Are timeshares ever good value for money?
The theory behind timeshare ownership is that it provides a cost effective way to spend time overseas regularly. It’s easy to take a break somewhere idyllic and fall in love with the idea of spending more time there. Second home ownership may seem like too much expense and hassle, and a timeshare presents a seemingly viable alternative. However, new research from CHOICE reveals that this is something of a misconception.
The CHOICE research used Australia’s Gold Coast as its sample destination, comparing the cost of owning a timeshare there to the cost of booking holidays there online. The research found that some timeshares took as many as 38 years to work out cheaper than booking holidays online each year. Other timeshares never became cheaper.
“When you work with timeshare owners every day, you almost take for granted the fact that they often become a financial burden over time. The CHOICE research is a timely reminder to take a step back and remember that some timeshares simply never deliver the savings that their owners imagine. It’s not just over time that timeshares can become financially unviable – many never make financial sense in the first place, particularly given the host of holiday options available at the click of a mouse these days.”
Mark Rowe, Timeshare Compensation
The research considered timeshares from Accor Vacation Club, Classic Holiday, Marriott Vacation Club, Ultiqa Lifestyle and Wyndham World Mark South Pacific Club. As well as some of them proving to never work out cheaper than booking breaks online each year, the report highlighted the lack of flexibility that is inherent to many timeshare membership schemes. For peak time breaks, some timeshares need to be booked up to a year beforehand. With online breaks, however, bookings can be made at the last minute.
“We work with many clients who advise that their timeshares have never proven to represent the value that they expected. In some cases, this is down to the sales techniques employed to sell the memberships. In others, steep maintenance fee rises from almost the outset of the contract have pushed prices well above the anticipated rates. The CHOICE research is, sadly, not surprising in its revelation that a large number of timeshares simply never represent good value for money.”
Belinda Rollins, Timeshare.lawyer
Owners landed with timeshares that have proven more expensive than they anticipated aren’t entirely devoid of options. Timeshare Compensation works with clients who are seeking to exit their timeshares. Some have the right to do so as a result of their contract itself – those with ‘in perpetuity’ and ‘floating weeks’ contracts have in recent years found support within the legal system for their agreements being deemed illegal. In some cases, the courts have seen fit to award compensation covering the duration of the contract. For those who regret the expense and lack of flexibility that their timeshares have brought with them, the prospect of exiting their contracts and claiming compensation provides a very welcome light at the end of the tunnel.
Timeshare Compensation and Timeshare.lawyer are a trading names of Advanced Business Consultants Legal SL.