ARDA Insights Blog                                                                                                                                                                                                                                                                                                                                      

Satisfied with Your Timeshare? Welcome to the 83%!

(From the CEO) Permanent link

Satisfied with Your Timeshare? Welcome to the 83%!

By Howard Nusbaum

July 17, 2013 

Did you catch personal finance guru Dave Ramsey on the popular Fox & Friends show, doling out advice on the “do’s and don’ts” of travel spending this morning? 

Dave gave timeshare a “don’t” vote, not only wrongly claiming that there is a 98% dissatisfaction rate amongst people who buy timeshares, but also claiming that most owners are “stuck” with their timeshare, there is no flexibility or choice of vacation destinations, and that timeshare is not a “good investment.”

While Dave is an excellent advice-giver when it comes to true financial investments, I respectfully disagree that he is qualified to offer advice on something that isn’t supposed to be a financial investment at all—vacationing. Whether you are renting a hotel room, buying a timeshare, or even just taking grandma out to dinner for allowing you to vacation on her couch—vacations do not offer a financial ROI, they are a lifestyle enhancement. 

Timeshares as “bad investment” is simply a matter of apples and oranges. However, timeshare does have a key value proposition—for example, contrast the lifetime expense of vacationing, assuming you take a 2-week vacation in a hotel property and spend $3,000 each year. In just ten years, you will have spent $30,000, which is $10,000 more than the average cost of a timeshare!  And that doesn’t even count the savings from eating some meals in your timeshare unit, rather than the 21 meals out in a week.

Not only do our owners report an 83% satisfaction rate* (a complete 180 from Dave’s claim of only 2% satisfaction!), but we hear time and time again from happy owners who take vacations with timeshare year after year—thanking themselves for the wise purchase that grants them the discipline of better vacationing. They are doing what is truly important: spending time with people they love.  Whether it’s heading to their favorite beach resort that feels like a second home, or exploring a new destination through the vast network of properties all over the world, timeshare owners do have a choice.

So Dave, please stick to traditional investment advice and leave the vacation advice to the lifestyle gurus! At the end of the day, the time one enjoys with family (including the comforts of home that a timeshare offers) offers a huge dividend—just ask those you love. It’s that simple.

Thanks for the advice Dave, but I think you should take “two weeks of timeshare,” and then call me in the morning! 

*Source: Shared Vacation Ownership Owners Report – 2012 Edition, prepared by The Research Intelligence Group for the ARDA International Foundation. 

 

Florida Passes Bill to Improve Foreclosure Process and Provide Relief to Timeshare HOAs in Board Elections

(Legislation) Permanent link

Florida Passes Bill to Improve Foreclosure Process and Provide Relief to Timeshare HOAs in Board Elections

July 1, 2013 

Florida Governor Rick Scott has signed into law HB 7025 which, effective today, will help HOAs by further reducing time and costs in the lien foreclosure process.  

The bill also provides consumer protections for owners transferring ownership of their timeshares. This was a collective effort by ARDA-ROC, ARDA’s state affairs team, and Timeshare Closing Services, who provided valuable insight into the resale and transfer process in order to ensure the Attorney General’s office and the Federal Trade Commission knew the complexities of the transfer process.

For consumers, the bill means access to more information as well as protecting any monies paid by consumers for transfer services until the services are fully performed, and weeding out unscrupulous transfer companies by allowing action to be taken against them.

Businesses that offer to assist owners in the transfer of Florida timeshares must first provide a written agreement outlining terms and conditions of the offered services, and must place all funds received from the owner into an escrow account until the transfer has been completed. Businesses that offer transfer services—and participate in a plan or scheme to transfer timeshares to people or business entities that they know are not going to pay maintenance fees—will now be held accountable for their actions.

For more information, visit ARDA-ROC’s Timeshare Resale Resource Center.