American Bar Association-ABA has something to say! June 7, 2009
Posted by Christopher Williams in : Timeshare Resource , add a commentChristopher Williams Here,
 I spend my time thinking about ways to connect to the many people I speak with in a week who have been horribly mislead in the ownership or resale of their timeshare package.Â
I work for the #1 Company in this Industry and I am proud to say they allow me the freedom to send this message to you.
Call me before you make a move to sell or rent or if you just need guidence for your ownership.
Christopher Williams (800)882-0296Â Ext 404.
Email: Attn: C. Williams
ABA Family Legal Guide
Contracts and Consumer Law
Special Consumer Protections
Time-Shares
What problems should I be aware of when buying a time-share?
One problem is that expenses often offset the savings. If, like most people, you finance your time-share purchase over time, the interest costs alone may eat away that supposed profit. Even if you pay cash, you lose the interest you could otherwise have earned on that money.
And unlike renters, who have the option of coming or not coming from season to season as a resort becomes more or less desirable, time-share owners are generally locked in. In some cases, they may be able to exchange their property, but that involves a formal exchange program and costs money. They usually cannot sell the property except at a substantial loss.
Furthermore, your time-share contract will make you responsible to pay any increases in taxes, maintenance, or repairs. If you think any of these amounts are going to decrease, you’re in for a big surprise.
Total Costs
Total costs include mortgage payments and expenses, as well as travel costs, annual maintenance fees and taxes, closing costs, broker commissions, and finance charges. Annual timeshare maintenance fees can be high depending on the amenities of the resort. The larger and more upscale the resort, the higher the fees. These fees cover all of the costs of operation but are typically several hundred dollars a year. These fees can and do rise over time. All of these expenses should be incorporated when determining the overall cost of purchasing a timeshare.
Practical Factors
Timeshares provide the convenience of prearranged vacation facilities, but keep in mind that future circumstances may alter future planning ability. Timeshare plans typically do not include recession provisions for poor health or job loss. Vacationing tastes and favored activities may also change over time. These factors should be considered in evaluating a purchase.
American Bar Association Family Legal Guide
Copyright © 2004 American Bar Association
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