Warning From the NY State Attorney General June 1, 2009
Posted by Christopher Williams in : Timeshare Resource , 1 comment so farHello,
Christopher Williams is here to help! (800)882-0296 Ext.404
This information is taken directly from the A.G.’s website. See the below link for the complete story.
Important Considerations
Before you decide to buy a timeshare, you should examine whether the deal makes sense in light of the continuing financial and legal obligations involved. The purchase of a timeshare is likely to be a permanent benefit and commitment that you might have for the rest of your life.
Examine the special risks summarized at the front of the offering plan.
The factors to be considered include:
- In a right-to-use timesharing plan, if the sponsor declares bankruptcy, the rights of all purchasers may be terminated.
- Timeshares should be purchased for personal recreational use and not for profit or investment. Often no resale market exists for timeshares.
- Most real estate brokers will not list timeshares. You can try to sell your timeshare on your own, but this may bring you into direct competition with the sponsor who may have a large inventory of unsold units.
- Full control for the adequate operation and maintenance of the timeshare lies with the developer or a successor operator. Therefore, the facilities and services will be available only as long as the sponsor is able to provide them. During the early years of the project, the failure of the sponsor to meet his or her obligations will require a small number of timeshare owners to cover the costs of keeping the entire project going.
What’s It Worth? The Bottom Line
After the risks have been examined, you still have to decide whether the convenience and appeal of the timeshare is worth the price. You should compare the expenses with the cost of a comparable hotel or resort for the number of years you plan to own the timeshare and the time value of your money. Consider that you’re going to have to produce a down payment. If you borrow the balance due, in addition to any financing costs for the remainder of the purchase price, you have to factor in the annual timesharing charges necessary to maintain the unit. You might also be liable for any special assessments that timeshare management might deem necessary for future operations. These assessments are hard to predict and might arise when you least expect them. You will still be responsible for paying for typical vacation costs, such as meals, transportation and miscellaneous expenses. Again, you should consult with a financial advisor.
Marriott Vacation Club Owners Get Reward Program June 1, 2009
Posted by Jason Dobbins in : General, Marriott Timeshares, New Features, News & Events , add a commentAll Marriott Vacation Club Owners will now have access to the very successful Marriott Rewards. Timeshare Owners will now be entitled to Marriott’s Fifth Night Free Program. The program requires that the guest book a 5 night vacation and the 5th night will be free of charge.
The company is moving in a direction which will assign hotel category levels to the Marriott Vacation Club Timeshare Resorts. The Timeshares will be ranked in number categories (5,6, and 7) under the Marriott Rewards system. This level will determine how many points will be required for a 1 night say. Typically it will be 25,000; 30,000; or 35,000 points respectively. These will be based on a deluxe guest room and will depend on the ranking of the timeshare property. Obviously the higher end timeshare resorts or larger bedrooms will cost more points.