benefitting the consumer"...when I have yet to see how the consumer is benefitting.

Read this story...if you're not sickened enough to join me and do something about it...well then, you're probably not reading this blog.

http://www.courthousenews.com/2013/04/05/56403.htm

Effective Owner Communications---From Both Sides

This is an article that is in the current issue of ShareTime Magazine. http://www.tatoc.co.uk/component/content/article/38-front-page-news/395-sharetime-magazine-spring-2013-published

Let’s face it…a timeshare is a significant purchase dealing with an important part of life…holidays. 

If you’re a timeshare resort or HOA and your owner communications merely consist of the annual maintenance fee bill, you’re missing a great opportunity and potentially creating a problem.  If you’re an owner and all you receive from your home resort or HOA is the annual maintenance fee bill, you need to demand more.

THE OWNERS PERSPECTIVE-DEMAND MORE

Even if you never go to your home resort, never attend owners’ meetings (an issue for another day), you must demand that your home resort provide you with regular, non-sales oriented information about the resort and all matter of timeshare related issues.  Why?  Simply because timeshare in 2013 is significantly different and more complex than it was in 1983, 1993 or even in 2003.

Sure, you need to know what the annual fees are and how much they’ve gone up…but you are due an explanation, aren’t you?  Some of the other key issues your resort should volunteer:

·         Major improvements at the resort such as pool resurfacing, roof repair, addition of wi-fi, etc.

·         Key personnel changes at the resort.  You should not have to search to find out who to contact about specific issues or concerns

·         News about current and ongoing issues of concern to timeshare owners such as scams, owner meetings and of course the date of  the next HOA meeting

Unfortunately, the current economic climate has made it easier and easier for unscrupulous individuals to prey on misinformed timeshare owners.  You need to know from the resort that they are not calling owners and offering them a “way out” or any other offer that comes your way more and more often.

THE RESORT PERSPECTIVE-OFFER MORE, WITHOUT FEAR

Even if you’ve never done so, you simply must start communicating with your owner base on a regular basis.

For all the reasons I covered above, plus one overriding benefit…UNEDUCATED OWNERS ARE COSTING YOUR RESORT THOUSANDS OF POUNDS EVERY DAY.

Whether you have owners who are no longer using their timeshare and therefore think it is acceptable to not pay the annual fees, or worse, owners who pay a company to take the timeshare from them eventually resulting in unpaid fees…your owners need to understand the implications, benefits and responsibilities of ownership.  Ownership is a good thing…if anyone feels that it isn’t, or that the cons outweigh the pros, they need to be educated.  They also need to know that they are indeed, an integral part of the resort’s well-being and that their actions affect thousands of other owners.

At too many owners meetings that I attend here in the states, HOA managers and directors tell me that they aren’t offering their owners information about potential scams because they are afraid that it will open the floodgate to owners wanting out.  It’s just not true.  Most owners are very happy with their timeshare and are not looking for a way out.

And let’s not forget that owner communications can focus on the good news…and there’s lots of it if you know where to look.  Don’t forget that there is a big difference between sharing information (a great thing) and selling (a not so great thing.)

Here are some examples of information sharing:

·         Upgrades (hopefully not downgrades) in RCI rating

·         New RCI resort affiliations

·         Upcoming projects

·         Any challenges the resort may be facing

A quick word about that last point.  Don’t be afraid of telling your owners of any challenges you may be facing.  A typical resort has thousands of owners from diverse backgrounds and each with a world of experience.  They can be your greatest asset.  The solution to a potential challenge may very well come from your owners!

Recently, I’ve heard from owners who receive word about the annual HOA meeting less than 2 weeks out.  Frankly, this is unacceptable.  HOAs need to get the word out about the annual meeting as soon as a date is set, which for most well run HOAs will be months ahead of time.

Organizations such as TATOC and publications such as Sharetime do a terrific job in bringing the good news about the industry to the forefront, as well as alerting owners to potential issues.  Individual timeshare owners need to hear this news from resorts as well.

Remember that your resort is not a bunch of buildings.  Your resort is made up of individuals.  Just as consumers initially purchase because of the individual salesperson and not the concept of timeshare, they return and exchange into your resort because of the people that make up the resort.

Unsure of where to start?  Send me an e-mail at lisa@timeshareinsights.com.  I’ll be happy to review your current communication pieces at no cost and help you get started on the road to better communication

WHY Isn't This Getting The Coverage It Should?

I came across this story in my weekly "bundle of timeshare news" via Google.

http://blogs.orlandosentinel.com/news_politics/2013/03/timeshare-industry-lobbyists-run-into-trouble-in-the-house.html

This is a HUGE story affecting millions of timeshare owners that is getting very little coverage.

Here's a summary of what's going on:

A bid by the time-share industry to block unhappy owners from dumping their properties by selling to companies that don’t plan to pay the often-hefty annual dues ran into trouble Friday in the House Regulatory Affairs Committee.

An eleventh-hour amendment to what was otherwise seen as an innocuous “glitch bill” (HB 7025) would make it illegal for time-share owners to transfer their properties to buyers whom they know or should “reasonably know” do not have the “ability, means or intent” to pay all annual assessments and taxes on the property.

Jason Gamel, a lobbyist for the American Resort Development Association, the time-share lobby, said such sales were a problem that is currently “plaguing” the industry as vulture buyers try to take advantage of rock-bottom resale prices, which have collapsed since the global economic collapse.

So now the timeshare industry is blaming the "global economic collapse" for the rock-bottom resale prices?  And the industry is the one being "plagued?"  How about the individual owner? 

I'm no legal expert, but to me, this seems like a very slippery slope.  What's next?  Will owners be locked into their timeshares forever and ever with no way out?

Someone had better wake up and start giving this the press that it deserves.  And timeshare owners had better start paying attention.