(Apex Professionals LLC) April 3, 2009 –The whole idea of timesharing resort properties purportedly arose at a ski resort in the French Alps. A clever property owner conceived the idea and promoted it with the phrase, “Why rent a room when you can buy the hotel?” The concept seems simple and rather attractive at first glance: A group of people are assembled by a resort property developer. They each purchase a “share” in a to-be-developed resort, a share that entitles them to spend one or sometimes two weeks per year in their “timeshare.” The initial cost is usually the focal point and this is often greatly “discounted” to make the deal more attractive.
What timeshare buyers aren’t often aware of is that the developer is really interested in the “maintenance fees” that accompany any timeshare contract. These fees go on in perpetuity, passing on to your heirs and their heirs, forever. Timeshares often go from being a joy, to being a burden, to being a nightmare of escalating costs.
What the resort pitchmen aren’t telling their audience is that they will never really own any property, they will only own a contract to share time in a property. Their maintenance fees will support the property and pay the developer a handsome profit for building and managing the resort. Do the math: Each unit in a property is capable of generating fifty-two maintenance fees per year . . . fifty-two people, each paying a monthly or annual fee to maintain a single property, forever!
The sales pitch for buying a timeshare includes the offer of trading your time in your resort for someone else’s time in a different resort location. It all sounds very appealing, but the reality is that it has become harder and harder to find these trades. Unless you have a timeshare in a highly desirable resort location, you may have to settle for poor trades or none at all.
If you really want to enjoy your vacation time in a resort and want the pride of ownership, there are a number of more financially feasible alternatives.
Condominiums – At least here you are purchasing a piece of real estate. Your
maintenance fees will cover care and upkeep and the management company may
be able to rent your property to offset your mortgage somewhat.
Houses – like condos may be rented when you are not using them. If you do your
homework and buy a desirable property and offer it for a reasonable rental rate,
your annual vacation cost may end up being be quite low. You may contract with a local real estate company to manage your property as well, with them handling advertising, rentals, banking your fees, arranging maid services, all for a reasonable fee.
Put together your own “timeshare” – Organize a group of close friends and relatives, form a corporation, pool your resources and buy a piece of resort property. Appoint a board responsible for managing the property and allocating the time-shares. I know of one family whose matriarch was in real estate. They each pitched in a monthly amount that went towards purchase and maintenance. In about ten years they owned several properties, all appreciating in value, which they each got to use several weeks every year.
Vacation Rentals – May not give you any pride of ownership, but you have none of the risks either . . . and you are not locked into one location for every vacation.
Most people who have found themselves locked into a timeshare have few alternatives, but to pay their maintenance fees and use the property their one week a year. One of the alternatives available is to find a company willing to take over that obligation, a company like Apex Professionals, LLC.
Founded by people who have been in the same fix as time-sharers, they figured out how to do something about it; offering relief to timeshare owners, while using their expertise to turn a small profit for Apex Professionals, justifying their efforts. A win-win situation.
About the Author: The timeshare experts at Apex Professionals, LLC, concentrate on helping disillusioned timeshare holders to rid themselves of unwanted maintenance fees, unnecessary assessment costs, and to do away with those annoying high-interest mortgages by offering to take over unwanted timeshare agreements instantly. Related posts:
Very good article. Now matter how hard the timeshare companies try to hide the truth, it’s out there. There is no value in owning a timeshare when you can rent a room on that specific property. They used to be exclusive but now they are not. Do your research!