The principal of timeshare ownership was originally to offer a lifetime of affordable, holidays in your chosen resort. However, over recent decades this once viable option has become a financial drain on many owners who struggle to extricate themselves from complex agreements.
Today, the industry is known for aggressive sales tactics, unreasonable fees, substandard resorts and a lack of availability. Put plainly the practices that the timeshare industry has adopted, are immoral and in many cases illegal.
Common Timeshare Misrepresentations
Presenting timeshare ownership as a real estate investment
Despite what many of our clients were told during a sales presentation a timeshare is not an investment. In fact, a timeshare will often sell for less than 50% of the purchase price, if the owner is able to sell at all. In today's crowded marketplace it is not uncommon to find weeks offered for as little as 99 pence by owners desperate to escape ever increasing maintenance fees.
Failing to represent the resale market adequately
As we have already touched on, the resale market is unlikely to offer unhappy owners a way out of timeshare let alone a return on their investment. Most of our clients have initially tried to sell their timeshare only to realise that even giving it away is in most cases impossible.
Pressurising owners to transfer to a points scheme or upgrade existing points membership
We often hear from owners who have been pressurised to move from a deeded timeshare product to a points-based scheme. The promise of holidays anywhere at a time to suit them is very attractive but far from reality. Lack of availability and substandard resorts are commonplace with many victims being convinced to buy more points in hope of a better service. Unfortunately for many members, the timeshare companies are experts at turning a complaint into a sale.
Not explaining cooling off periods & statutory protections
A cooling-off period of 14 days is common in the EU and allows you to withdraw from the contract without giving any reason. This sounds reasonable but many of our clients were not informed or asked to pay deposits during this time. As many sales take place when you are on holiday the cooling off period can quickly pass leaving you trapped in a costly timeshare contract.
Failure to highlight additional costs
Buying for your timeshare product or taking on a loan to do so is only the beginning of the costs you can expect. What the salesperson won't highlight during their presentation are the additional ongoing expenses you will need to budget for as a timeshare owner. The number one hidden cost, even though it's not completely hidden, is Maintenance Fees.
Increasing annually well beyond the rate of inflation these are due whether you use your timeshare or not. These fees make reselling your timeshare difficult as people can often book a package holiday for less without incurring any annual liability.
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Exaggerated rental figures and exchange options
Any salesperson worth their salt will wax lyrical about the potential rental returns or exchanging your week for "holidays anywhere in the world". While this may be true on paper the realities of supply and demand mean that 99% of the time this is not the case. With only a handful of premier resorts and a market saturated with mediocre accommodation, exchanges are not readily available. In addition to this cheap package deals mean renting timeshare and booking flights separately is no longer the best value for money.
If any of the issues mentioned above sound familiar or if you simply want to discuss your situation with one of our expert advisors give Fullbrook Associates a call on 01786 451903.
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