Perhaps you’ve read about yet another timeshare scam in your local newspaper, or maybe you’re being pitched to attend a timeshare sales presentation while on a vacation.
But, if you aren’t already a timeshare owner, the concept can be a little bit confounding. They have a bad reputation for many… But what, exactly, is a timeshare? What does it mean to own one?
Our own Michael Finn recently sat down to tackle that question. The video of his response is below, along with a transcription of his remarks:
“Well, that’s a good question.
Depending on the type of ownership interest that you have, the answer can truly vary significantly. Let’s start with the most common product today, the right-to-use membership. That means you do not have a deeded interest. You don’t own real estate, per se. You have greater flexibility in terms of more resorts available to you, but you can have difficulties making a reservation.
Then moving on to a deeded interest, you actually own a piece of real estate, 1/52, presumably, of an actual piece of real estate. You don’t have any problem reserving your own unit at your stated week, so there’s some advantages to that. You lose some of the flexibility.
With either interest that you have, you’re going to have certain things in common. You’re going to have annual maintenance fees. You’re going to have the possibility of extraordinary capital assessments. You’re going have the same issues when the time comes for you to resell your unit.”
Want to learn more about the difference between points-based or “right-to-use” timeshares and their deeded counterparts? Here are a few helpful resources:
Or, if you’re interested in the common issues and consumer complaints about timeshare ownership – including rising maintenance fees, high capital assessments, and the suppressed resale marketplace – we encourage you to check out the following:
- The Unconscionable Suppression of the Timeshare Resale Market
- The Nearly Nonexistent Timeshare Resale Market: Is the Industry Eating Its Young?
- Who Is This Property Owner’s Association to Whom I Pay My Resort Maintenance Fees?
Have any more questions about the timeshare industry? We’re here to help!
Led by Attorney Michael D. Finn with 50 years of experience, the Finn Law Group is a consumer protection firm specializing in timeshare law. Our lawyers understand vacation ownership as well as the many pitfalls of the secondary market of timeshare resales. If you feel you have been victimized by a timeshare company, contact our offices for a free consultation. Know your rights as a consumer and don’t hesitate to drop us a line with any questions or concerns.