The timeshare concept has been around since 1964, originally starting at a ski resort in Marseilles, which became popular during the 1970s. Today there are thousands of timeshare resorts around the world.
Even if you don’t own a timeshare, you will know of someone who does, or have heard or read about it in the news. Timeshare has been in the press for years, and not because of their kind and helpful nature of finding people great ways to holiday.
One of the little-known facts about timeshare companies and their sales presentations is that their sales reps don’t use a script. What we mean by this is, they can just make it up as they go along. A sales representative will tell you anything about their background story as long as they can find common ground with you to get you to like them. Generally, if you have something in common with a person, you trust them more and they will use this tactic to their advantage.
As most of you may know, timeshare is a poor investment, unlike what you may have been told at your meeting, a timeshare is generally not an appreciating asset. Wording such as “lifetime quality”, “quality family holidays” and “quality financial investments” are often used to make you feel like you are doing something great for you and your families future investment plans. In fact, all you are doing is putting money into a depreciating property to help the timeshare company for a very small return to you.
How many times have you been on a timeshare presentation where they have told you that your timeshare will sell when you no longer want it, and for more money than you paid for it. Nearly all timeshare owners will now know how untrue this is. The sales representative will never tell you how difficult it will be to sell the timeshare, and if you are lucky enough to find someone to purchase it, the amount of money that you will lose on it as a resale is customarily around 50% or more.
Instead of buying a timeshare, why not rent one. This can be a great way to enjoy a cheap holiday for many people, in a beautiful resort. However, on a sales presentation you will never be told this is an option to you, as the timeshare company lose out on a huge amount of money. Any timeshare owner who rents out their unit, will gain on the income, not the timeshare company. If you have a timeshare resort that you love to stay at, why not ask about renting one from other owners that you know, there are always owners who can not use their weeks for one reason or another.
One important thing that is generally kept from you at the time of purchase is the hidden risk that comes along with it. When purchasing a timeshare, you are told about your yearly maintenance fees, however, a timeshare means purchasing a part of a building. This means that anything major that happens to the property you will also be liable for your share. The timeshare company doesn’t always put the maintenance fees to good use and can not always afford to put in all the money to make any changes and fixtures that need doing, which means it is left up to the timeshare owners to pay more maintenance to help.
The exchanging of timeshare resorts has always been a major issue in the timeshare world. After being told that using exchange companies, will allow you to see destinations all over the world, you quickly find out that this is not the case and in fact, it is harder than just booking a holiday on the internet.
Timeshare Advice are here to help timeshare owners decide if their timeshare is still the best option for them or not. After information has been held back from you during your timeshare presentation you may no longer be happy with your ownership, or not able to deal with any hidden costs that have been incurred.
If you need assistance with your timeshare then call us on 0800 012 4683 or visit www.Timeshare-Advice.co.uk.
See our recent post regarding what timeshare is.