Timeshares are a popular solution for those who enjoy spending a week away every year, with the peace of mind, knowing that their holiday is booked and paid for a long time in advance.
Timeshare Resorts sell a variety of holiday products so that holiday makers can sign for their yearly holidays all at once. These products can be sold as Fixed Weeks, Fractional, Points Systems or Floating Weeks.
Fixed Week purchases allow you to choose one week of the year, practically guaranteeing your visit to your holiday rental every year, making it the most popular type of ownership.
Fractional ownerships are more of a lifestyle investment as opposed to general timeshare ownership. With this type of holiday ownership, the property is divided into more affordable segments which is split between the owners.
With the Points system, you purchase a number of points which can then be used on any accommodation unit in any of the resorts, with the unit quality and location depending on your number of points.
Floating Weeks are a different type of ownership. You will have a guaranteed opportunity for holiday every year, with a week of your choice; as opposed to a fixed week which remains the same every year.
While offering you flexibility and choice, this scheme is noticeably less reliable than the other products available. This is because, although you signed for an annual holiday, when you break down the contract, you will find that you have actually purchased the chance of using this holiday every year – arguably, it’s a conceptual product.
This is because the Fixed Week owners leave little availability in accommodation throughout the year. In addition to this, the later you leave it to book your week away, the higher the possibility there is of having to book a lower quality unit with dates that don’t suit you very well.
What aspiring timeshare owners should know is that, with this type of ownership, you are at risk of getting a poor quality holiday or even at risk of losing your chance to visit your resort for the whole year. It can be argued that some of these holiday resorts could be over selling their units, creating competition within the customers as they race to book the best rental. Not only this, however, travel websites and external booking agencies also have the potential to advertise these units, creating extra tension in the market.
Conceivably, the fact that the Fixed Week owners have the opportunity to pick the best weeks of the year, means that the weeks that are still available are the lower quality units, further weakening your chances of getting a sufficient accommodation.
If you’re unhappy with your timeshare ownership; or you feel that your contract has been mis-sold or misrepresented, contact us now.