What We’re Reading…
Happy Owners Don’t Write About Timeshare
We often follow Chicago’s Daily Herald and Columnist Edith Lank, who reads questions about timeshare from the Herald’s mailbag. This week’s question, posted on 8/4/2018, asks;
“It seems like all I read about timeshare is how awful they are to get rid of and how people are unhappy with them. Are there folks who like their timeshare? Is it a case of you only hearing about the problems, not the successes? If I were interested in one, what would your advice be?”
It’s clear this potential timeshare owner is seeking to make an informed purchasing decision and the information found has not exactly been positive. Therefore, Edith’s response appears to be fair and balanced.
“I’m sure there are lots of people who enjoy owning timeshare, and I’m sure you’re right that they’re not the ones who write to me. My advice would be; Don’t regard a timeshare as an investment. It’s not a parcel of real estate that can be expected to increase in value.”
Because we need a clearer understanding, let’s pause here for a moment to understand this. Most timeshare developers originally sold a deeded real estate interest. Developers today have converted to selling a points-based beneficial interest placed in a real estate trust.
Most importantly, there is an important distinction between real property and personal property. Without a legitimate and open secondary market for resales, Edith states; “Most timeshares are eventually resold at an average of less than 10 percent of the original cost. Timeshare ownership can be a convenient, inexpensive way to vacation. Sometimes there’s a way to exchange timeshares with other owners for variety, but don’t count on that. And years from now, when your family’s needs have changed, understand that it may cost something to get free of it. Owning a timeshare can be a money-saving, trouble-free convenience, but it shouldn’t be considered an investment.”
We certainly think there are happy timeshare owners out there, but they don’t write about it. Auction sites like eBay list timeshares for as little as one dollar or even free. Read: Edith Lank at: Happy Owners Don’t Write About Timeshares
Other Timeshare Articles of Interest:
The Finn Law Group is a consumer protection firm specializing in timeshare law. Our lawyers understand timeshare as well as the many pitfalls of the secondary market of timeshare resales. Know your rights as a consumer and don’t hesitate to drop us a line with any questions or concerns. Our 50 years of experience can help! We know Timeshare.