We are a year into the Pandemic now which saw most of the world come to a complete standstill. Life was changed beyond comprehension but now, thanks to the new vaccine and the rate at which people are getting vaccinated, thankfully we can see a light at the end of the tunnel and life may start getting back to normal.
As the road to coming out of lockdown is laid out by our government, many of us are starting to consider whether we may be able to enjoy a holiday this summer. And if you turn on the TV or read the news it seems the travel industry is gearing up for a surge in new bookings. But let us not forget the timeshare industry, who are also gearing up for the new upcoming season. There have been some big movements recently, including Hilton Grand Vacations purchasing Diamond Resorts, RCI added a new chain of resorts to their portfolio, Bluegreen Vacations moved their headquarters to focus on pushing sales and Wyndham Destinations forked out millions for a travel and leisure magazine. This is just a selection of timeshare headline recently, proving the industry firmly has its sights set on the future and attracting new customers.
So, before you or anyone you know might be tempted or enticed to consider a timeshare or holidays membership for your next big purchase below are some important things to consider before making a huge financial decision like a timeshare.
Timeshares are often sold as property investments; this is not the case and is something a salesperson will say as a tactic to make a sale. They are very unlikely to hold their value. You are very unlikely to be able to sell it on let alone recoup your money, in fact the timeshare resorts won’t let you give them back making them a financial liability.
Consider if this is how you want to go on holiday every year, do you want to be tied down to the same week or weeks annually, after all things change. You may have work commitments, family concerns, illness etc, nine times out of ten the resort will not let you get away with not paying your maintenance fees even if you have not been able to use it and you will be less likely to get a refund. You will have to pay those rising maintenance fees annually for the length of your agreement, even if you retire or are made redundant.
Finally, weigh up your options, does it make more sense to put some money aside each month to pay for a holiday or does it make sense to pay high maintenance fees, plus a possible high interest loan repayment on your timeshare? Some people are very happy with their timeshares and it works for them and their needs. But for every happy timeshare owner there are many more unhappy ones.
People who enter into Timeshare agreements often find it difficult to keep up with the mounting maintenance fees and simply cannot afford it any longer. They may also find that the Timeshare no longer suits their needs and simply want to end the contract. There are too many individuals who are willing to take advantage of Timeshare owners and offer fake products, along with Timeshare exit schemes. Before agreeing to any Timeshare termination or exit procedure with an individual or company, seek independent advice and fully research any company you are thinking of working with.