Back in the 70s, timeshares were associated with consumers of the older generation or people with money. However, travel is becoming more affordable and easier for consumers to use and the image of timeshare ownership no longer holds the same president. Almost anyone can afford to indulge in owning a timeshare these days, but for many, this has since changed to hold a more negative connotation. So, the big question is, why are consumers continuing to purchase the so called primarily ‘outdated’ practice of timesharing when the rest of the travel industry is thriving?
The American Resort and Development Association (ARDA) reported in 2016 an estimated total sales volume to the tune of $9.2 billion, this was a healthy increase of 7% from the previous year. Further case studies show that in 2016 over 40% of timeshare sales came from new owners. You maybe wondering how the timeshare industry has been able to compete with the inexpensive temptations that the travel industry is offering to consumers, this is why we at ABC Lawyers have outlined the top 3 reasons why people continue to buy timeshares today.
Even though consumers now have many avenues and platforms to book travel, consumers still enjoy timeshare ownership. Timeshare contracts are unique, mortgages and maintenance fees can vary even within the same property. Given the number of frustrated owners, it is unclear how effective timeshares are at identifying the demographic that can fit a timeshare in with their lifestyle versus those that cannot. Timeshare owners still find that they get value for money and can the fit trip into their lifestyle, by booking when they want and choosing the destination they desire. The points-based system allows the freedom to travel to more than one location which consumers often opt for giving them more options to create and share new experiences.
The travel industry is tailoring more to suit the consumer’s needs, it’s highly probable that the timeshare industry will follow suit. One positive for timeshare consumers are that the courts are supporting claims from consumers who believe they have been forced to purchase a timeshare through high-pressured sales tactics and unfulfilled promises. This is a big plus for the reputable companies out there that wish to continue to provide a true factual timeshare experience. Should you or a family member ever consider purchasing a timeshare, or if even you are just planning your summer holiday, we at ABC encourage you to educate yourself on the dangers related with timeshare ownership and whether to decide if it will team with your lifestyle before you sign a contract.
For current timeshare owners who are looking to get out safely, please research thoroughly all your options. Search for consumers who have done so first hand and who have exited successfully. Take the time to read your contract, it is imperative that you understand what you are signing. Most timeshare exit companies offer free consultations, avoid the ones asking for upfront fees!
As we know most consumers become owners after attending lengthy, mentally and sometimes physically draining high-pressured timeshare presentations. Often, the presentation is typically the very first interaction a consumer has ever had with timeshare, allowing the salesmen to dupe the consumer and push for the sale, knowing full well that most don’t have much background knowledge or know of the associated risks. Sadly, for the consumers, even with all the bad publicity there is still a great deal of obliviousness out there. If people where to do their research they could find a timeshare for £1 on sites such as eBay, which may initially seem like a great deal in comparison to a rental or booking sites like Booking.com or Expedia that list similar amenities for hundreds of pounds. Without taking the time to educate oneself of the pros and cons of timeshare ownership, consumers sign into contracts simply because they’ve been sold on false pretences or haven’t fully understood what it means to own a timeshare.
We all know that when we holiday, we spend more, eat and sleep more leaving reality at home. Timeshare touts thrive on this and the sales representative pounce whilst people are at their peak during this state of euphoria. Holiday makers don’t always understand the implications or associate what responsibilities they are taking on until they are back home reading their 60-page contract and small print. This is where the buyer’s remorse sets in.
Please read and understand all the contents and financial implications before signing. On a positive note, enjoy your timeshare.
See our recent post regarding your timeshare rights.