Ever felt trapped by a decision, particularly one that was supposed to enhance your lifestyle? We unravel the emotional and financial challenges faced by timeshare owners, revealing the staggering 87% who regret their purchase. By tuning in, you’ll gain a deeper understanding of the alluring promises versus the harsh realities of timeshares, including hidden fees and rising maintenance costs that leave many feeling ensnared.
As we navigate the complex landscape of timeshare contracts and vacation home investments, you'll hear strategies to safeguard your finances, whether you're looking to exit a timeshare or considering the purchase of a second home. We dissect the differences between deeded and right-to-use contracts, and why grasping these distinctions is essential. Plus, we offer practical tips on platforms like Redweek for selling timeshares and explore alternatives that might suit your lifestyle better.
Finally, the episode broadens the conversation to the world of vacation home investments. Discover how owning a second home can be both a joy and a financial boon, particularly through rental opportunities with Airbnb and VRBO. We'll discuss market trends, such as the "halfback" phenomenon and the cyclical nature of real estate, to help you make informed decisions. With expert guidance at your fingertips, the path to making strategic real estate choices becomes clearer. Reach out to us for personalized advice tailored to your unique real estate journey.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
This is the Plain English Real Estate Show with
your host, rowena Patton, a showthat focuses on the real estate
market in terms you can easilyunderstand.
Call Rowena now.
The number is 240-9962 or1-800-570-9962.
Now here's the English girl inthe mountains, the agent that I
(00:20):
would trust, rowena Patton agentthat I would trust, rowena
Patton.
Speaker 2 (00:29):
It's Rowena Patton on the Real Estate News Radio Show
and today we're going to talkabout the real story behind
timeshares, what you need toknow before buying and how to
get out of it if you regret it.
You can't always get out ofthem, but here's some tips and
tricks, as so many of you seemto regret it, we'll go through
that number, which is prettyincredible.
The history of timeshares theconcept began back in Europe in
(00:53):
the 1960s and I think it reallystarted from a good place.
It was looking at how can wemake vacation homes more
affordable, so that made senseright At the end of the day.
You can look at this,especially if you sit through
those presentations and think,well, that kind of makes sense.
It's a way for me to own avacation property.
(01:15):
So it really took off in the1970s when the major resort
companies in the US entered theindustry.
And, of course, these days many, many of the timeshares are
owned by the big hotel groupsand we've all had those phone
calls that come through to usthat say we've won a prize or
(01:39):
something has gone on where wecan get a weekend for free and
all we have to do is sit througha 30-minute presentation.
I've actually sat through onemyself and it did end up being a
lot more than 30 minutes and Idid not end up buying one.
So today the US timeshareindustry is valued at over $10
(02:00):
billion and over 10 millionhouseholds that number was kind
of surprising to me own atimeshare 10 million.
So the average owner is around47 years old and nearly 70% are
married.
I think probably if you spoketo somebody that targeted people
(02:20):
who might buy a timeshare, I'mguessing they target married
people because it seems like areally nice idea.
You can go off as a couple andgo on two or three vacations a
year in your very own timeshare.
The statistics are prettyshocking 87% let that sink in.
(02:42):
87% let that sink in.
87% of timeshare owners regrettheir purchase and that was a
recent University of CentralFlorida study that found that
out and 66% of timeshare ownersbelieve their timeshare has
little to no resale value.
And what I did here was I wenton eBay.
(03:04):
I kept seeing these posts abouttimeshares being sold and
timeshare points.
They tend to use points thesedays being sold on eBay.
So sure enough, I went on eBayand there's lots of them for a
dollar.
More than 50% of timeshareowners feel trapped in their
contracts.
(03:24):
They they give reasons for thatand they say it's due to the
hidden fees and escalatingmaintenance costs.
So many people pay that bigchunk down using some kind of
loan or home equity line ofcredit and then they pay
maintenance costs every year andthese seem to be like taxes.
(03:46):
They tend to go up.
75% of timeshare owners, ascurrent timeshare owners, say
they would not buy anothertimeshare.
I'm guessing those are withinthe 87% who regret their
purchase in the first place.
Who regret their purchase inthe first place.
That's so sad to think of thatmany people regretting their
(04:07):
purchase.
And no wonder all thesecompanies have grown up helping
you get out of your timeshare.
Over 1 million timeshare ownersattempt to exit their contracts
every single year and only asmall fraction successfully do
(04:29):
so.
I think you go back and forward, back and forward, back and
forward.
So I did some research onYouTube, on Instagram, on
Facebook, on complaint sites,and I found a whole bunch of
comments.
Probably 5% of them were sayingI don't know what you're
talking about.
I love my timeshare and weagree it every year.
(04:50):
And here's a few others that Ifound.
Now I've protected their voicesand names, of course, but all
these are absolutely word forword, real comments.
Speaker 3 (05:04):
I inherited a timeshare from my mother.
I really don't want it and needto get out of it.
Can you help me with it?
I've been trying these exitcompanies and they say that, as
we won't be able to prove badpractices when it was sold to my
mom, they can't help.
Speaker 2 (05:22):
So most of the companies that help you online,
they have downloadable packs.
You can find them quite easilyand I will have a bunch of links
for these for you onrealestatenewsradiocom.
I always put links on there soyou can find them the main thing
they tend to go after, fromwhat I've seen and again, I'm
(05:45):
not a person who's licensed orregistered to help you get out
of timeshares or anything likethat and at the same time, I
want to at least share with yousome facts and figures on the
industry it seems to be the mostdifficult when you inherit them
.
It seems to be the mostdifficult when you inherit them.
(06:09):
So, gosh, I would definitely belooking at how to get your
timeshares in place.
If you have a timeshare now andyou have it in your portfolio.
In other words, you wereprobably even sold on the fact I
know I was when I sat throughone of those presentations that
if you have kids, it's a greatthing for your kids to inherit.
They may not want your timeshare.
(06:30):
It's kind of like grandma'sfurniture.
They don't necessarily wantthat either.
However, this is something thatthen, if they inherit it, they
must pay the maintenance fees onit.
That may be a liability thatyou're leaving for them, and
apparently these companies canadvise you on that.
And then, of course, like everyother post you've seen on
(06:53):
social media, you'll always seethe people who say things like
this the best way to get rid ofone is not to buy one.
Yeah, there's always those.
And then there are just theheart breaking stories that you
hear, and this one brought alump to my throat when I read
(07:13):
this.
Speaker 4 (07:15):
I have a timeshare with a New York club can no
longer pay the fees since myhusband passed.
They have threatened to put alien against my house and
eventually they will forecloseon it.
I told them I would give themthe timeshare back no charge.
They laughed and said whatwould they do with it?
The stress is horrible.
If I died from a heart attackfrom this.
I told my daughter to sue themfor harassment.
(07:35):
This should be illegal.
Speaker 2 (07:37):
Unfortunately, I wish I could say I hadn't read many
of those.
There was even a guy who washaving an operation I think he
was having an operation for abrain tumor.
He had cancer and he felt hewasn't even of sound mind to
make the decision when he wassold the timeshare in the first
place.
And there were so many storieslike that.
(08:01):
And of course, you always getthe people who like to make the
statement.
Who can blame them?
Speaker 5 (08:08):
Timeshares are a source of regret for those who
purchase them based onmisleading promotions and false
assumptions.
They also reflect poorly onstate attorneys, who fail to
take action against thesedeceptive programs.
Speaker 2 (08:21):
Now I want you all to know that I'm not saying
timeshares are bad.
There are people out there thatreally enjoy their timeshares,
even on the figures we have.
So you know, when we look atthe figures, that say what was
it?
87%?
87% of timeshare owners regrettheir purchase.
That means that 13% don't.
You know.
(08:42):
There are people out there thatabsolutely love their timeshare
.
We'd definitely love to hearfrom you today if you love your
timeshare 800-570-9962.
That's 800-570-9962.
This is Rowena Patton on theReal Estate News Radio Show,
(09:06):
realestatenewsradiocom.
For links to listen.
You can listen anywhere in thecountry.
I've been hosting this for 12years now.
I still can't believe that800-570-9962.
Would love to hear yourtimeshare stories, whether you
love one or regret having one,and your experiences.
Would definitely love to hearfrom you if you've used any of
(09:29):
these companies that help youget out of a timeshare.
One thing I'd highly recommendis google how do I get out of my
timeshare or how do I makebetter use of my timeshare?
Show me people who lovetimeshares.
Go on Facebook and searchtimeshare groups.
(09:51):
There's so much information inthere.
There's so much information onReddit.
Go and do your own research oneBay and see who's selling
timeshares, especially if youwant to buy one.
Apparently that's beensuggested too in everything I'm
seeing.
But make sure you really dosome really good background
(10:12):
research first.
So here's some common reasonsfor regret, and I'm not sure any
of these are really going tosurprise you.
Unexpected costs, includingmaintenance fees that increase
annually.
You know it's one thing.
Where you know how much you'repaying, you can say, okay, we'll
(10:34):
have this paid off over fiveyears and it will save us all of
those really expensivevacations.
However, you're then buildingin the maintenance fee that you
don't realize might increase onan annual basis, which seems to
be a very common occurrence.
Difficulty in booking vacationsdue to a limited availability.
(10:55):
Lack of resale value Timesharesoften depreciate significantly.
Again, go look on eBay and findthese, where you can buy them
for a dollar.
There's a number of them, andif you're thinking about a
timeshare, that might not be abad place to start Contracts
(11:16):
that make cancellation or resaleextremely difficult.
Here's a couple of examples Ifound A couple who purchased a
timeshare for $20,000, but theylater found out maintenance fees
kept rising annually, making itunaffordable.
They were unable to sell it dueto lack of demand.
(11:37):
A retiree who was pressuredinto a timeshare presentation
and signed under duress, only torealize later that their
financial situation could notsustain the ongoing fees.
Of course, you could say thatabout anything where you go to a
presentation and you're soldsomething and later maybe you
(12:00):
can't really do it and you'renot within that 30-day limit or
whatever it is in your statewhere you can take back the sale
.
You've heard the pitch before.
Come to our presentation andwe'll give you a free vacation
or an amazing gift.
It sounds too good to be true,right?
(12:21):
Well, that's because it oftenis Welcome to the sales pitch
versus reality.
Today we're pulling back thecurtain on those high-pressure
sales tactics that promise theworld but don't always deliver.
You walk into a sleek conferenceroom lured by the promise of a
(12:42):
free cruise or a luxury weekendgetaway.
Many of us have been there.
The host is friendly, thecoffee is free and before you
know it, you're locked into ahigh pressure pitch.
The last hours you hear wordslike once in a lifetime
opportunity and act now, beforeit's gone.
(13:03):
You're exhausted, overwhelmedand suddenly signing on the
dotted line seems like the onlyway out.
Let's have a reality check whathappens next.
That free vacation might comewith endless blackout dates,
hidden fees or conditions thatmake it nearly impossible to use
(13:24):
and that incredible deal youjust signed up for.
It may not be the dreaminvestment it seemed in the
moment.
Sales pressure is real and it'sdesigned to make you act on
emotion rather than logic.
The best way to protectyourself do your research, take
your time and never signanything on the spot.
(13:48):
Next time you hear a pitch thatsounds too good to be true
about anything really, not justtimeshare Remember, if you have
to be pressured into buying,it's probably not the deal you
think it is.
Stay informed, stay smart andalways read the fine print.
(14:09):
Hey, it's Rowena Patton here onthe Real Estate News Radio, if
you just tuned in, and todaywe're talking about timeshares.
Let's look at the hidden costsand restrictions.
Here you have a dream vacationyear after year.
That's the promise, right, butwhat they don't tell you up
front are the hidden costs somedo, maybe and the restrictions
(14:30):
that can turn that dream intowhat, for some, can be a
financial nightmare.
So let's talk about the fineprint, the rising maintenance
fees, the special assessmentsand availability the thing that
sometimes get glossed over inthe sales pitch.
So meet the Johnson family.
(14:51):
They were thrilled to purchasea vacation package that promised
anytime access to luxuryresorts.
But when they tried to booktheir trip, the only available
dates were during hurricaneseason, months away from the
peak weeks they were originallypromised or that they thought
they were getting.
And then came the bills.
Their annual maintenance feestarted at $1,500, but climbed
(15:16):
5% every year.
Within just a few years, theywere paying over $2,000 annually
, whether they used it or not.
Then, out of nowhere, a specialassessment landed in their
mailbox demanding another $1,200to cover unexpected property
upgrades.
And let's not forget, gettingout of a timeshare isn't easy.
(15:38):
Many owners find that resalevalues drop fast and some even
end up paying just to exit theircontract.
So what should you ask beforesigning?
How much are the maintenancefees now and how often do they
increase?
And look to see actual factsand figures on this.
(15:59):
Are there special assessmentsand how much have past owners
paid?
Is peak season availabilityreally guaranteed or is this
just a sales pitch, a vacationdeal that locks you into rising
costs and limited availability?
That's not freedom, it's afinancial trap.
(16:20):
Read the fine print, ask thetough questions and don't let
the dream vacation turn into anightmare.
Speaker 5 (16:29):
I thought I was doing something great for my family
when I bought this timesharememories vacations, something to
pass down to my kids, but now Irealize I've left them with a
financial burden instead.
The maintenance fees keeprising and there's no easy way
(16:50):
out.
I don't want my kids to bestuck paying for something they
never asked for.
I'm looking into putting it ina trust or finding another way
to protect them from inheritingthis mess.
If anyone has advice on how toget out of this without leaving
my kids on the hook, I'd reallyappreciate it.
Speaker 2 (17:10):
Hey there, this is Rowena Patton on the Real Estate
News Radio Show.
If you've got any thoughts orquestions today, please give us
a call.
Give us a call 800-570-9962.
That's 800-570-9962.
Do you have friends or familythat have timeshare or could
(17:34):
really help us out with somecomments or thoughts or
questions on the show today?
Share the show with them atrealestatenewsradiocom.
That's realestatenewsradiocom.
You'll find a link to listenanywhere.
Speaker 4 (17:50):
Owning a timeshare has been one of the best
decisions for our family.
We have a guaranteed vacationspot every year, without the
hassle of booking last minuteaccommodations.
The flexibility to exchangelocations has allowed us to
explore beautiful destinationswhile making lifelong memories.
Speaker 2 (18:08):
So clearly, not everybody is unhappy with their
timeshare decision.
I think it's just all abouthaving the information to make
the right decisions, just likeanything in real estate or any
other decision you're making.
For that matter, it's RowenaPatton here on the Real Estate
News Radio show.
If you've got friends andfamily that might need to be
(18:31):
listening to this one.
It's all about timeshares today.
If you just tuned inrealestatenewsradiocom
realestatenewsradiocom that'sthe best place to listen live.
Also, that's where you'll getthe links to other information
about the show, the other 12years of shows that we've done
and, of course, for an easy wayto contact us.
(18:52):
So who could a timeshare begreat for?
A timeshare can be a greatoption for specific types of
travelers and lifestyle needs.
Here's some examples of peoplewho might benefit from a
timeshare Families who vacationannually.
A family that takes a yearlybeach trip to Hilton Head or
Disney World might find atimeshare beneficial.
(19:15):
They get predictable, spaciousstays without the hassle of
searching for accommodationsevery year.
It just takes that out of itand, especially if you're
traveling with your family sonice not to have to have that
hassle.
Many timeshares offermulti-bedroom units, which works
well for families, retirees wholove a home base.
(19:37):
A retired couple who enjoysspending part of the year in
Arizona or Florida but doesn'twant the full responsibility of
owning a second home that couldwork really well.
They get resort style amenitieswithout the costs of full home
ownership.
Business travelers who frequentthe same location, someone who
(19:57):
regularly attends conferences inLas Vegas or Orlando or a ski
resort town that could be usefulinstead of paying those premium
hotel rates every time.
Adventure seekers who enjoyexchange programs Many timeshare
programs allow owners toexchange their week for stays at
different locations.
(20:18):
Groups of friends who vacationtogether, a group of lifelong
friends who take an annual skitrip or island getaway can split
ownership costs and always havea guaranteed high quality place
to stay.
That one was a new one for me.
I really hadn't thought of that.
People who want luxury vacationswithout paying full price Many
(20:42):
high-end resorts offertimeshares in prime destinations
like Hawaii, aspen or theCaribbean.
It provides access to premiumresorts and amenities at a
fraction of the cost of fullownership.
It's known as the Caribbean inEngland, by the way.
Who wouldn't benefit?
Those who prefer spontaneoustravel or exploring new places
(21:03):
each year without constraints.
Who prefer spontaneous travelor exploring new places each
year without constraints?
And don't forget, we'd love tohear about your timeshare
stories.
Give us a call, 800-570-9962.
That's 800-570-9962.
Whether you love your timeshare, have exited a timeshare or
wondering how to get out of one,we'd love to hear from you.
(21:26):
This is Rowena Patton on theReal Estate News Radio Show.
If you have family or friendswho could benefit from this
today, send them torealestatenewsradiocom for a
live link to listen anywhere.
Speaker 4 (21:41):
Hey there, welcome back.
Today we're diving into a topicthat a lot of people ask about
timeshares.
You've seen the ads, maybeyou've even sat through a
presentation for a free vacation.
But before you sign on thedotted line, do you really
understand what you're agreeingto?
Let's go over the rescissionperiod, your get-out clause.
(22:02):
This is something some peopledon't know.
If you sign a timesharecontract and immediately regret
it, you might have an out, butit's time sensitive.
The rescission period is alegally required cooling off
time that lets you cancel thecontract with no penalty.
It varies by state.
In Florida, you have 10 days toback out, but in other states
(22:26):
it could be as little as threeto seven days.
And here's the key Timesharecompanies won't remind you of
this.
If you change your mind, youneed to submit a written
cancellation request before thedeadline.
So if you're ever at one ofthose high-pressure
presentations and get caught upin the moment, just remember you
(22:47):
do have time to rethink it, butdon't wait too long.
Now let's talk about whatyou're actually signing up for.
Not all timeshares are createdequal.
Deed-to-timeshares mean you owna share of the property, like a
piece of real estate.
You can sell it, will it toyour heirs or rent it out, but
you're also responsible forannual fees whether you use it
(23:08):
or not.
Sounds like a good investment,maybe not?
These are often very hard tosell later on.
Then there are right-to-usecontracts.
Instead of ownership, you'releasing the right to use the
property for a set number ofyears.
Once the contract expires, youno longer have an obligation,
(23:30):
which can make these easier toexit than deeded timeshares.
However, some contracts renewautomatically, so read the fine
print.
So before signing anything, askyourself do I want to own part
of a property forever or justrent vacation time for a limited
period?
So why are deeded timesharestricky to sell?
(23:50):
Here's where things can getmore difficult.
Timeshares tricky to sell here'swhere things can get more
difficult.
Many people think they can justsell their timeshare like a
house.
Not so fast.
Deeded timeshares are permanent, they don't expire and that
means you're on the hook formaintenance fees for life.
Many owners try to resell, butthe market is flooded with
(24:10):
people trying to get out.
But the market is flooded withpeople trying to get out.
Some even list their timesharesfor $1 and still can't find
buyers.
If you stop paying, resorts cansend you to collections or
foreclose.
Yes, even on a timeshare.
Some resorts offer exitprograms, but often these come
(24:31):
with additional fees orconditions.
Make sure you read theparagraph about the exit plan
when you are signing up.
So what's the bottom line?
A timeshare can be great if youunderstand the contract, but if
you're thinking about one, bevery sure you're willing to
commit for the long haul.
Speaker 2 (24:53):
So what are some resources if you have a
timeshare?
One of the big marketplaces iscalled Redweek redweekcom, and
they deal with renting out yourweek, booking your next trip,
maybe exchanging or rentingdirectly from an owner and also
(25:13):
selling your ownership.
So if you click on sell mytimeshare within the Red Week
site, what you'll find is youhave all kinds of opportunities
on there and the main two are doit yourself basic.
So that's about advertising onthere and doing it yourself,
basically.
And they say we advertise andbring buyers to you.
(25:34):
You'll personally finalizecontracts and details, and
that's about $60 with nocommissions.
And then they offer, as at thisbroadcast, a full service for
$125.
And then it's plus $8.99 or 3%of the price only when sold.
And they say we create andverify your posting for you
(25:59):
while helping with prices andmanaging negotiations, and of
course there are many companiesthat you can use for this as
well and there's all kinds ofdetails at the bottom of there.
What's the process for sellingmy timeshare?
How should I price my timeshare?
(26:28):
They do have a what's mytimeshare worth valuation tool.
Obviously, I would sell yourtimeshare and that's where it
goes to the full service resaleoption.
And actually they're saying thefull service resale option
wouldn't be available until thefees were caught up, although
you're welcome to try and sellit on your own, that's if you
are behind on your maintenancefees.
(26:50):
Um, so there's all kinds oftravel tips and guides on there
and, of course, you can sell ityourself on eBay, facebook
Marketplace.
There's all kinds of placeswhere you can do that.
I would encourage you to go toredweekcom and have a look at
the owner resources.
They've got travel guides andtips.
It will also tell you where tofind a timeshare to rent, how to
(27:14):
rent your timeshare.
You can look at all inclusive.
You can look at beaches, youcan look at golf, kid friendly,
pet friendly, theme parks, allkinds of things on there.
You can also buy timesharepoints.
Many of them operate on a pointsystem now.
So if you need to sell yourpoints or buy some points, they
have tips and tricks for that aswell.
(27:38):
So well worth a look at thatone.
Welcome back.
It's Rowena Patton.
Good morning.
Good morning.
It's another Saturday morningfull of promise and you're tuned
into the Real Estate News RadioShow with me, rowena Patton.
Whether you're listening liveon the radio or catching this
later on the podcast, I amthrilled you were here Today.
(28:00):
We're talking about two thingsboth the timeshare industry and
buying a second home.
Maybe you've dreamed of thatmountain cabin.
People think there are a lot ofcabins in the Asheville area.
There aren't too many.
There are some log homes and afew cabins.
But really think about how farout you are.
(28:21):
Maybe it's a beach house, maybeit's a quiet lake retreat.
We're about to list one ofthose.
Actually, in the next week orso, maybe you're thinking about
investing in a property that canbring you some rental income.
Now here's the thing you knew Iwas going to say this Is buying
a second home really a good idea?
What kind of real estate agentam I asking you if it's a good
(28:44):
idea to buy a home?
An honest truth for one.
What do you need to considerbefore making that move?
How do you finance it?
What are the hidden costs youmay not have thought about?
We're covering all of that andmore today.
So, whether you're sitting onyour porch with a cup of coffee,
out running errands or drivingto check out open houses this
(29:04):
weekend, stick around.
This is going to be a packedepisode full of practical
information to help you make asmart decision.
So why do people buy a secondhome?
All right, let's start with thebig question why do people buy
a second home?
What's the motivation?
It usually falls into one ofthree categories personal use,
(29:29):
investment or a futureretirement plan.
It's kind of an interesting one.
Let's break these down.
So a vacation home and some ofthese obviously are based around
your age.
Are you setting out with a newfamily?
Are you getting older in yearsand just want that vacation spot
(29:49):
to get away to?
So you've got that favoritegetaway spot the mountains, the
beach, a lake house and insteadof paying for vacation rentals
every year, you think why notjust buy a place?
You want to create a place forfamily gatherings, a home where
memories are made and passeddown through the generations,
(30:11):
and it could be all aboutconvenience and it often is
knowing that that home is therewaiting for you, with all your
favorite things already there.
You can also do this.
If the home that you purchaseis able to go on the Airbnb or
VRBO scheme or the midtermrental, you could rent that
(30:32):
place out.
Maybe you go there, for example, during the wintertime and you
can rent your current house outor your second home flipways
from when you spend time thereIf you're at the point in life
where maybe you're a mobileworker, maybe you're a remote
worker and can travel while youwork, and maybe don't have a
(30:54):
young family or something likethat, or maybe you're getting up
in there in years.
So it's all about your personalsituation, obviously.
And if you have plenty ofmoolah and you just want your
place sitting there and yourtoothpaste ready when you go and
not have to take, you know, ifit's a warm place, the bikini or
(31:14):
if it's a chilly place, thesweaters, those things can take
up so much space and you justwant to grab a bag and go, that
can be a really great thing.
Of course, you know there areso many less expensive flights
around now.
I'll give you one example ofone In the mountains in
(31:34):
Asheville we have a lot ofpeople travel from South Florida
particularly.
We have a lot of people travelfrom all over the place, but
particularly South Florida.
Since quite a few years ago now, allegiant, which means big
giant in Germany, alley giant isnow running incredible fares
(31:56):
direct between they call itMiami, but it's actually the
Fort Lauderdale Airport.
So direct flights between FortLauderdale Airport and Asheville
, which is a regional airport,for very inexpensively check
them out, allegiantaircom.
So that's brought a lot ofpeople from South Florida.
(32:17):
Now, obviously South Florida iswarmer in the winter than
Asheville is and it works theother way around, because South
Florida shocker gets very hot inthe summer.
So a lot of people like toescape that South Florida heat
and escape to the mountainswhere we're temperate and have
(32:39):
quite a nice summer.
A lot of people say, oh no, itgets really hot here, but it
doesn't get hot like theflatlands of the South because
we've got those mountain breezesAlso.
We even have a term for those ofus who first started off in the
north, often New York,pennsylvania, boston.
(32:59):
A lot of people from Boston whogo to South Florida to escape
the just chilly, chilly, chillyin the late fall, winter and
January, february, until thegreen starts coming on the trees
, go down to South Florida andsometimes they move in entirety.
They just move down there andsay no, can't deal with the cold
(33:21):
anymore, and an awful lot ofpeople miss the seasons and
guess where.
They end up, back in Asheville,north Carolina, because it's
not so hot in the summer andit's a nice escape and you get
those four seasons.
It's such a popular thing to doin the mountains that we're
called halfbacks.
I'm actually a halfback myself,and that means you start off in
(33:43):
the north, you moved to SouthFlorida and then you made it
halfway back, but of course,with vacation homes, you can
have both if you can afford todo that.
So let's talk about it as aninvestment property.
Maybe you see a second home asan income opportunity.
It could be Airbnb, vrbo orlong-term rental, and now what's
(34:06):
really gaining in popularity isthe midterm rental.
So it could be that a lot ofpeople are moving, because
they're moving from California,for example, which we see a lot
in the mountains, and they'renot sure quite where they want
to live, so they just want torent a place for three to six
(34:27):
months.
That could be a goodopportunity for you to rent out
your vacation property whilestill having the ability to use
it yourself, and obviously thatwould be in the four to six
month term.
Sometimes you'll see threemonth ones too.
You can imagine if you'relooking around for a house,
three months is probably whatyou want.
(34:49):
If you're building a home, it'sgoing to be six months to 12
months, which is more of a longterm rental.
So real estate is a solid assetand some people buy second
homes as a way to build wealth.
That really is when are you inlife?
You know seven to 11 year cycle.
You've heard me say it manytimes 7 to 11 year cycle.
(35:14):
We are in a flattening topcycle right now, which means
that statistically now there'sno guarantees of this.
There's no guarantees aboutanything in life apart from
taxes and death, as we know, andwe're in a 7 to 11 year cycle.
We're at the top, we're bumpingalong the top.
In many markets around thecountry we're already seeing
(35:34):
some price decreases.
So for the next three and ahalf to five and a half years,
we expect it to decline, flattendecline, and then for three and
a half to five and a half years, statistically it goes back up.
The good news is that realestate over the long term,
you'll see these seven to 11year top peaks that are worth
(35:56):
more than now, in other words,statistically, based on history,
since 1860, when Clément Jugleroutlined the economic cycle.
So here we are in 2025, 7 to 11years from now.
Let's just do 10 years from now, 30, 35, the property you
purchase is going to be worthsignificantly more, based on
(36:18):
history.
I can't guarantee that for you.
I wish I could, but based onhistory, it's going to be worth
significantly more.
Think about the home you're innow and think about what it was
worth 10 years ago.
So 2015,.
We're sort of bumping along thebottom of the last one.
At that point we had aparticularly long cycle.
Last time around, of course, ittipped in 2007, 2008 in most
(36:42):
markets in the country, and herewe are back at the top.
It's been an exceptionally longcycle, so nobody can time the
market.
Otherwise we be all bemulti-millionaires.
But think about that whenyou're looking at it as an
investment property.
So what that means is, theyounger you are, the longer you
(37:04):
can afford to hold it.
It makes more sense if you'rejust looking at it as an
investment property.
How about a future retirementhome?
If you're in retirement already, it still could be a future
retirement home.
So many people buy that secondhome before retirement, using it
part-time now and planning tolive there full-time later, or
(37:28):
at least half the time.
There are more and more peoplethat have a lifestyle.
You know they're calledsnowbirds if they're coming from
the north and going to thesouth.
At least it's been a popularthing since the 60s and 70s
really when the budget airfarecame in or you could take those
long road trips depending whereyou were coming from, and go
(37:50):
away for a period of time, oftento escape the winters.
If you're in South Florida,it's often to escape the summers
.
Really all the way up to themiddle of Florida Gets really
hot in the summer.
If you've spent any time inFlorida I don't need to tell you
that, so you know people loveto go to the north or go to the
(38:11):
mountains.
We are south in Asheville, ofcourse, but we get those
mountain breezes, just keepingit a little bit more pleasant.
So before you even start looking, ask yourself why do I want
this second home?
Because your answer will guideabsolutely everything, from how
you finance it to your wah, wah,wah tax strategy.
(38:35):
Let's do the fun stuff and talkabout affording a second home.
Let's talk money.
Let's talk dollars and cents,because the biggest mistake
people make when buying a secondhome is underestimating the
cost.
It's not just about affordingthe mortgage.
There's a lot of hidden coststhat can sneak up on you.
So mortgage and financingsecond home mortgages often
(39:00):
require a larger down payment,typically 10 to 20%.
So speak with your mortgagebroker, credit union, about that
Interest rates for second homesare higher almost always than
your primary residence.
If it's classified as aninvestment property, you may
need at least 20 to 25% down.
(39:22):
Then there's property taxes andinsurance.
Some areas charge higherproperty taxes on second homes
than primary residences.
So check that out whereveryou're thinking of looking.
I'm always a believer that ifyou've gone and checked out
areas, you end up in an areathat you really love, regardless
(39:43):
of whether it costs you a bitmore to live in that area or not
.
However, of course, thatdepends on your budget.
I know for me, being in a placethat I really loved, I would
cut back on the buying a coffeeout every day.
You know it's all about whatare you putting value on, and
there's no judgment there.
(40:04):
It just depends on how much youlove a place.
If two places are equal and onehappens to be better in terms
of the property taxes orsomething else, then it's an
obvious decision.
Then you've got things like ifthe home is in a hurricane zone,
a wildfire zone.
Of course we're seeingeverything going on in
California Right now.
It's heartbreaking.
We had Helene strike inAsheville just a few months ago
(40:35):
and we're still seeing theoutcome of that, although we're
going great bounds to cleaningall of that up or a flood zone,
so insurance costs could be muchhigher than expected.
So make sure that you get aquote on that insurance cost.
If you're planning to rent itout, you might need landlord
insurance, and what you'll findis some of the bigger insurance
(40:55):
carriers even people like USAAhave pulled out of places like
Florida.
So make sure you call yourinsurance broker and get a quote
and talk to them about that andsee whether or not it's even
possible.
Then you've got the maintenanceand utilities.
So even when you're not there,you've got utility bills could
(41:17):
be HOA fees, could be propertymaintenance, and then think
about who's going to take careof the yard, the roof or check
on the home during the badweather.
Maybe you've got a propertymanagement company, so that
obviously adds additional costs.
That's usually going to be 10to 20%, depending on how much
they do for you.
Maybe you've got friends orfamily in the area so they can
(41:41):
help.
So here's my advice Beforebuying, make a detailed budget
and don't just factor in themortgage.
Think about every possible cost,because the last thing you want
to feel is stretched too thin.
So a second home versus aninvestment property.
What's the difference?
Now let's clear up a commonpoint of confusion.
(42:04):
What's the difference between asecond home and an investment
property?
Because, trust me, the IRS andmortgage lenders definitely care
.
So second home rules it must befor personal use at least part
of the year.
You can rent it out, buttypically for less than 180 days
(42:24):
per year.
So when we talked about thebudget before, make sure that
180 days, or look at how muchthat 180 days of renting out
covers and obviously you've gotmore costs coming out if you are
renting out as well but look atwhat that 180 days of income
brings in.
It could be that with twoproperties if you rent both of
(42:48):
them out I know how scary thatsounds, but it could have you
paring down in your home and allyour stuff and things.
You could be one of those 40 or50 year olds, or particularly
50 and 60 year olds, that's, inthe four or five bedroom home
where you raised your kids andyou're paying so much on
(43:08):
utilities because you're keepingthat home for the kids to come
home to.
It could be that you couldright size.
Just think about that Rightsizing.
We used to call it downsizing,I like to call it right sizing,
because there's nothing wrong ingetting a home the right size
for you.
It could be that you could beright-sizing in your current
home and if you're thinkingabout that, we can find you
(43:31):
agents all over the country828-333-4483.
828-333-4483.
We've got agents standing by24-7.
If you're listening to this onthe podcast after the live
broadcast, we've still gotpeople standing by to take your
call.
So we can help guide youthrough that, find you the right
(43:53):
agent for right-sizing yourcurrent home and using the
equity from that to buy a home.
That's your second home.
It's somewhere else and we canhelp you with all the budget and
looking at what that looks liketoo.
We're about to have an appmodule on that.
We have an app called ListingRoyalty.
We're about to have an appmodule on the difference between
(44:15):
a second home and whether itlooks like an investment or a
personal home, and what thatlooks like like an investment or
a personal home and what thatlooks like.
So, wherever you are in thecountry, and in Canada too, we
can find you a great agent forthat.
Rowena Patton here, real EstateNews Radio, brokered by EXP
Realty 828-333-4483.
(44:40):
Let's talk about it asinvestment property rules.
If you rent it out for morethan 180 days, it's an
investment property in the eyesof the IRS.
It doesn't matter if it isreally a personal property If
you rent it out for more than180 days half the year, in other
words it's an investmentproperty in the eyes of the IRS.
It requires a larger downpayment and higher mortgage
(45:04):
interest rates.
You'll owe rental income tax,but and here's the but you can
deduct expenses like maintenanceand property management.
Hmm, so you have to think aboutthat.
So if your plan is to rent itout full time, be honest with
your lender, because calling ita second home when it's actually
(45:24):
a rental could get you intotrouble.
Let's look at the tax benefitsand the pitfalls.
You can deduct mortgageinterest on a second home just
like your first home.
If you rent it out for lessthan 14 days a year, you don't
have to report that as rentalincome.
Than 14 days a year, you don'thave to report that as rental
(45:52):
income.
So here's the deal If you rentit out for more than 14 days,
you must report the income andpay taxes on it.
Selling a second home meanscapital gains tax unless you've
lived in it for two out of thelast five years.
Now I'm not a financial advisor, so always check all of this
out with your financial advisor,because things may have changed
by the time you're listening tothis.
So the bottom line second homescan have great tax benefits,
(46:16):
but only if you understand therules, all right.
So that's a wrap on looking atsecond homes.
I hope that helps and wouldlove to talk to you about your
long-term goals, financialsituation, tax implications,
getting you with the rightpeople to really understand
(46:37):
those financials on there.
This is Rowena Patton on theReal Estate News Radio Show.
You can give us a call anytimeat 828-333-4483.
We have people standing by 24-7.
And yes, we really do get callsat 1 am.
No, I won't be awake for it,but I will be returning your
(47:00):
call.
Well, thank you for listening.
Today We've covered a lot,whether it's the ins and outs of
timeshares, the dream or areality check of buying a second
home or simply preparing tosell your current home.
There's always something to knowand learning opportunities in
(47:21):
the real estate world.
But let's talk about your nextmove.
Wherever you are in the countryor Canada, give me a call at
828-333-4483 and I'll connectyou with a rockstar agent who
can help you really navigatethat process.
It does make a difference.
You need experience in thismarket, guys.
(47:44):
I know you're probably tired ofhearing me say this at this
point, but you really do needexperience.
This is I'm sorry.
If you're a daughter who got herreal estate license last week,
you probably want to havesomebody mentor you through that
sale.
If it's your parents sellingthe house right now, this is not
a market to practice in.
So you know, just get connectedwith the right agent.
(48:08):
If you've got somebody in yourfamily that's a real estate
agent, that's great and they'vegot lots of experience fantastic
.
If they haven't, then just makesure that they're partnering
with an agent that's got someyou know real experience out
there.
So there are options.
If you're thinking about selling, you've got options.
Maybe you're thinking I don'twant to deal with real estate
(48:30):
agents.
Who wants to deal with realestate agents, showings, lock
boxes or even a for sale sign inmy yard?
Well, you don't have to.
With our full market value cashoffer, you can skip the stress.
With our full market value cashoffer, you can skip the stress,
avoid the uncertainty of themarket and get the majority of
your equity in as fast as 14days.
(48:51):
That's right.
No waiting around, nocontingencies, just a
straightforward sale.
Now, if you want to wait it outfor 90 days maybe you're
concerned that you want to makesure that you can find your new
home or something like that youcan stay in place.
Here's the best part You're notjust walking away with that
(49:11):
first check.
We then sell your spruced uphome, we go in and we basically
flip it for you.
Our funding partner upfrontsthe money to do that for you.
Then you'll get a second profitshare check.
This all came from certifiedpre-owned homes that I started
running back in 2007.
(49:32):
When I got into real estate, Icouldn't understand why all
these properties were fallingout.
So it's very common for over30% of properties to fall out.
Yes, you heard me right 30%.
So by going CPO whether you doit yourself or do it through the
cash CPO you can do thisyourself too.
(49:53):
Get the inspection up front it'sso important, guys and if you
can afford it, get the appraisalas well.
Give me a call, I'll talk youthrough all of this.
I've got actually, a freechapter of my book right now is
going live on the app next week.
I can share that with you aswell.
You can read through it and doit yourself if you want to.
(50:13):
That's just fine.
I'm all about equipping youwith the right information so
you can make the best choice foryou.
It's a really good thing to beable to do that, so that's how
we maximize the value of yourproperty and buyers are more
likely to want to buy your homebecause it's been inspected,
(50:33):
because it's been appraised andit's all been cleaned up.
We're just working on one rightnow that's under contract that
we're very happy about.
So maybe you're thinking ofbuying that second home.
Let's talk strategy.
If today's show got youthinking about buying a second
home, let's set you up with aproperty drip.
(50:55):
That's when you get propertiesthat meet the kind of budget
that you're looking at in thearea where you're looking.
Give us a call 828-333-4483,wherever you're at in the
country and I will help you getset up.
With that.
I can connect you with anexpert in your area that knows
the ins and outs of second homefinancing, tax benefits, rental
(51:19):
regulations.
Not all second homes aretreated the same as we've gone
through today, whether it's atrue vacation home or an income
generating property.
You want to make sure you'remaking the right move for your
financial future.
It's really crucial to havethat right strategy, financing
and market knowledge in placebefore making that that.
(51:43):
Maybe you're stuck in atimeshare.
You saw this show advertisedand you came on looking at a
timeshare.
Let's find a way out.
If you are, if you're happy inyours, that's fantastic.
If you already own one and needan exit strategy, I can connect
you with the right people forthat and do some research.
(52:04):
All you need to do, guys, isGoogle stuck in a timeshare?
How do I exit my timeshare?
You'll find so much on there.
Just be careful of the scams.
There are some scams out there.
A lot of people will tell youabout that.
So you know, make sure you goback over this.
You can go torealestatenewsradiocom
(52:25):
realestatenewsradiocom and findthis on the podcast and make the
notes or get the transcript onthere.
You can find this show on there.
All you've got to do is lookfor Timeshare.
I think it's the first showwe've ever done in 12 years
talking about Timeshare, so itwill be really easy to find.
(52:45):
So the bottom line guys, giveus a call.
Real estate decisions are bigdecisions.
You don't have to go it alone.
Whether you're in the countryor in Canada, we've got agents
standing by ready to help.
I'll put you with the rightpeople, I promise.
My reputation is very importantto me.
I've been in real estate nowfor 18 years.
(53:07):
I've been doing this show for12 years of those oh my gosh,
back when I was 12, right.
So whether you're buying,selling, investing or just
exploring your options, give mea call 828-333-4483.
I'll connect you with the rightperson for your unique
situation.
Speaker 1 (53:35):
This has been the Plain English Real Estate Show
with Rowena Patton.
Visit Rowena and post yourquestions at radioashvillecom or
call her at 828-210-1648.
This is the Plain English Real Estate Show with
your host, rowena Patton, a showthat focuses on the real estate
market in terms you can easilyunderstand.
Call Rowena now.
The number is 240-9962 or1-800-570-9962.
Now here's the English girl inthe mountains, the agent that I
(00:20):
would trust, rowena Patton agentthat I would trust, rowena
Patton.
Speaker 2 (00:29):
It's Rowena Patton on the Real Estate News Radio Show
and today we're going to talkabout the real story behind
timeshares, what you need toknow before buying and how to
get out of it if you regret it.
You can't always get out ofthem, but here's some tips and
tricks, as so many of you seemto regret it, we'll go through
that number, which is prettyincredible.
The history of timeshares theconcept began back in Europe in
(00:53):
the 1960s and I think it reallystarted from a good place.
It was looking at how can wemake vacation homes more
affordable, so that made senseright At the end of the day.
You can look at this,especially if you sit through
those presentations and think,well, that kind of makes sense.
It's a way for me to own avacation property.
(01:15):
So it really took off in the1970s when the major resort
companies in the US entered theindustry.
And, of course, these days many, many of the timeshares are
owned by the big hotel groupsand we've all had those phone
calls that come through to usthat say we've won a prize or
(01:39):
something has gone on where wecan get a weekend for free and
all we have to do is sit througha 30-minute presentation.
I've actually sat through onemyself and it did end up being a
lot more than 30 minutes and Idid not end up buying one.
So today the US timeshareindustry is valued at over $10
(02:00):
billion and over 10 millionhouseholds that number was kind
of surprising to me own atimeshare 10 million.
So the average owner is around47 years old and nearly 70% are
married.
I think probably if you spoketo somebody that targeted people
(02:20):
who might buy a timeshare, I'mguessing they target married
people because it seems like areally nice idea.
You can go off as a couple andgo on two or three vacations a
year in your very own timeshare.
The statistics are prettyshocking 87% let that sink in.
(02:42):
87% let that sink in.
87% of timeshare owners regrettheir purchase and that was a
recent University of CentralFlorida study that found that
out and 66% of timeshare ownersbelieve their timeshare has
little to no resale value.
And what I did here was I wenton eBay.
(03:04):
I kept seeing these posts abouttimeshares being sold and
timeshare points.
They tend to use points thesedays being sold on eBay.
So sure enough, I went on eBayand there's lots of them for a
dollar.
More than 50% of timeshareowners feel trapped in their
contracts.
(03:24):
They they give reasons for thatand they say it's due to the
hidden fees and escalatingmaintenance costs.
So many people pay that bigchunk down using some kind of
loan or home equity line ofcredit and then they pay
maintenance costs every year andthese seem to be like taxes.
(03:46):
They tend to go up.
75% of timeshare owners, ascurrent timeshare owners, say
they would not buy anothertimeshare.
I'm guessing those are withinthe 87% who regret their
purchase in the first place.
Who regret their purchase inthe first place.
That's so sad to think of thatmany people regretting their
(04:07):
purchase.
And no wonder all thesecompanies have grown up helping
you get out of your timeshare.
Over 1 million timeshare ownersattempt to exit their contracts
every single year and only asmall fraction successfully do
(04:29):
so.
I think you go back and forward, back and forward, back and
forward.
So I did some research onYouTube, on Instagram, on
Facebook, on complaint sites,and I found a whole bunch of
comments.
Probably 5% of them were sayingI don't know what you're
talking about.
I love my timeshare and weagree it every year.
(04:50):
And here's a few others that Ifound.
Now I've protected their voicesand names, of course, but all
these are absolutely word forword, real comments.
Speaker 3 (05:04):
I inherited a timeshare from my mother.
I really don't want it and needto get out of it.
Can you help me with it?
I've been trying these exitcompanies and they say that, as
we won't be able to prove badpractices when it was sold to my
mom, they can't help.
Speaker 2 (05:22):
So most of the companies that help you online,
they have downloadable packs.
You can find them quite easilyand I will have a bunch of links
for these for you onrealestatenewsradiocom.
I always put links on there soyou can find them the main thing
they tend to go after, fromwhat I've seen and again, I'm
(05:45):
not a person who's licensed orregistered to help you get out
of timeshares or anything likethat and at the same time, I
want to at least share with yousome facts and figures on the
industry it seems to be the mostdifficult when you inherit them
.
It seems to be the mostdifficult when you inherit them.
(06:09):
So, gosh, I would definitely belooking at how to get your
timeshares in place.
If you have a timeshare now andyou have it in your portfolio.
In other words, you wereprobably even sold on the fact I
know I was when I sat throughone of those presentations that
if you have kids, it's a greatthing for your kids to inherit.
They may not want your timeshare.
(06:30):
It's kind of like grandma'sfurniture.
They don't necessarily wantthat either.
However, this is something thatthen, if they inherit it, they
must pay the maintenance fees onit.
That may be a liability thatyou're leaving for them, and
apparently these companies canadvise you on that.
And then, of course, like everyother post you've seen on
(06:53):
social media, you'll always seethe people who say things like
this the best way to get rid ofone is not to buy one.
Yeah, there's always those.
And then there are just theheart breaking stories that you
hear, and this one brought alump to my throat when I read
(07:13):
this.
Speaker 4 (07:15):
I have a timeshare with a New York club can no
longer pay the fees since myhusband passed.
They have threatened to put alien against my house and
eventually they will forecloseon it.
I told them I would give themthe timeshare back no charge.
They laughed and said whatwould they do with it?
The stress is horrible.
If I died from a heart attackfrom this.
I told my daughter to sue themfor harassment.
(07:35):
This should be illegal.
Speaker 2 (07:37):
Unfortunately, I wish I could say I hadn't read many
of those.
There was even a guy who washaving an operation I think he
was having an operation for abrain tumor.
He had cancer and he felt hewasn't even of sound mind to
make the decision when he wassold the timeshare in the first
place.
And there were so many storieslike that.
(08:01):
And of course, you always getthe people who like to make the
statement.
Who can blame them?
Speaker 5 (08:08):
Timeshares are a source of regret for those who
purchase them based onmisleading promotions and false
assumptions.
They also reflect poorly onstate attorneys, who fail to
take action against thesedeceptive programs.
Speaker 2 (08:21):
Now I want you all to know that I'm not saying
timeshares are bad.
There are people out there thatreally enjoy their timeshares,
even on the figures we have.
So you know, when we look atthe figures, that say what was
it?
87%?
87% of timeshare owners regrettheir purchase.
That means that 13% don't.
You know.
(08:42):
There are people out there thatabsolutely love their timeshare
.
We'd definitely love to hearfrom you today if you love your
timeshare 800-570-9962.
That's 800-570-9962.
This is Rowena Patton on theReal Estate News Radio Show,
(09:06):
realestatenewsradiocom.
For links to listen.
You can listen anywhere in thecountry.
I've been hosting this for 12years now.
I still can't believe that800-570-9962.
Would love to hear yourtimeshare stories, whether you
love one or regret having one,and your experiences.
Would definitely love to hearfrom you if you've used any of
(09:29):
these companies that help youget out of a timeshare.
One thing I'd highly recommendis google how do I get out of my
timeshare or how do I makebetter use of my timeshare?
Show me people who lovetimeshares.
Go on Facebook and searchtimeshare groups.
(09:51):
There's so much information inthere.
There's so much information onReddit.
Go and do your own research oneBay and see who's selling
timeshares, especially if youwant to buy one.
Apparently that's beensuggested too in everything I'm
seeing.
But make sure you really dosome really good background
(10:12):
research first.
So here's some common reasonsfor regret, and I'm not sure any
of these are really going tosurprise you.
Unexpected costs, includingmaintenance fees that increase
annually.
You know it's one thing.
Where you know how much you'repaying, you can say, okay, we'll
(10:34):
have this paid off over fiveyears and it will save us all of
those really expensivevacations.
However, you're then buildingin the maintenance fee that you
don't realize might increase onan annual basis, which seems to
be a very common occurrence.
Difficulty in booking vacationsdue to a limited availability.
(10:55):
Lack of resale value Timesharesoften depreciate significantly.
Again, go look on eBay and findthese, where you can buy them
for a dollar.
There's a number of them, andif you're thinking about a
timeshare, that might not be abad place to start Contracts
(11:16):
that make cancellation or resaleextremely difficult.
Here's a couple of examples Ifound A couple who purchased a
timeshare for $20,000, but theylater found out maintenance fees
kept rising annually, making itunaffordable.
They were unable to sell it dueto lack of demand.
(11:37):
A retiree who was pressuredinto a timeshare presentation
and signed under duress, only torealize later that their
financial situation could notsustain the ongoing fees.
Of course, you could say thatabout anything where you go to a
presentation and you're soldsomething and later maybe you
(12:00):
can't really do it and you'renot within that 30-day limit or
whatever it is in your statewhere you can take back the sale
.
You've heard the pitch before.
Come to our presentation andwe'll give you a free vacation
or an amazing gift.
It sounds too good to be true,right?
(12:21):
Well, that's because it oftenis Welcome to the sales pitch
versus reality.
Today we're pulling back thecurtain on those high-pressure
sales tactics that promise theworld but don't always deliver.
You walk into a sleek conferenceroom lured by the promise of a
(12:42):
free cruise or a luxury weekendgetaway.
Many of us have been there.
The host is friendly, thecoffee is free and before you
know it, you're locked into ahigh pressure pitch.
The last hours you hear wordslike once in a lifetime
opportunity and act now, beforeit's gone.
(13:03):
You're exhausted, overwhelmedand suddenly signing on the
dotted line seems like the onlyway out.
Let's have a reality check whathappens next.
That free vacation might comewith endless blackout dates,
hidden fees or conditions thatmake it nearly impossible to use
(13:24):
and that incredible deal youjust signed up for.
It may not be the dreaminvestment it seemed in the
moment.
Sales pressure is real and it'sdesigned to make you act on
emotion rather than logic.
The best way to protectyourself do your research, take
your time and never signanything on the spot.
(13:48):
Next time you hear a pitch thatsounds too good to be true
about anything really, not justtimeshare Remember, if you have
to be pressured into buying,it's probably not the deal you
think it is.
Stay informed, stay smart andalways read the fine print.
(14:09):
Hey, it's Rowena Patton here onthe Real Estate News Radio, if
you just tuned in, and todaywe're talking about timeshares.
Let's look at the hidden costsand restrictions.
Here you have a dream vacationyear after year.
That's the promise, right, butwhat they don't tell you up
front are the hidden costs somedo, maybe and the restrictions
(14:30):
that can turn that dream intowhat, for some, can be a
financial nightmare.
So let's talk about the fineprint, the rising maintenance
fees, the special assessmentsand availability the thing that
sometimes get glossed over inthe sales pitch.
So meet the Johnson family.
(14:51):
They were thrilled to purchasea vacation package that promised
anytime access to luxuryresorts.
But when they tried to booktheir trip, the only available
dates were during hurricaneseason, months away from the
peak weeks they were originallypromised or that they thought
they were getting.
And then came the bills.
Their annual maintenance feestarted at $1,500, but climbed
(15:16):
5% every year.
Within just a few years, theywere paying over $2,000 annually
, whether they used it or not.
Then, out of nowhere, a specialassessment landed in their
mailbox demanding another $1,200to cover unexpected property
upgrades.
And let's not forget, gettingout of a timeshare isn't easy.
(15:38):
Many owners find that resalevalues drop fast and some even
end up paying just to exit theircontract.
So what should you ask beforesigning?
How much are the maintenancefees now and how often do they
increase?
And look to see actual factsand figures on this.
(15:59):
Are there special assessmentsand how much have past owners
paid?
Is peak season availabilityreally guaranteed or is this
just a sales pitch, a vacationdeal that locks you into rising
costs and limited availability?
That's not freedom, it's afinancial trap.
(16:20):
Read the fine print, ask thetough questions and don't let
the dream vacation turn into anightmare.
Speaker 5 (16:29):
I thought I was doing something great for my family
when I bought this timesharememories vacations, something to
pass down to my kids, but now Irealize I've left them with a
financial burden instead.
The maintenance fees keeprising and there's no easy way
(16:50):
out.
I don't want my kids to bestuck paying for something they
never asked for.
I'm looking into putting it ina trust or finding another way
to protect them from inheritingthis mess.
If anyone has advice on how toget out of this without leaving
my kids on the hook, I'd reallyappreciate it.
Speaker 2 (17:10):
Hey there, this is Rowena Patton on the Real Estate
News Radio Show.
If you've got any thoughts orquestions today, please give us
a call.
Give us a call 800-570-9962.
That's 800-570-9962.
Do you have friends or familythat have timeshare or could
(17:34):
really help us out with somecomments or thoughts or
questions on the show today?
Share the show with them atrealestatenewsradiocom.
That's realestatenewsradiocom.
You'll find a link to listenanywhere.
Speaker 4 (17:50):
Owning a timeshare has been one of the best
decisions for our family.
We have a guaranteed vacationspot every year, without the
hassle of booking last minuteaccommodations.
The flexibility to exchangelocations has allowed us to
explore beautiful destinationswhile making lifelong memories.
Speaker 2 (18:08):
So clearly, not everybody is unhappy with their
timeshare decision.
I think it's just all abouthaving the information to make
the right decisions, just likeanything in real estate or any
other decision you're making.
For that matter, it's RowenaPatton here on the Real Estate
News Radio show.
If you've got friends andfamily that might need to be
(18:31):
listening to this one.
It's all about timeshares today.
If you just tuned inrealestatenewsradiocom
realestatenewsradiocom that'sthe best place to listen live.
Also, that's where you'll getthe links to other information
about the show, the other 12years of shows that we've done
and, of course, for an easy wayto contact us.
(18:52):
So who could a timeshare begreat for?
A timeshare can be a greatoption for specific types of
travelers and lifestyle needs.
Here's some examples of peoplewho might benefit from a
timeshare Families who vacationannually.
A family that takes a yearlybeach trip to Hilton Head or
Disney World might find atimeshare beneficial.
(19:15):
They get predictable, spaciousstays without the hassle of
searching for accommodationsevery year.
It just takes that out of itand, especially if you're
traveling with your family sonice not to have to have that
hassle.
Many timeshares offermulti-bedroom units, which works
well for families, retirees wholove a home base.
(19:37):
A retired couple who enjoysspending part of the year in
Arizona or Florida but doesn'twant the full responsibility of
owning a second home that couldwork really well.
They get resort style amenitieswithout the costs of full home
ownership.
Business travelers who frequentthe same location, someone who
(19:57):
regularly attends conferences inLas Vegas or Orlando or a ski
resort town that could be usefulinstead of paying those premium
hotel rates every time.
Adventure seekers who enjoyexchange programs Many timeshare
programs allow owners toexchange their week for stays at
different locations.
(20:18):
Groups of friends who vacationtogether, a group of lifelong
friends who take an annual skitrip or island getaway can split
ownership costs and always havea guaranteed high quality place
to stay.
That one was a new one for me.
I really hadn't thought of that.
People who want luxury vacationswithout paying full price Many
(20:42):
high-end resorts offertimeshares in prime destinations
like Hawaii, aspen or theCaribbean.
It provides access to premiumresorts and amenities at a
fraction of the cost of fullownership.
It's known as the Caribbean inEngland, by the way.
Who wouldn't benefit?
Those who prefer spontaneoustravel or exploring new places
(21:03):
each year without constraints.
Who prefer spontaneous travelor exploring new places each
year without constraints?
And don't forget, we'd love tohear about your timeshare
stories.
Give us a call, 800-570-9962.
That's 800-570-9962.
Whether you love your timeshare, have exited a timeshare or
wondering how to get out of one,we'd love to hear from you.
(21:26):
This is Rowena Patton on theReal Estate News Radio Show.
If you have family or friendswho could benefit from this
today, send them torealestatenewsradiocom for a
live link to listen anywhere.
Speaker 4 (21:41):
Hey there, welcome back.
Today we're diving into a topicthat a lot of people ask about
timeshares.
You've seen the ads, maybeyou've even sat through a
presentation for a free vacation.
But before you sign on thedotted line, do you really
understand what you're agreeingto?
Let's go over the rescissionperiod, your get-out clause.
(22:02):
This is something some peopledon't know.
If you sign a timesharecontract and immediately regret
it, you might have an out, butit's time sensitive.
The rescission period is alegally required cooling off
time that lets you cancel thecontract with no penalty.
It varies by state.
In Florida, you have 10 days toback out, but in other states
(22:26):
it could be as little as threeto seven days.
And here's the key Timesharecompanies won't remind you of
this.
If you change your mind, youneed to submit a written
cancellation request before thedeadline.
So if you're ever at one ofthose high-pressure
presentations and get caught upin the moment, just remember you
(22:47):
do have time to rethink it, butdon't wait too long.
Now let's talk about whatyou're actually signing up for.
Not all timeshares are createdequal.
Deed-to-timeshares mean you owna share of the property, like a
piece of real estate.
You can sell it, will it toyour heirs or rent it out, but
you're also responsible forannual fees whether you use it
(23:08):
or not.
Sounds like a good investment,maybe not?
These are often very hard tosell later on.
Then there are right-to-usecontracts.
Instead of ownership, you'releasing the right to use the
property for a set number ofyears.
Once the contract expires, youno longer have an obligation,
(23:30):
which can make these easier toexit than deeded timeshares.
However, some contracts renewautomatically, so read the fine
print.
So before signing anything, askyourself do I want to own part
of a property forever or justrent vacation time for a limited
period?
So why are deeded timesharestricky to sell?
(23:50):
Here's where things can getmore difficult.
Timeshares tricky to sell here'swhere things can get more
difficult.
Many people think they can justsell their timeshare like a
house.
Not so fast.
Deeded timeshares are permanent, they don't expire and that
means you're on the hook formaintenance fees for life.
Many owners try to resell, butthe market is flooded with
(24:10):
people trying to get out.
But the market is flooded withpeople trying to get out.
Some even list their timesharesfor $1 and still can't find
buyers.
If you stop paying, resorts cansend you to collections or
foreclose.
Yes, even on a timeshare.
Some resorts offer exitprograms, but often these come
(24:31):
with additional fees orconditions.
Make sure you read theparagraph about the exit plan
when you are signing up.
So what's the bottom line?
A timeshare can be great if youunderstand the contract, but if
you're thinking about one, bevery sure you're willing to
commit for the long haul.
Speaker 2 (24:53):
So what are some resources if you have a
timeshare?
One of the big marketplaces iscalled Redweek redweekcom, and
they deal with renting out yourweek, booking your next trip,
maybe exchanging or rentingdirectly from an owner and also
(25:13):
selling your ownership.
So if you click on sell mytimeshare within the Red Week
site, what you'll find is youhave all kinds of opportunities
on there and the main two are doit yourself basic.
So that's about advertising onthere and doing it yourself,
basically.
And they say we advertise andbring buyers to you.
(25:34):
You'll personally finalizecontracts and details, and
that's about $60 with nocommissions.
And then they offer, as at thisbroadcast, a full service for
$125.
And then it's plus $8.99 or 3%of the price only when sold.
And they say we create andverify your posting for you
(25:59):
while helping with prices andmanaging negotiations, and of
course there are many companiesthat you can use for this as
well and there's all kinds ofdetails at the bottom of there.
What's the process for sellingmy timeshare?
How should I price my timeshare?
(26:28):
They do have a what's mytimeshare worth valuation tool.
Obviously, I would sell yourtimeshare and that's where it
goes to the full service resaleoption.
And actually they're saying thefull service resale option
wouldn't be available until thefees were caught up, although
you're welcome to try and sellit on your own, that's if you
are behind on your maintenancefees.
(26:50):
Um, so there's all kinds oftravel tips and guides on there
and, of course, you can sell ityourself on eBay, facebook
Marketplace.
There's all kinds of placeswhere you can do that.
I would encourage you to go toredweekcom and have a look at
the owner resources.
They've got travel guides andtips.
It will also tell you where tofind a timeshare to rent, how to
(27:14):
rent your timeshare.
You can look at all inclusive.
You can look at beaches, youcan look at golf, kid friendly,
pet friendly, theme parks, allkinds of things on there.
You can also buy timesharepoints.
Many of them operate on a pointsystem now.
So if you need to sell yourpoints or buy some points, they
have tips and tricks for that aswell.
(27:38):
So well worth a look at thatone.
Welcome back.
It's Rowena Patton.
Good morning.
Good morning.
It's another Saturday morningfull of promise and you're tuned
into the Real Estate News RadioShow with me, rowena Patton.
Whether you're listening liveon the radio or catching this
later on the podcast, I amthrilled you were here Today.
(28:00):
We're talking about two thingsboth the timeshare industry and
buying a second home.
Maybe you've dreamed of thatmountain cabin.
People think there are a lot ofcabins in the Asheville area.
There aren't too many.
There are some log homes and afew cabins.
But really think about how farout you are.
(28:21):
Maybe it's a beach house, maybeit's a quiet lake retreat.
We're about to list one ofthose.
Actually, in the next week orso, maybe you're thinking about
investing in a property that canbring you some rental income.
Now here's the thing you knew Iwas going to say this Is buying
a second home really a good idea?
What kind of real estate agentam I asking you if it's a good
(28:44):
idea to buy a home?
An honest truth for one.
What do you need to considerbefore making that move?
How do you finance it?
What are the hidden costs youmay not have thought about?
We're covering all of that andmore today.
So, whether you're sitting onyour porch with a cup of coffee,
out running errands or drivingto check out open houses this
(29:04):
weekend, stick around.
This is going to be a packedepisode full of practical
information to help you make asmart decision.
So why do people buy a secondhome?
All right, let's start with thebig question why do people buy
a second home?
What's the motivation?
It usually falls into one ofthree categories personal use,
(29:29):
investment or a futureretirement plan.
It's kind of an interesting one.
Let's break these down.
So a vacation home and some ofthese obviously are based around
your age.
Are you setting out with a newfamily?
Are you getting older in yearsand just want that vacation spot
(29:49):
to get away to?
So you've got that favoritegetaway spot the mountains, the
beach, a lake house and insteadof paying for vacation rentals
every year, you think why notjust buy a place?
You want to create a place forfamily gatherings, a home where
memories are made and passeddown through the generations,
(30:11):
and it could be all aboutconvenience and it often is
knowing that that home is therewaiting for you, with all your
favorite things already there.
You can also do this.
If the home that you purchaseis able to go on the Airbnb or
VRBO scheme or the midtermrental, you could rent that
(30:32):
place out.
Maybe you go there, for example, during the wintertime and you
can rent your current house outor your second home flipways
from when you spend time thereIf you're at the point in life
where maybe you're a mobileworker, maybe you're a remote
worker and can travel while youwork, and maybe don't have a
(30:54):
young family or something likethat, or maybe you're getting up
in there in years.
So it's all about your personalsituation, obviously.
And if you have plenty ofmoolah and you just want your
place sitting there and yourtoothpaste ready when you go and
not have to take, you know, ifit's a warm place, the bikini or
(31:14):
if it's a chilly place, thesweaters, those things can take
up so much space and you justwant to grab a bag and go, that
can be a really great thing.
Of course, you know there areso many less expensive flights
around now.
I'll give you one example ofone In the mountains in
(31:34):
Asheville we have a lot ofpeople travel from South Florida
particularly.
We have a lot of people travelfrom all over the place, but
particularly South Florida.
Since quite a few years ago now, allegiant, which means big
giant in Germany, alley giant isnow running incredible fares
(31:56):
direct between they call itMiami, but it's actually the
Fort Lauderdale Airport.
So direct flights between FortLauderdale Airport and Asheville
, which is a regional airport,for very inexpensively check
them out, allegiantaircom.
So that's brought a lot ofpeople from South Florida.
(32:17):
Now, obviously South Florida iswarmer in the winter than
Asheville is and it works theother way around, because South
Florida shocker gets very hot inthe summer.
So a lot of people like toescape that South Florida heat
and escape to the mountainswhere we're temperate and have
(32:39):
quite a nice summer.
A lot of people say, oh no, itgets really hot here, but it
doesn't get hot like theflatlands of the South because
we've got those mountain breezesAlso.
We even have a term for those ofus who first started off in the
north, often New York,pennsylvania, boston.
(32:59):
A lot of people from Boston whogo to South Florida to escape
the just chilly, chilly, chillyin the late fall, winter and
January, february, until thegreen starts coming on the trees
, go down to South Florida andsometimes they move in entirety.
They just move down there andsay no, can't deal with the cold
(33:21):
anymore, and an awful lot ofpeople miss the seasons and
guess where.
They end up, back in Asheville,north Carolina, because it's
not so hot in the summer andit's a nice escape and you get
those four seasons.
It's such a popular thing to doin the mountains that we're
called halfbacks.
I'm actually a halfback myself,and that means you start off in
(33:43):
the north, you moved to SouthFlorida and then you made it
halfway back, but of course,with vacation homes, you can
have both if you can afford todo that.
So let's talk about it as aninvestment property.
Maybe you see a second home asan income opportunity.
It could be Airbnb, vrbo orlong-term rental, and now what's
(34:06):
really gaining in popularity isthe midterm rental.
So it could be that a lot ofpeople are moving, because
they're moving from California,for example, which we see a lot
in the mountains, and they'renot sure quite where they want
to live, so they just want torent a place for three to six
(34:27):
months.
That could be a goodopportunity for you to rent out
your vacation property whilestill having the ability to use
it yourself, and obviously thatwould be in the four to six
month term.
Sometimes you'll see threemonth ones too.
You can imagine if you'relooking around for a house,
three months is probably whatyou want.
(34:49):
If you're building a home, it'sgoing to be six months to 12
months, which is more of a longterm rental.
So real estate is a solid assetand some people buy second
homes as a way to build wealth.
That really is when are you inlife?
You know seven to 11 year cycle.
You've heard me say it manytimes 7 to 11 year cycle.
(35:14):
We are in a flattening topcycle right now, which means
that statistically now there'sno guarantees of this.
There's no guarantees aboutanything in life apart from
taxes and death, as we know, andwe're in a 7 to 11 year cycle.
We're at the top, we're bumpingalong the top.
In many markets around thecountry we're already seeing
(35:34):
some price decreases.
So for the next three and ahalf to five and a half years,
we expect it to decline, flattendecline, and then for three and
a half to five and a half years, statistically it goes back up.
The good news is that realestate over the long term,
you'll see these seven to 11year top peaks that are worth
(35:56):
more than now, in other words,statistically, based on history,
since 1860, when Clément Jugleroutlined the economic cycle.
So here we are in 2025, 7 to 11years from now.
Let's just do 10 years from now, 30, 35, the property you
purchase is going to be worthsignificantly more, based on
(36:18):
history.
I can't guarantee that for you.
I wish I could, but based onhistory, it's going to be worth
significantly more.
Think about the home you're innow and think about what it was
worth 10 years ago.
So 2015,.
We're sort of bumping along thebottom of the last one.
At that point we had aparticularly long cycle.
Last time around, of course, ittipped in 2007, 2008 in most
(36:42):
markets in the country, and herewe are back at the top.
It's been an exceptionally longcycle, so nobody can time the
market.
Otherwise we be all bemulti-millionaires.
But think about that whenyou're looking at it as an
investment property.
So what that means is, theyounger you are, the longer you
(37:04):
can afford to hold it.
It makes more sense if you'rejust looking at it as an
investment property.
How about a future retirementhome?
If you're in retirement already, it still could be a future
retirement home.
So many people buy that secondhome before retirement, using it
part-time now and planning tolive there full-time later, or
(37:28):
at least half the time.
There are more and more peoplethat have a lifestyle.
You know they're calledsnowbirds if they're coming from
the north and going to thesouth.
At least it's been a popularthing since the 60s and 70s
really when the budget airfarecame in or you could take those
long road trips depending whereyou were coming from, and go
(37:50):
away for a period of time, oftento escape the winters.
If you're in South Florida,it's often to escape the summers
.
Really all the way up to themiddle of Florida Gets really
hot in the summer.
If you've spent any time inFlorida I don't need to tell you
that, so you know people loveto go to the north or go to the
(38:11):
mountains.
We are south in Asheville, ofcourse, but we get those
mountain breezes, just keepingit a little bit more pleasant.
So before you even start looking, ask yourself why do I want
this second home?
Because your answer will guideabsolutely everything, from how
you finance it to your wah, wah,wah tax strategy.
(38:35):
Let's do the fun stuff and talkabout affording a second home.
Let's talk money.
Let's talk dollars and cents,because the biggest mistake
people make when buying a secondhome is underestimating the
cost.
It's not just about affordingthe mortgage.
There's a lot of hidden coststhat can sneak up on you.
So mortgage and financingsecond home mortgages often
(39:00):
require a larger down payment,typically 10 to 20%.
So speak with your mortgagebroker, credit union, about that
Interest rates for second homesare higher almost always than
your primary residence.
If it's classified as aninvestment property, you may
need at least 20 to 25% down.
(39:22):
Then there's property taxes andinsurance.
Some areas charge higherproperty taxes on second homes
than primary residences.
So check that out whereveryou're thinking of looking.
I'm always a believer that ifyou've gone and checked out
areas, you end up in an areathat you really love, regardless
(39:43):
of whether it costs you a bitmore to live in that area or not
.
However, of course, thatdepends on your budget.
I know for me, being in a placethat I really loved, I would
cut back on the buying a coffeeout every day.
You know it's all about whatare you putting value on, and
there's no judgment there.
(40:04):
It just depends on how much youlove a place.
If two places are equal and onehappens to be better in terms
of the property taxes orsomething else, then it's an
obvious decision.
Then you've got things like ifthe home is in a hurricane zone,
a wildfire zone.
Of course we're seeingeverything going on in
California Right now.
It's heartbreaking.
We had Helene strike inAsheville just a few months ago
(40:35):
and we're still seeing theoutcome of that, although we're
going great bounds to cleaningall of that up or a flood zone,
so insurance costs could be muchhigher than expected.
So make sure that you get aquote on that insurance cost.
If you're planning to rent itout, you might need landlord
insurance, and what you'll findis some of the bigger insurance
(40:55):
carriers even people like USAAhave pulled out of places like
Florida.
So make sure you call yourinsurance broker and get a quote
and talk to them about that andsee whether or not it's even
possible.
Then you've got the maintenanceand utilities.
So even when you're not there,you've got utility bills could
(41:17):
be HOA fees, could be propertymaintenance, and then think
about who's going to take careof the yard, the roof or check
on the home during the badweather.
Maybe you've got a propertymanagement company, so that
obviously adds additional costs.
That's usually going to be 10to 20%, depending on how much
they do for you.
Maybe you've got friends orfamily in the area so they can
(41:41):
help.
So here's my advice Beforebuying, make a detailed budget
and don't just factor in themortgage.
Think about every possible cost,because the last thing you want
to feel is stretched too thin.
So a second home versus aninvestment property.
What's the difference?
Now let's clear up a commonpoint of confusion.
(42:04):
What's the difference between asecond home and an investment
property?
Because, trust me, the IRS andmortgage lenders definitely care
.
So second home rules it must befor personal use at least part
of the year.
You can rent it out, buttypically for less than 180 days
(42:24):
per year.
So when we talked about thebudget before, make sure that
180 days, or look at how muchthat 180 days of renting out
covers and obviously you've gotmore costs coming out if you are
renting out as well but look atwhat that 180 days of income
brings in.
It could be that with twoproperties if you rent both of
(42:48):
them out I know how scary thatsounds, but it could have you
paring down in your home and allyour stuff and things.
You could be one of those 40 or50 year olds, or particularly
50 and 60 year olds, that's, inthe four or five bedroom home
where you raised your kids andyou're paying so much on
(43:08):
utilities because you're keepingthat home for the kids to come
home to.
It could be that you couldright size.
Just think about that Rightsizing.
We used to call it downsizing,I like to call it right sizing,
because there's nothing wrong ingetting a home the right size
for you.
It could be that you could beright-sizing in your current
home and if you're thinkingabout that, we can find you
(43:31):
agents all over the country828-333-4483.
828-333-4483.
We've got agents standing by24-7.
If you're listening to this onthe podcast after the live
broadcast, we've still gotpeople standing by to take your
call.
So we can help guide youthrough that, find you the right
(43:53):
agent for right-sizing yourcurrent home and using the
equity from that to buy a home.
That's your second home.
It's somewhere else and we canhelp you with all the budget and
looking at what that looks liketoo.
We're about to have an appmodule on that.
We have an app called ListingRoyalty.
We're about to have an appmodule on the difference between
(44:15):
a second home and whether itlooks like an investment or a
personal home, and what thatlooks like like an investment or
a personal home and what thatlooks like.
So, wherever you are in thecountry, and in Canada too, we
can find you a great agent forthat.
Rowena Patton here, real EstateNews Radio, brokered by EXP
Realty 828-333-4483.
(44:40):
Let's talk about it asinvestment property rules.
If you rent it out for morethan 180 days, it's an
investment property in the eyesof the IRS.
It doesn't matter if it isreally a personal property If
you rent it out for more than180 days half the year, in other
words it's an investmentproperty in the eyes of the IRS.
It requires a larger downpayment and higher mortgage
(45:04):
interest rates.
You'll owe rental income tax,but and here's the but you can
deduct expenses like maintenanceand property management.
Hmm, so you have to think aboutthat.
So if your plan is to rent itout full time, be honest with
your lender, because calling ita second home when it's actually
(45:24):
a rental could get you intotrouble.
Let's look at the tax benefitsand the pitfalls.
You can deduct mortgageinterest on a second home just
like your first home.
If you rent it out for lessthan 14 days a year, you don't
have to report that as rentalincome.
Than 14 days a year, you don'thave to report that as rental
(45:52):
income.
So here's the deal If you rentit out for more than 14 days,
you must report the income andpay taxes on it.
Selling a second home meanscapital gains tax unless you've
lived in it for two out of thelast five years.
Now I'm not a financial advisor, so always check all of this
out with your financial advisor,because things may have changed
by the time you're listening tothis.
So the bottom line second homescan have great tax benefits,
(46:16):
but only if you understand therules, all right.
So that's a wrap on looking atsecond homes.
I hope that helps and wouldlove to talk to you about your
long-term goals, financialsituation, tax implications,
getting you with the rightpeople to really understand
(46:37):
those financials on there.
This is Rowena Patton on theReal Estate News Radio Show.
You can give us a call anytimeat 828-333-4483.
We have people standing by 24-7.
And yes, we really do get callsat 1 am.
No, I won't be awake for it,but I will be returning your
(47:00):
call.
Well, thank you for listening.
Today We've covered a lot,whether it's the ins and outs of
timeshares, the dream or areality check of buying a second
home or simply preparing tosell your current home.
There's always something to knowand learning opportunities in
(47:21):
the real estate world.
But let's talk about your nextmove.
Wherever you are in the countryor Canada, give me a call at
828-333-4483 and I'll connectyou with a rockstar agent who
can help you really navigatethat process.
It does make a difference.
You need experience in thismarket, guys.
(47:44):
I know you're probably tired ofhearing me say this at this
point, but you really do needexperience.
This is I'm sorry.
If you're a daughter who got herreal estate license last week,
you probably want to havesomebody mentor you through that
sale.
If it's your parents sellingthe house right now, this is not
a market to practice in.
So you know, just get connectedwith the right agent.
(48:08):
If you've got somebody in yourfamily that's a real estate
agent, that's great and they'vegot lots of experience fantastic
.
If they haven't, then just makesure that they're partnering
with an agent that's got someyou know real experience out
there.
So there are options.
If you're thinking about selling, you've got options.
Maybe you're thinking I don'twant to deal with real estate
(48:30):
agents.
Who wants to deal with realestate agents, showings, lock
boxes or even a for sale sign inmy yard?
Well, you don't have to.
With our full market value cashoffer, you can skip the stress.
With our full market value cashoffer, you can skip the stress,
avoid the uncertainty of themarket and get the majority of
your equity in as fast as 14days.
(48:51):
That's right.
No waiting around, nocontingencies, just a
straightforward sale.
Now, if you want to wait it outfor 90 days maybe you're
concerned that you want to makesure that you can find your new
home or something like that youcan stay in place.
Here's the best part You're notjust walking away with that
(49:11):
first check.
We then sell your spruced uphome, we go in and we basically
flip it for you.
Our funding partner upfrontsthe money to do that for you.
Then you'll get a second profitshare check.
This all came from certifiedpre-owned homes that I started
running back in 2007.
(49:32):
When I got into real estate, Icouldn't understand why all
these properties were fallingout.
So it's very common for over30% of properties to fall out.
Yes, you heard me right 30%.
So by going CPO whether you doit yourself or do it through the
cash CPO you can do thisyourself too.
(49:53):
Get the inspection up front it'sso important, guys and if you
can afford it, get the appraisalas well.
Give me a call, I'll talk youthrough all of this.
I've got actually, a freechapter of my book right now is
going live on the app next week.
I can share that with you aswell.
You can read through it and doit yourself if you want to.
(50:13):
That's just fine.
I'm all about equipping youwith the right information so
you can make the best choice foryou.
It's a really good thing to beable to do that, so that's how
we maximize the value of yourproperty and buyers are more
likely to want to buy your homebecause it's been inspected,
(50:33):
because it's been appraised andit's all been cleaned up.
We're just working on one rightnow that's under contract that
we're very happy about.
So maybe you're thinking ofbuying that second home.
Let's talk strategy.
If today's show got youthinking about buying a second
home, let's set you up with aproperty drip.
(50:55):
That's when you get propertiesthat meet the kind of budget
that you're looking at in thearea where you're looking.
Give us a call 828-333-4483,wherever you're at in the
country and I will help you getset up.
With that.
I can connect you with anexpert in your area that knows
the ins and outs of second homefinancing, tax benefits, rental
(51:19):
regulations.
Not all second homes aretreated the same as we've gone
through today, whether it's atrue vacation home or an income
generating property.
You want to make sure you'remaking the right move for your
financial future.
It's really crucial to havethat right strategy, financing
and market knowledge in placebefore making that that.
(51:43):
Maybe you're stuck in atimeshare.
You saw this show advertisedand you came on looking at a
timeshare.
Let's find a way out.
If you are, if you're happy inyours, that's fantastic.
If you already own one and needan exit strategy, I can connect
you with the right people forthat and do some research.
(52:04):
All you need to do, guys, isGoogle stuck in a timeshare?
How do I exit my timeshare?
You'll find so much on there.
Just be careful of the scams.
There are some scams out there.
A lot of people will tell youabout that.
So you know, make sure you goback over this.
You can go torealestatenewsradiocom
(52:25):
realestatenewsradiocom and findthis on the podcast and make the
notes or get the transcript onthere.
You can find this show on there.
All you've got to do is lookfor Timeshare.
I think it's the first showwe've ever done in 12 years
talking about Timeshare, so itwill be really easy to find.
(52:45):
So the bottom line guys, giveus a call.
Real estate decisions are bigdecisions.
You don't have to go it alone.
Whether you're in the countryor in Canada, we've got agents
standing by ready to help.
I'll put you with the rightpeople, I promise.
My reputation is very importantto me.
I've been in real estate nowfor 18 years.
(53:07):
I've been doing this show for12 years of those oh my gosh,
back when I was 12, right.
So whether you're buying,selling, investing or just
exploring your options, give mea call 828-333-4483.
I'll connect you with the rightperson for your unique
situation.
Speaker 1 (53:35):
This has been the Plain English Real Estate Show
with Rowena Patton.
Visit Rowena and post yourquestions at radioashvillecom or
call her at 828-210-1648.
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