Timeshare vacations: The facts

The timeshare property industry has its roots in the 1960s, Europe. A Frenchman who owned a ski resort decided to start encouraging his guests to stop renting rooms and actually buy a piece of the resort. Guests were keen on this new type of property ownership, holiday and the various timeshare deals sold out quickly. This was the start of what would become a huge international industry worth billions of pounds.

Background

Own, don't rent At that time, timeshares were commonly known as vacation ownerships. The concept of buying timeshare was further developed by hoteliers and resort vacations companies. Instead of rooms being rented for a period of time, timeshare was marketed as a means for people to be able to take part-ownership of something. Vacation timeshares were sold as something quite glamorous and people liked the idea of being able to say that they owned part of a hotel or vacation condo. The concept of timeshare has also been used for people to take partial ownership of boats, planes and cars. Issues to consider There is so much choice when it comes to timeshare. There are advantages and disadvantages. Advantages If you only have one holiday per year, buying a holiday home can mean that you don't get the use out of it. With a timeshare, you are buying what you intend to use. Timeshare owners get to stay in a fully furnished property with all the facilities they need. Timeshare can be more convenient for holiday goers. People don't have to look around for holiday destinations or accommodation. There are many different types of timeshare deals available, so people have the flexibility to make the choice that is right for them. Disadvantages Some people do not like the prospect of having to share a property with multiple parties after they have handed over a significant amount of money. This comes down to personal preference. Also, over the years there have been some unscrupulous timeshare companies that have tried to con consumers. People should deal with companies, which have a professional reputation.

Do your homework

People who are considering entering into a timeshare agreement should shop around for the best deals. It's also worth thinking about buying in a resort that is on the up, so in the future the timeshare could be sold for more profit.