Despite the USA having the biggest timeshare market, Spain and the Canary Islands are amongst the world’s oldest and experienced.
Timeshare is not a product for the faint hearted and each and every consumers needs to make themselves acquainted with the product in every detail.
Many historic contracts were sold to consumers unlawfully, illegally and without scruples. The original timeshare products have changed over the years, and there seems no signs that they ever stop evolving into different concepts. The underlining products are all the same in that you the consumers are locked into an arrangement whereby you have to pay a substantial sum and up front fees to acquire a right to occupy an apartment, villa or room.
As part of the arrangement you are required to pay yearly fees to a developer who will maintain the entire site. You will have no control over certain aspects of the annual costs, and you will certainly be greeted with hostility if you ever decide to leave some timeshare ownership.
If you wish to holiday away from the resort you bought, more fees are required in the form of exchange levies and in some quarters serious allegations are being alleged that those exchange companies have been skimming the consumers donated weeks.
Timeshare is not for the faint hearted so be sure. Be oh so sure that you know what it is you are buying into.
This all sounds a horrible experience, however everything is not black, there are some fantastic resorts run buy honourable and respected people.
Some resorts have a waiting list as the product is so good. Some timeshare owners do not have a clue as to the hostility surrounding timeshare as they are treated so well. If you find yourself being presented with a timeshare opportunity, enquire what the resale value is as this will provide an indicator as the health of the resorts.
I have a dear friend who owns 10 weeks’ timeshare in Spain and every time a week comes available, he tries to buy it. Despite paying £3,000 for each week there is a waiting list to obtain an apartment in the resorts, Why you might ask, because the management of the rest, is controlled by consumers and the annual fees for 1 week is 90 euros about £75.00. Where can you get a holiday for £75.00 each and every year when you want to holiday.
That is when timeshare works. In comparison some other resorts charge £1,000 per year in fees and offer the same service.
It is never the ongoing price of timeshare, it’s the long term annual costs and the ability to re sell.
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