Timeshare vacation plans have been around in the U. since 1969 — the first opened in Kauai, Hawaii — and they generated .6 billion in annual sales in 2015, up 9% from a year ago, according to the American Resort Development Association, or ARDA, which represents many timeshare developments.For some people, timeshares are a good option, and about one out of every 12 Americans (7.9%) owned one in 2014, up from 7.2% in 2012, ARDA says.Before it agreed to be bought by Bethesda, Md.-based Marriott , Starwood Hotels & Resorts Worldwide had sold more than billion in vacation timeshare properties to more than 220,000 owners over the past 30 years.
“People don’t go out and say ‘I want to buy a timeshare today’, it’s sold as a heavy impulse buy,” he said.
Moreover, single site resorts have to spend more to attract buyers than name brands like Marriott (which recently bought the Starwood brands), Hyatt and Hilton.
In addition, be sure to keep records of any correspondence and who you talked with, the FTC says.
If you want to trade to another resort, you have to know how to do so.
In addition, if you don’t make your payments, the timeshare company can foreclose, Nusbaum warns. One shocked group of several thousand timeshare owners in Kauai, Hawaii found themselves on the hook for nearly $5,800 in special assessment maintenance fees one year, on top of their $1,400 in annual fees, when the resort owner, Diamond Resorts International, said in 2011 the resort on Poipu Beach would have to be virtually rebuilt for $65 million because of water damage. timeshares are located, it is 10 days, and money must be refunded back to the consumer within 20 days after receiving a cancellation notice.
Because of many documented cases of abuse on timeshare sales and resales, most states have put in fairly generous opt-out clauses for consumers, known as the “right of rescission.” Typically consumers can have up to a week to rescind a sales contract for a timeshare, for any reason. In addition, if you do buy a timeshare, be aware that some states have stronger rights of rescission than others, and timeshare companies are well aware which are weaker.
Andy Doran, a now 44 year-old scientist at the Lawrence Berkeley National Laboratory in Berkeley, Calif.
recalls taking a timeshare company up on its offer for a free Las Vegas vacation if he and his fiancée attended a presentation across the Bay from their Berkeley home in Burlingame, a San Francisco suburb.
Nevertheless, considering how many options you have when it comes to vacations, you’ve got the leverage when it comes to price.
As such, timeshare companies like to offer free gifts like dinners and show tickets, or free “try-it-out” rentals to prospective buyers.