CONNECTICUT (WTNH) — Can 2021 get here any faster? If you haven’t said it out loud, you’ve probably thought it at some point.
The pandemic has sent the economy reeling, and many of us might be a little leery of air travel still.
What if you own a timeshare and are struggling with the mortgage payments or maintenance fees? Do you have options?
“A lot of people, if this has happened to them, they have chose this year to rent,” said Gail Garrity, who owns an independent real estate company.
Her business specializes in Water’s Edge Resort timeshare resales. During the pandemic, Garrity said she has seen an uptick with renters from New York and Massachusetts making the short trip to Westbrook.
“What I’m finding is, during the pandemic, we’ve actually had an uptick. People have been cooped up and stressed out and in there homes for many, many months.”
The solution for many owners? Rent the unit.
“You own a deed, just like you would your home, and you have the ability; it’s your week and you have the ability to rent it, to sell it or use it,” she explained.
It’s a situation, according to Garrity, that works for renters and sellers alike.
“It’s really been a win-win for many people. People that want to go there and use it, or the people that, as you say, during COVID may have a financial issue and decide that they’d like to rent it.”
In these difficult times, Garrity said some of the resorts might take that into consideration.
“Some of the people choose to sell it, and we can certainly do that, and other people, some of the resorts work with you to make payments and so forth.”
While Garrity doesn’t work for Water’s Edge, she is quick to point out what makes it unique.
“[Water’s Edge] is the only timeshare in Connecticut.”
She said someone will always want to buy, someone will always want to sell and someone will always want to rent there.