Find the right product
Now that Timeshare is such a safe and regulated industry with a wide range of product choice there is no need to buy anything that you will regret in the future. Do your homework and make the right choice for your needs and you will have perfect holidays for many years to come.
- Which product is right for me?
- Can I try before I buy?
- How can I be sure the company is credible?
- What protection is there?
Which product is right for me?
Buying Timeshare is one of life's major financial investments - after buying a house or a car - so it is important to choose the right product with the right company for you and your family. Owning Timeshare is not the same as owning a property, but is a long-term investment in holidays.
There is a multitude of Timeshare products on the market today - so investigate exactly what is offered by whom, to discover your ideal holiday product. The Timeshare company should be able to tailor make your holiday to your requirements and preferences. Perhaps you are a young family looking for a beach holiday destination with facilities and activities for children. Maybe you are skiing enthusiasts and prefer to holiday in a ski resort during the winter months, with additional mini-breaks in warmer climes during the summer. Or perhaps you're after a more unconventional type of Timeshare product - a cruise or use of a luxury speedboat, for example.
Whatever your dream holiday, there is a product out there to suit you. The traditional notion of Timeshare involves purchasing fixed weeks during the year, in which to take your holiday. But if you don't necessarily want to visit the same resort year after year, companies such as Resort Condominiums International (RCI) and Interval International (II) offer exchange services whereby member families can exchange their time at the home resort for an equal sized unit in one of over 5,000 other affiliated resorts worldwide.
RCI's innovative and highly regarded points system has opened up a whole world of opportunity for the Timeshare owner, allowing total flexibility on the time of year that you go on holiday and the destination you choose. If this appeals to you, you're best off choosing a Timeshare company that is affiliated to RCI or II.
Can I try before I buy?
Yes, absolutely. Many Timeshare companies allow prospective clients to ‘road test' their product before committing to a purchase - by way of a promotional holiday or inspection visit. Consumers are often unsure about how Timeshare works as they may never have had any experience of this way of holidaying. Therefore, staying in a resort is an excellent way of learning about the concept of Timeshare and its benefits.
Timeshare marketing methods vary but most major companies offer a pre-arranged, organised promotional holiday where you know exactly what to expect. It's likely that you will be asked to attend a sales tour or presentation - a very useful way of gathering information about the product and the options available to you.
A promotional holiday also gives you the chance to see the resorts first hand and speak with existing owners - if they're not happy they're bound to tell you. Happy clients are a valuable asset to Timeshare companies - so it's not surprising that you are invited to mingle with them.
How can I be sure the company is credible?
Purchasing Timeshare these days is a safe process but it is worth doing your homework. As well as speaking with happy customers about their experience, you should ensure that the company you do business with is a member of a trade body such as the RDO (Resort Development Organisation) and has a reputation of longevity and a proven track record of resort development and management.
Make sure you ask plenty of questions. When it comes to resale, be wary of companies requesting an upfront fee for registration or insurance. Legitimate resale companies may ask for a yearly listing fee - just make sure you explore the company's history. Don't agree to post your ownership documents to a company you don't know is reputable.
Bogus ‘holiday clubs' claim to offer savings and discounts at luxury resorts, but they may not be recognised companies within the industry and do not belong to any trade bodies or regulatory organisations. It is estimated that these iniquitous trading practices cost EU consumers millions of Euros every year - and the Office of Fair Trading is working to reduce the harm caused by deceitful marketing practices within the industry.
What protection is there?
Timeshare purchasers have rights that are protected by legislation. A reputable Timeshare company should adhere to the latest legislation issued by the European Parliament - The European Timeshare Directive - which stipulates that from the day you sign a contract, you are permitted a 10 day ‘cooling off' period (14 days in the UK) during which you may cancel your Timeshare agreement at any time without penalty. Companies are not allowed to take any payment during this time. It is crucial that you are informed of your right to a cooling off period and are given documents in your own language. Note, however, that the cooling off period doesn't apply to Timeshare of boats (e.g. canal cruisers).
Among numerous other elements introduced to stamp out fraud, the new Directive has also launched Codes of Conduct and Alternative Dispute Resolution schemes, which Timeshare companies can sign up to. Companies must offer their clients a full information document so that they can make an informed decision about their Timeshare purchase. In addition, resale companies are now required to provide wide ranging information on the service being offered - and are not allowed to charge advance payments until the actual sale has taken place or the contract has been terminated.
If you are buying into a points system, always check that it is backed by real estate. If you are required to pay a deposit, paying with either VISA or MasterCard will provide added protection.
As long as you do your research and read your documentation carefully, you're sure to enjoy many happy years of Timeshare ownership.
