Maintenance Fees Due Already?!
It’s that time of year again! For many timeshare owners, late October/ early November marks the dates when annual maintenance fees are once again due. While maintenance fees are an expected expense, the arrival of the bills often provokes an upswing in resale interest.
For owners who weren’t able to enjoy their timeshare for the previous year, a maintenance fee can feel like an undeserved burden. It’s during this time that timeshare resellers like us field lots of calls about reselling vacation properties, or renting properties out for next year.
If you’re one of those timeshare consumers who wasn’t able to use or rent their property this year and you’re looking to avoid paying maintenance fees next year, now is a great time to list your property for sale. Simply contact one of our licensed timeshare brokers to discuss listing your timeshare for no upfront fee.
Sick of Maintenance Fees? Sell Your Timeshare for No Upfront Fee!
As licensed and BBB accredited timeshare brokers, we believe our no-upfront-fee policy is the only way to ensure a safe and secure resale transaction and to assure our clients of our ability and promise to get it done. In fact, our brokers don’t collect a cent until the resale transaction is complete and your property has been sold.
Rent Your Timeshare for Cash
But we don’t just help connect owners and buyers – we’re also timeshare rental experts. If your annual maintenance fees were a stark reminder of your unused vacation property, but you’re not interested in selling your interest, you can still rent out your property to help cover maintenance fees for next year. We have especially attractive rental packages for Wyndham timeshare owners. With our Wyndham timeshare rental program, we’ve even helped some owners cover their maintenance fees and still have points left over!
If you own a high-point (500,000+) Wyndham ownership package that you’re looking to rent out, or you’re ready to sell your timeshare for no upfront fee contact us now at 1-800-985-9946 for timeshare resale and rental programs specially tailored to you!
Buy a Timeshare for a Dollar?
Stop by almost any timeshare forum and you’ll find discussion about purchasing a timeshare for $1 on for-sale-by-owner websites like eBay and Craigslist. These days, you’ll even find sellers advertising their property on personal Facebook pages! So what’s the deal? Why are there timeshares available for $1, and is it a good idea to buy timeshare from owners on FSBO sites?
The primary reason you’ll find timeshares for sale at such drastic discounts (often listed for $1 – $100) is because the current owners are no longer able to afford their maintenance fees and simply want the property off their hands. Sounds great, right? Well, that depends.
The truth is, there are some great timeshares available on FSBO websites; but there are almost always strings attached. The trick is to research carefully and ask the right questions. Knowing which questions to ask comes from knowing the challenges associated with buying and selling timeshares this way. Here are a few key questions to ask FSBO owners, along with a brief explanation of why they’re important.
Is the deed paid in full? This one’s important. If the deed isn’t paid in full, you’re not getting a timeshare for $1, you’re inheriting a debt. If the amount owed is still acceptable to you as a purchase price for a timeshare – great! But, if it’s more than you were looking to pay, or if there are any penalties associated with late or missed payments, you might want to consider purchasing a timeshare whose deed is paid in full.
Are there any maintenance fees or penalties owed? This one is in line with the previous question. If the owner is selling their timeshare for $1, chances are he or she is having trouble making their maintenance fees. Find out from the seller if there are any maintenance fees or penalties for non-payment associated with the account. If there is remaining debt, who is responsible? Will the seller take care of the remaining balance, or will you inherit that deficit?
Who’s paying the closing costs? Just like traditional real-estate, when a timeshare deed is transferred from one owner to another, there are administrative costs associated with everything from document preparation to taxes. Closing costs may comprise origination fees, title search and title insurance fees, discount fees, survey fees, appraisal fees, attorney’s fees, credit report fees and prepaid expenses such as insurance and taxes. As a buyer in an FSBO transaction, it’s important to discuss who’ll be covering these costs, and how much they’ll amount to.
What is the escrow process? If you and the seller determine that you’ll be responsible for the closing costs, who will conduct your closing and where will the money be held?
Is the contract of sale valid? Finally, be sure the owner actually has the right to sell their timeshare. Ask to see their contract. In some cases, an owner is not legally entitled to conduct the sale of their timeshare property, so any contract you sign may be invalid. It’s a good idea to hire a lawyer to take a look at all associated contracts and paperwork.
The above questions might sound like a lot, but it’s extremely important to have all the facts before purchasing any kind of vacation ownership from a previous owner. If all this sounds too complicated, or if you’re looking for a way to streamline the buying process, you may want to work with a licensed timeshare broker like Timeshare Broker Sales, who can help you though every step of the process.
Timeshare Makeovers Save Owners Thousands!
Will your timeshare save you even more this year? According to MSNBC, ConTech Construction and Travel & Leisure, 2012 may be the year of the timeshare makeover. Restoration projects by ConTech Construction are set to save owners at the Royal Floridian Resort in Ormond Beach, FL thousands in maintenance fees. The project was so successful, it was named the 2011 “Project of the Year” by the International Concrete Repair Institute; the first time a timeshare has ever won this award.
Perspective Magazine reports:
Since the renovation, the resort’s rental revenues have experienced a 22 percent increase generating $52,000 over budgeted revenues. The electricity consumption has decreased by 25 percent, corresponding to $40,000 savings in only 9-months. The association hospitality expenses (guest compensation for problems related to the resort amenities) have decreased by 50 percent compared to 2009. Maintenance payroll also decreased by 24%, due to fewer problems and service calls from guests.
In truth, it’s rare for maintenance fees to decrease while the quality of a resort increases – yet the success of the project and predictions by MSNBC and Travel & Leisure indicate that timeshare restorations are a viable and successful way to improve owners’ interests while helping them save money. Essentially, owners get improved accommodations for less money. It’s a win-win we hope to see flourish!
Source: perspectivemagazine.com
