During the 1980s and 1990s, when timeshare holidays really boomed, people were attracted by the promise of foreign holidays they could afford, the flexibility the schemes promised and the idea that timeshares were a valuable ‘no-risk’ investment that would earn them a profit when they finally came to sell them.
There was almost no regulation in the fast-growing industry. Salespeople used high-pressure tactics. There were intense sales presentations at beautiful resorts or flashy hotels. Very few people read the fine print carefully.
Considerations and Benefits
Timeshare is, ultimately, a very different investment to bricks and mortar or land. In the earlier stages of the industry, some people paid relatively little attention to the maintenance or administration fees which can have a significant effect on the long-term economics of timeshare ownership,
Happily, there are some significant advantages to many timeshare schemes. They can give excellent value for money if the location and accommodation options match the owners’ long-term requirements. Many modern timeshare schemes are based upon a system of points, which gives far greater flexibility as to when and where to take the holiday.
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Owners are guaranteed a holiday each year. Most timeshares are fully furnished, which is far less expensive than buying and equipping a holiday home. Timeshares available during the school holidays in July and August are still seeing particularly strong demand.
Over the longer term, buying into a timeshare can be cost-effective. It is almost invariably far cheaper than renting hotel rooms in comparable locations. All the timeshare owners share the responsibility for maintenance, so the costs are shared among them. In addition, since the properties are occupied for the majority of the year, any issues with maintenance can be found and dealt with quickly.
Given the distinct advantages outlined above, selling a timeshare is entirely possible if you follow some basic guidelines;
- To sell successfully, the timeshare will have to be priced realistically.
- You will need to understand the rules governing timeshare resale.
- The best approach may be to use a specialist timeshare resale company. But you will need to identify a firm with a decent track record. Avoid any firm making inflated claims, and never use a company which wants to charge to an upfront fee, no matter what they may call it.
- Be wary of cold callers or firms claiming they already have a buyer waiting or who may ask for ownership details or put pressure on you.
- To get advice on agreements within Europe, get in touch with the UK European Consumer Centre at www.ukecc.net.
- Professional firms such as www.sellmytimeshare.tv are regulated and are able to offer help and advice in ensuring you adhere to the regulations.
- You are protected by Timeshare Regulations if you signed your agreement in a European
Economic Area (EEA) country. This gives you a 14-day cooling-off period and the firm cannot take any money off you during that time. You must also be given information in writing about how to cancel, together with a cancellation form. For more information visit here www.sellmytimeshare.tv .