Timeshare Risk: Should You Dare?
Timeshare Agreements, Timeshare Scams
3 min read
Your timeshare Board of Directors controls your resort. So, they have a lot of say in your vacation and your life. Find out who they are, what they do, and how all of this affects you.
Every timeshare selects members in its own way. However, members are typically either appointed by the timeshare company or elected by members of the Homeowners Association. And often the board will have a combination of appointed and elected members.
All BOD members should (and often do) have the best interests of the HOA members as their primary objective. However, appointed members may feel beholden to the person who appointed them. Elections give owners like you a say in the process and holds board members accountable to you. Additionally, board member who are also timeshare owners understand first-hand what needs to be done. If you’re considering a timeshare, one with at least some elected board members and some owner members is a good sign.
Most BODs have a pre-determined term length. One-year and three-year terms are most common, but other arrangements are possible. In any case, set terms help ensure that if they don’t do their jobs well, they won’t be there forever.
Your BOD’s protects the best interests of the Homeowners Association members, which is composed of all owners. That’s a big job! Here are some of the ways they do that.
Your timeshare Board of Directors writes, revises and updates your timeshare bylaws. These bylaws may also be called the Covenants, Conditions and Restrictions, or CC&Rs. By any name, they are the rules by which the BOD and HOA govern your timeshare. So, for example, the bylaws determine how members are selected and how long their terms last. They would also contain any other rules and policies. As an owner, you can and should obtain and read a copy of these bylaws. And it’s probably best to get them before you buy.
The BOD is often in charge of oversight for the resort. However, these days, a management company handles most of the day to day operations like housekeeping, repairs, and administrative tasks. But the BOD and HOA selects and oversees that management company. They also make sure that the resort is financially healthy and complies with all applicable laws. And of course, they need to ensure that the resort continues to be a great place to vacation.
Most BODs create the budget for the resort. Of course, budgets of this size are very complex and vary a lot from timeshare to timeshare. Members consider the physical condition of the resort and other needs and define priorities. Regardless of the details, the budget has a direct effect on your maintenance fees and special assessments.
That’s a short overview of a timeshare board of directors. Of course, every timeshare is different. How do you feel about your Board of Directors? Join the conversation on our Facebook page!
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