Even real estate experts are oftentimes confused by the timeshare industry.
In a recent interview with RealEstate360 radio, James Tarpey, a long-time real estate attorney and a veteran in the vacation ownership industr answers a central question surrounding timeshares: “What is this industry? Is it all a scam, or is it real?”
Tarpey responded, “Here’s the real deal: Timeshares are GREAT for the developers!”
“Larger players in industry Marriott and Wyndham posted record years. Timeshare sales are up, most likely because those who made it through recession are probably doing pretty well.
And timeshares can work great for owners, until it’s time to get out. Timeshares have all the obligations that come with real estate ownership. You’re the deeded owner, so you have all the financial obligations of upkeep on the property. This is why, as a timeshare owner you are also a member of an HOA and pay maintenance fees. And maintenance fees have been steadily on the rise.”
If you know you want to get out of your timeshare, there is no time like the present. The industry is fickle and a timeshare we accept into our program today may not be eligible a month from now.
Tarpey has been practicing real estate law for the past 15 years, focusing solely on vacation ownership for more than a decade. He founded Donate for a Cause as an alternative to the resale market after he saw firsthand the hardships that timeshare owners often have when trying to divest of their vacation properties.
Listen to the full interview here: http://summitassetsgroup.com/real-estate-360-radio-january-23rd-2014-james-tarpey/4090/
How could getting rid of your timeshare impact your future and change your life for the better?
Check out our Timeshare Cost of Ownership Calculator to find out how much you can expect to spend on your unwanted timeshare in the next 5, 10, 20 years!
Use our calculator to see how much you will spend in maintenance fees if you retain your ownership: Timeshare Cost Calculator