It’s not surprising to say that timeshares have attracted a lot of criticism over the years. They started off a great idea when the scheme was thought up many years ago. However as the industry has evolved it’s fair to say that timeshares have had to change to meet peoples changing needs, and some of these changes have left consumers considerably unhappy with their timeshare purchases. In order to survive and compete in the travel industry timeshares have relied upon locking people into lengthy contracts that are watertight and almost impossible to end. And the very way in which they are sold to people also sparks a lot of controversy. There are endless tales of people being mis-sold timeshares on the basis that they were investments. One thing is for sure, timeshares are far from investments. In fact they are a financial liability and more often than not cost way more than the average family package holiday. This is why there are so many unhappy timeshare owners, desperate to get rid of them. In fact, in many cases, you can’t even give them away or hand them back to the resort. So are there any pros and cons to timeshare ownership?
They are less expensive than buying a holiday home outright. If you like exclusivity, than a timeshare may be able to provide you with this as a lot of resorts are only available for timeshare owners to use. Or so they would have you believe. We hear from owners regularly, who one day whilst sitting at the pool got chatting to some other guests only to learn they booked at the resort using a third party. Quite shocking when you were promised the exact opposite and to make matters worse those very people probably paid less money to be there.
Timeshare resorts and holiday memberships do promise owners more options. Lots of resorts these days are affiliated with exchange companies where owners can trade points to use. However, many members complain that when they go to book peak dates are always not available, many people even say they have trouble booking up to a year in advance. Quite surprising when you consider what you are promised in the sales presentation.
You also have to consider the boredom factor. If you are limited to a fixed resort every year at the same place, it could get a bit boring as the years go on. Especially now as more and more exciting places are opening up, being tied down to the same place can lose it appeal.
Even if you don’t use your timeshare one year, you are still going to pay for it. If for some reason you find you cannot travel, or maybe you can’t get the time off work, or just a very normal life occurrence happens meaning you can’t get to your resort, you will still have to pay for it. That could mean your annual maintenance fees and any loan repayment you may have taken out to buy in the first place still needs to be paid.
Finally, don’t forget the sales presentation’s. If you’re a timeshare owner you will know exactly what we are talking about. Every time you visit a resort you will be asked to attend a meeting, maybe a members update meeting or a free lunch. However, this is simply another sales presentation and an opportunity for the resort to sell you another legally binding product.
Many people find that after years of timeshare ownership, the novelty has worn off and they want out. Many feel they have been mis-sold their timeshare in the first place and can no longer pay the unaffordable loans they were coerced into taking out by the sales person. If you feel you have been mis-sold a timeshare and want to discuss your options get in touch with us today. Our team of timeshare specialist can help guide you through the process or simply give you some much needed advice.