4 Facts to Know About Timeshares
Today you can find an abundance of information about timeshares and vacation clubs. Of course, you also discover the pro and con slants that provide somewhat of a balanced view of their value. As you sift through the many viewpoints, it is important to understand the basic facts about the timeshare industry today.
- What are you buying? Whether you choose a timeshare or a vacation club, you are purchasing the right to use resort accommodations, usually offered on a one week per year basis. Many brand-name hoteliers develop and manage these properties and have expanded their timeshare offerings to include a variety of global locations available for reservations.
- Where and when can you use your timeshare? If you enter into fixed ownership, you lock in a specific time period or week per year. Today, the more popular and flexible choice is floating ownership, that allows you to choose different times and places for your vacation. That flexibility, however, comes at a cost. The more popular destinations may not only be difficult to reserve, they usually have a higher exchange value due to their desirability and demand. As timeshare attorneys, we assist many clients who have grown exasperated with the tedious reservations system that does not accommodate their location or time requests.
- What should you expect to pay? Generally, your purchase price is based on several factors: home resort, location, unit size ranging from studios to 3-bedrooms, resort amenities and your selected season of the year. Many timeshares now operate on a points-based system – a sort of vacation “currency” – that allows you to choose your destination, time and unit size. Clearly, there are many variables, so you should expect your one-week of points at a less popular destination to equate less time at a highly-desirable resort. Beyond your initial purchase price, you will also will be responsible for annual maintenance fees that can run from $800 to $1,200 per week, per year. The average timeshare purchase price today for one week of points is around $20,000.
- How can you cancel your timeshare contract? Despite the better regulations surrounding timeshares today, cancelling your timeshare can be quite difficult. In fact, the primary focus of our law firm is assisting clients with the cancellation of their contracts. When you sign your contract, you have a given amount of time – varying by state – to cancel. Beyond that initial rescission period, the binding perpetuity clauses make it difficult to cancel. Many owners who seek to sell have been caught up in scams by companies promising a buyer on hand and charging up-front fees to handle a sale that never comes to fruition. If you want to sell your timeshare, only do so with a reputable resale broker.
If you have a timeshare that you wish to cancel, the attorneys of the Aaronson Law Firm stand ready to legitimately and legally help you accomplish your goals. It’s all that we do…
We invite you to contact us today for your free consultation.
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