Vacation ownership, also known as timeshare, fractional vacation ownership, quarterly ownership and includes vacation club ownership, etc., is one of the most highly regulated vacation products in today’s consumer market. Name brand timeshare resales of Hilton timeshares, Marriott timeshares, Westin/Starwood timeshares and Hyatt timeshares ensure a higher standard and quality of vacation ownership.
Many states have instituted very strict laws governing the purchase of timeshare resales as a means of protecting consumers. The laws, generally aimed at timeshare developers, address such issues as financial requirements for the developer, rescission rights, disclosures about the resort itself and provisions for resort management.
If you are considering buying a timeshare resales, it is important to make sure you are dealing with a licensed timeshare real estate broker. By working with a licensed timeshare resale professional you are assured that every transaction is in compliance with the laws of the state where you wish to purchase a timeshare resale and that you will receive the appropriate disclosure statements and rescission period. A licensed timeshare resale broker is required to provide you with disclosure statements and rescission rights for timeshare resales.
Following are some points you will want to consider when contemplating the purchase of a timeshare resale:
- Purchasing a timeshare resale from a licensed timeshare resale broker will save you a considerable amount of money. The cost is much less than purchasing retail from the developer who has incurred significant marketing, advertising and other related costs in order to sell the timeshare interval to you.
- While timeshare is real estate (because many resorts offer deeded weeks) it is not an investment in anything but your future vacations. While real estate historically goes up in value, timeshare rarely does. Timeshare is simply a way to ensure that you and your family will enjoy a lifetime of vacations together.
- Choose a timeshare vacation option that fits your lifestyle and the way you and your family like to vacation and travel. Explore the wide variety of vacation ownerships and options that are available on today’s market and then select the one which best suits your family’s needs today and into the future.
- Name brand recognition of companies such as Hilton, Marriott, Disney and Westin Starwood (now Vistana) offer the vacation ownership consumer an assurance of a higher standard of excellence in the industry. Adding a high demand, popular destination such as California, Florida and Hawaii with the purchase of a name brand property will ensure a high quality vacation – whether you enjoy the week you bought at your home resort or use it to trade to other popular destinations around the world.
- On your next vacation take the time to visit a timeshare resort in the area that you typically like to vacation. It’s possible you may be able to rent a unit and get to experience the quality of the accommodations and the recreational amenities of the resort first hand. While vacationing there, talk to existing owners about their experiences. Look for signs of good property management, particularly well maintained facilities and resort amenities, good housekeeping and friendly service.
Most importantly, once you’ve decided to buy a timeshare resale, contact a licensed real estate professional. A licensed timeshare resale broker is required to provide you with disclosure statements and the rescission rights for timeshare resales.
Be sure to read all documents thoroughly and make sure you understand what type of product you are being offered. Ask questions and be sure you understand the terminology and purchase terms, such as “fee simple” (provides a real estate interest) or “right to use” (no real estate interest).
Vacationing has been proven to be good for our health and gives us quality family time together. While timeshare should never be purchased as a financial investment, vacation ownership is an investment in quality vacations in the future for your family and loved ones!
Syed Sarmad, Principal Broker for Advantage Vacation