Thinking of buying a timeshare in Willaimsburg VA ? You may want to read this editorial originally published in The VA Gazette ( Williamsburg VA)
What wasn’t reported in the VA Gazette article about Williamsburg timeshares is the huge cost to unaware buyers. The process starts with hard-sell presentations, which can last many hours. Buyers are offered restaurant coupons and other gifts as incentives to stay with the process. eautiful pictures of worldwide resorts are shown.
No mention is made that only a few units may be available. Timeshares are sold by the week and can cost more than $25,000. This up-front expense is just the tip of the iceberg. In order to exchange your property for another in a different location, you must join a broker club. This will cost about $100 per year. In addition, you will pay an exchange fee of $150 to $200 for each week you wish to exchange. On top of all this, the developer charges an annual maintenance fee of $600 to $800.
Do the math. It’s interesting to note that my timeshare, King’s Creek Plantation, recently lost its quality rating because of lack of maintenance and general disrepair. We King’s Creek owners have been cheated. The developer builds these units for $200,000 to $250,000, and then sells them for $20,000 times 50 weeks, obviously a tidy profit.
It gets worse! Last November I paid my 2008 maintenance fee and received no exchange due to a lack of availability. Last month I paid my 2009 maintenance fee. The developer advised me today that my request can’t be submitted to the broker because he is too busy.
l. Owners have absolutely no input or say.
2. The president of King’s Creek will not speak to any owner. You must write him a letter.
3. Timeshares resell for about 10 cents on the dollar. Tens of thousands are for sale at any given time. Some Realtors will assume your maintenance fee in exchange for the deed to your property.
4. The Gazette continually advertises hundreds of timeshares that are listed due to non-payment of maintenance fees or outright foreclosures.
5. If you’re a buyer, I can make you a heck of a deal.
Richard E. Turnau
Filed under: Timeshares, Williamsburg general information, williamsburg va | Tagged: buying a timeshare in va, selling, timeshare problems in virginia, williamsburg va, williamsburg va timeshares for sale | 1 Comment »