Buying timeshare can be a risky business at any age, however, if you are inexperienced and unsure of what the product is and the small print that goes along with that, it can be a devastating monetary choice. Timeshare is a maze of choices, wrapped in what looks like an amazing offer or product, however the timeshare salesperson is an expert at making you feel like you are winning a prize and offering you the world wrapped in a bow – however, if that doesn’t work they are known for sneaky bullying tactics, telling lies and spinning you a yarn.
Purchasing a timeshare means an up-front fee this is usually 1000’s and that can and usually will go into double figures. On top of that, you will then be tied into yearly fees for your timeshare, which is usually quite extensive charges, ranging from 100’s to 1000’s. These fees are usually non-negotiable and it can be very difficult to get out of. The fees are also subject to change and this usually means an increase year on year.
It sounds like a lot of money, and it is! Please bear in mind that you are only (normally) buying 1 week of timeshare, you ‘buy’ an apartment that is also owned by another 51 people – who are also paying the same amount as you! You’re also not guaranteed to get what you want when you want it, you could be told the resort is booked (and go online and find it on a holiday website – for cheaper!!). You could also become a target for unsolicited calls, upselling timeshare, sales sharks trying to get you to part with more and more of your money.
When someone is trying to sell you timeshare they will start with a price that is ‘negotiable’ and you will be able to bring the price down with the salesperson, which feels great and may indicate to you that you have a bargain, however, the first price they gave you – probably over-inflated and not a bargain at all! You can compare buying timeshare to buying a car, it loses value. Timeshare doesn’t normally retain value like other property purchases, however, the likely hood is you will be told by the salesperson that there is value to be gained in the purchase.
There are a few redeeming qualities to a timeshare in very certain circumstances. Timeshare accommodation usually has a fitted kitchen and at least one private bedroom, so it can be useful for families who want to spend time together and it’s a new experience to normal online holiday purchases.
At any age, you need to make serious considerations if you are looking to purchase a timeshare. It is a serious financial commitment with very little opportunity to sell on if you become bored and unable to afford the contract you have been tied into. There are many different holiday opportunities online and at different resorts now, research and read the small print before you sign on any dotted line.
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk