What is a timeshare?
A timeshare is the right to spend your holidays in an apartment or villa for a chosen period of time in the year. This will be considered your “own” villa, and you can access it for a fixed period, for a specific number of years.
During recent years, timeshares have become regulated due to criticisms. Nowadays, the standard of timeshares has greatly improved. Now it is possible to get an excellent timeshare deal from large providers. Large hotels such as Hilton and Marriott are now utilising timeshares.
When looking for a timeshare deal, you should make sure it relates to a particular property and time. The agreement must be valid for at least 36 months and should include at least ten days for a cooling off period.
Having a timeshare allows people to buy for a specific period, which can be between one or two weeks. This will be in a timeshare resort that allows for private use and access to quality facilities.
Previously, some timeshares used to tell you what specific dates you were able to use. But in recent years, you are now allowed to visit at any time during your timeshare period. For each week owned, you will need to pay for an annual service charge.
If you pay another fee, you can join exchange agencies and have the ability to travel the world by swapping your weeks. Exchange agencies that offer this include Interval International and Resorts Condominiums International.
It is important to note that the value of your timeshare property may fall, or you might later experience problems with reselling it. Therefore, there is no guarantee that it will be a good timeshare deal.
If you ever need advice on timeshare, you can get in contact with the Timeshare Consumers’ Association.
What are holiday clubs?
Holiday clubs allow you to book and pay for discounted holidays through the club. To do this, you will need to pay for a membership fee to the club. At times, club members may get a cashback scheme which promises repayment of membership costs.
The holidays offered are usually for less than 35 months and the most popular holiday club areas include Lanzarote, Gran Canaria, Costa del Sol and Tenerife. Unlike the cooling off period that is offered with timeshares, you will not be allowed to cancel a holiday club agreement.
What is a holiday credit?
Holiday credits are similar to holiday clubs, but they can also be used on other activities such as tours and shows. They are not strictly limited to holidays.
What are the pros of timeshares?
With timeshares, accommodation is generally a lot larger than hotels and other resort accommodation. They will usually come with excellent kitchen facilities and are in beautiful locations. It also costs less to own annually in comparison to similar hotels and resorts.
Majority of consumers report satisfaction with the deals and are happy with what they are offered.
What are the cons of timeshares?
It can be challenging to find locations that you would like. Generally, you won’t be able to recover the initial buy-in price unless it is a very high-end timeshare. The operator may be able to increase the fee without giving other options. It’s always important to be mindful of unrealistic promises and sales techniques before choosing to buy a timeshare. Note that costs for the whole process are likely to be very high.
Can I buy a property abroad instead of buying a timeshare?
Some customers would prefer to buy a property abroad instead of getting a timeshare. If you are looking to do this, it is essential to get expert advice before you do so.
Know how the laws differ to UK law and become familiar with the buying process in the country you wish to own the property in. Prepare to hire a specialist lawyer who will be able to help and guide you through the process. They should have experience with UK residents who buy property abroad.
Timeshares and holiday clubs summary
Timeshares or holiday clubs can be a good investment if you find a great deal you are looking for. Be cautious of any aggressive sales tactics during the process and make sure you are wholly satisfied with your timeshare.
Don’t be persuaded to buy multiple timeshares as this may not benefit you. If you would like to cancel, check the cancellation policy and request a cancellation as soon as possible.