Timeshare Industry News:
I found this interesting important blog from a trusted timeshare industry source. The Timeshare Authority which is a blog produced by Jason Tremblay, CEO of Sell My Timeshare NOW.
If you are considering going on a vacation to Orlando and picking up theme park tickets at a discount, please read this blog!!
http://bit.ly/cPNzhk
Wednesday, April 28, 2010
ARDA announces Joint Consumer Education Program
Washington, DC – April 27, 2010 – The American Resort Development Association (ARDA) and the National Timeshare Owners Association (NTOA), have announced a year-long campaign to help educate consumers about timeshare vacations. The first initiative answers ten of the most frequently asked questions
Read the full story here..
http://bit.ly/a0dPbe
Read the full story here..
http://bit.ly/a0dPbe
Friday, April 23, 2010
ARDAs proposed timeshare model act
It has been a little over a month since the ARDA convention where the Proposed Model Resales Act was such a hot topic! Many in the timeshare industry, from Developers to consumers, recognize this matter as one of high priority. The Model Resales Act will be used to guide Resale Companies in ARDA with policies that will better protect and serve both buyers and sellers of timeshare on the secondary market. The ultimate goal is to help set precedence for legislation on the state government levels that will benefit the industry as well as provide protection to consumers.
Recently, Management & Operations Magazine, sister publication of the Resort Trades interviewed Ken McKelvey. Mr. McKelvey, CEO of Defender resorts had also told us that much of the terminology in the Act was confusing even to someone coming from the resale industry. He felt however that this was a good foundation to start from and that future comment and suggestions would help mold the Act to its desired outcome.
I became curious as to any updates or developments on this topic, so I contacted Howard Nusbaum, President of ARDA and asked him what has transpired since the convention last month. According to Mr. Nusbaum, ARDA is still reviewing both verbal and written feedback about the Proposed Model Resale Act.
Concerning these questions about the Act, Mr. Nusbaum stated that “Several comments reveal some serious misunderstandings which lead us to believe the Task Force needs to be clearer in the drafting and that ARDA needs to do a better job of explaining the act and not assume that everyone is familiar with the nuances of previous legislation and/or legal opinions.”
Mr. Nusbaum went to further explain that despite the questions and misunderstandings, many comments ARDA has received have been extremely helpful in providing knowledge of what issues need to be further addressed and have also pointed to many good recommendations.
This process is still in its early stages and a large number of people in the industry are still new to many of these ideas that have been sited. The timeshare industry is encouraged to continue asking questions and providing feedback while ARDA and the Resale Task Force continue to move through the stages of completing and implementing the Act.
Mr. Nusbaum stated in conclusion that “The members of the Model Resale Act Task Force are reviewing and incorporating these comments. When that is complete it will be sent to the ARDA Board of Directors for their review”.
A recommended reading of the article “Resales 360” will be in the June edition of ARDA’s popular magazine Developments, for those following this topic and wishing to learn further information.
Thank you to Mr. Nusbaum for taking time to share this update information!
Recently, Management & Operations Magazine, sister publication of the Resort Trades interviewed Ken McKelvey. Mr. McKelvey, CEO of Defender resorts had also told us that much of the terminology in the Act was confusing even to someone coming from the resale industry. He felt however that this was a good foundation to start from and that future comment and suggestions would help mold the Act to its desired outcome.
I became curious as to any updates or developments on this topic, so I contacted Howard Nusbaum, President of ARDA and asked him what has transpired since the convention last month. According to Mr. Nusbaum, ARDA is still reviewing both verbal and written feedback about the Proposed Model Resale Act.
Concerning these questions about the Act, Mr. Nusbaum stated that “Several comments reveal some serious misunderstandings which lead us to believe the Task Force needs to be clearer in the drafting and that ARDA needs to do a better job of explaining the act and not assume that everyone is familiar with the nuances of previous legislation and/or legal opinions.”
Mr. Nusbaum went to further explain that despite the questions and misunderstandings, many comments ARDA has received have been extremely helpful in providing knowledge of what issues need to be further addressed and have also pointed to many good recommendations.
This process is still in its early stages and a large number of people in the industry are still new to many of these ideas that have been sited. The timeshare industry is encouraged to continue asking questions and providing feedback while ARDA and the Resale Task Force continue to move through the stages of completing and implementing the Act.
Mr. Nusbaum stated in conclusion that “The members of the Model Resale Act Task Force are reviewing and incorporating these comments. When that is complete it will be sent to the ARDA Board of Directors for their review”.
A recommended reading of the article “Resales 360” will be in the June edition of ARDA’s popular magazine Developments, for those following this topic and wishing to learn further information.
Thank you to Mr. Nusbaum for taking time to share this update information!
Upcoming trip to New Orleans
Hi there followers!
I just wanted to post a note that I will be gone for a few days to New Orleans. I will try to post while gone but if I dont, dont give up on me! I will be back Tuesday night so will be back online Wednesday if not before then. I will try to bring back pictures to share here with you! IN the meantime, keep the questions coming and I will try to have more information for you when I return!
I just wanted to post a note that I will be gone for a few days to New Orleans. I will try to post while gone but if I dont, dont give up on me! I will be back Tuesday night so will be back online Wednesday if not before then. I will try to bring back pictures to share here with you! IN the meantime, keep the questions coming and I will try to have more information for you when I return!
Thursday, April 22, 2010
Abc News Nightline Covers Timeshare News – Selling a Timeshare – Buyer Beware
Here is an interview on ABC that was conducted with the leader of the Timeshare Users Group. Though I do not like the way that group is so negative and how they jump to conclusions on any and every timeshare entity and person and company out there, still, this was a good interview. I again in no way am suggesting you go to TUG and have your head filled with overly negative information, here he does give solid truth.
Abc News Nightline Covers Timeshare News – Selling a Timeshare – Buyer Beware
Abc News Nightline Covers Timeshare News – Selling a Timeshare – Buyer Beware
Should you buy a Timeshare? Should you keep the one you have?
Many people have heard great things about timeshares from their neighbors or family about timeshares, and are considering purchasing one for themselves. The rest of you already purchased a timeshare and just feel the financial burden too heavy so you want to sell it or get rid of it.
It is irrelevant if you purchased your timeshare for $1 on Ebay or $30,000 direct from a retailer. Once you own a timeshare, there is a reason to own it. There is a reason your neighbors bragged about theirs, and there is a reason you were inclined to purchase it to start with. Timeshares provide you and your family with a way to vacation without staying in hotel rooms. Timeshares provide a kitchen, living room, dining room, and seperate bedrooms usually. Timeshares force you to think of and plan for your vacation each year.. and a vacation is a time period spent away from work and friends, to be with family and create memories. Timeshares allow you to stay in luxurious resorts with swimming pools and activities versus staying in an economical hotel room that forces you to eat out at restraunts and becomes constricting and frustrating.
Many people complain about the maintenance fees for example. They want to sell their timeshare because they are tired of paying that $600 per year maintenance fee. Well.. lets see. If you book a hotel room for 7 days in a hotel on the beach, you are going to pay just about $600. You will eat your meals out. You will be cramped in the room with the whole family, and noone has any privacy at bedtime.
I guess my point is that there are so many people on the internet complaining about being "suckered" into buying a timeshare or feeling like they paid too much, or even just simply not wanting to tell their friends they bought one, and the trend goes towards trying to sell it for next to nothing. I just wonder if you really stopped to think about what a timeshare is and the reasons for keeping it while you are in the middle of trying to find a way to sell it.
If you truly are not able to use it anymore then yes, go on and try to sell it. But if it is just that you dont WANT to go on a vacation every year with your family, then you NEED the timeshare!
It is irrelevant if you purchased your timeshare for $1 on Ebay or $30,000 direct from a retailer. Once you own a timeshare, there is a reason to own it. There is a reason your neighbors bragged about theirs, and there is a reason you were inclined to purchase it to start with. Timeshares provide you and your family with a way to vacation without staying in hotel rooms. Timeshares provide a kitchen, living room, dining room, and seperate bedrooms usually. Timeshares force you to think of and plan for your vacation each year.. and a vacation is a time period spent away from work and friends, to be with family and create memories. Timeshares allow you to stay in luxurious resorts with swimming pools and activities versus staying in an economical hotel room that forces you to eat out at restraunts and becomes constricting and frustrating.
Many people complain about the maintenance fees for example. They want to sell their timeshare because they are tired of paying that $600 per year maintenance fee. Well.. lets see. If you book a hotel room for 7 days in a hotel on the beach, you are going to pay just about $600. You will eat your meals out. You will be cramped in the room with the whole family, and noone has any privacy at bedtime.
I guess my point is that there are so many people on the internet complaining about being "suckered" into buying a timeshare or feeling like they paid too much, or even just simply not wanting to tell their friends they bought one, and the trend goes towards trying to sell it for next to nothing. I just wonder if you really stopped to think about what a timeshare is and the reasons for keeping it while you are in the middle of trying to find a way to sell it.
If you truly are not able to use it anymore then yes, go on and try to sell it. But if it is just that you dont WANT to go on a vacation every year with your family, then you NEED the timeshare!
Wednesday, April 21, 2010
Timeshare Trade Ins, or Timeshare Donations
Have you tried renting or selling your timeshare and have had no luck?
There is one other option you could consider. The option typically comes with no financial reward for you but it is on option that will remove your timeshare from your name and get you out from under those maintenance fees if you are not using the vacation weeks.
There are several companies that will accept your timeshare as a donation. You will transfer the title to them and then they will try to sell the timeshare and give the revenue towards a charitable foundation. Typically, this can include some sort of tax write off for you but in order for that to occur, you must make sure you are "donating your timeshare" and not "trading in your timeshare" because there is truly a difference.
Typically trading in your timeshare will happen while you are on a presentation to purchase another timeshare or a vacation club. The timeshare you are trading in will be used to reduce the purchase price of the new product. This trade in procedure is very similiar to the same idea of trading in your car to purchase a new one. If you wind up doing this process, you need to stay in touch with the transfer title company to ensure that the transfer is completed. Often people have reported that they thought they traded in a timeshare, but the following years maintenance fees arrived only to have the resort inform the owner that no such transfer occured. This catches many people paying an added and unexpected maintenance fee! In the long run, it is your responsibility to make sure that the transfer company contacts you and that there is paperwork and deeds being signed. The process should take approximately 6 to 12 weeks depending on the resort and its location. This process has no tax write offs.
A timeshare donation will be to an organization that will provide you with the paperwork needed to file for a tax write off. It will usually be a company or group that you yourself search for and contact. Before moving forward though, you need to verify and ask questions about the charity. The last thing you want to do is realize after it is too late that you literally gave away your timeshare with nothing in return at all, not even a tax write off!
There is one other option you could consider. The option typically comes with no financial reward for you but it is on option that will remove your timeshare from your name and get you out from under those maintenance fees if you are not using the vacation weeks.
There are several companies that will accept your timeshare as a donation. You will transfer the title to them and then they will try to sell the timeshare and give the revenue towards a charitable foundation. Typically, this can include some sort of tax write off for you but in order for that to occur, you must make sure you are "donating your timeshare" and not "trading in your timeshare" because there is truly a difference.
Typically trading in your timeshare will happen while you are on a presentation to purchase another timeshare or a vacation club. The timeshare you are trading in will be used to reduce the purchase price of the new product. This trade in procedure is very similiar to the same idea of trading in your car to purchase a new one. If you wind up doing this process, you need to stay in touch with the transfer title company to ensure that the transfer is completed. Often people have reported that they thought they traded in a timeshare, but the following years maintenance fees arrived only to have the resort inform the owner that no such transfer occured. This catches many people paying an added and unexpected maintenance fee! In the long run, it is your responsibility to make sure that the transfer company contacts you and that there is paperwork and deeds being signed. The process should take approximately 6 to 12 weeks depending on the resort and its location. This process has no tax write offs.
A timeshare donation will be to an organization that will provide you with the paperwork needed to file for a tax write off. It will usually be a company or group that you yourself search for and contact. Before moving forward though, you need to verify and ask questions about the charity. The last thing you want to do is realize after it is too late that you literally gave away your timeshare with nothing in return at all, not even a tax write off!
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