WHAT IS A TIMESHARE?
According to Wikipedia, a timeshare (sometimes called vacation ownership) is a property with a particular form of ownership or use rights. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each sharer is allotted a period of time (typically one week and almost always the same time every year) in which they may use the property. Units may be on a partial ownership, lease, or “right to use” basis, in which the sharer holds no claim to ownership of the property.
Sounds rigid. Yes, a bit we agree.
Somehow over time, timeshare has become a subject that people have mixed feeling about. Those who don’t know timeshare don’t even want to give a chance to see what it is and what it can do for you.
Because of the lack of legislation, unscrupulous marketing companies took the opportunity for their own gains. Some of these companies closed down. With this, owners who had purchased timeshare during this era have lost hope. They end up not getting the services as promised.
But, over the time reputable timeshare companies have attempted to improve the usage, flexibility and most importantly availability. With Big Brands like DISNEY, MARRIOTT, ACCOR AND HILTON joining the industry, this has given faith to Timeshare Industry to prove its worth.
NOW YOU CAN CHOOSE FROM 4 TYPES OF TIMESHARES.
Rights to Use
The owner will own the rights to a SPECIFIC UNIT ON A SPECIFIC WEEK, year in year out for as long as the contract is valid. There is predictability, but also little flexibility. However, this is popular with retirees who will regard this as permanent holiday and they have made friends with other owners who owns the same time and always come back to meet up. They could even own up to two or three weeks. This option can be quite costly as those who opt for High Peak Season travelling period.
As the word suggests, floating you have nothing fixed. Hence this will be like first come first served. Bookings are usually made 12 months in advance to secure that holiday you want. However, with a floating week, owners have the flexibility to choose their holiday time compared to the fixed weeks.
RIGHTS TO USE
With this arrangement, the owner leases the property for an amount of time each year for a set number of years. The developer maintains ownership of the property. Upon expiry, the owner can renew or not with new Terms and Conditions apply.
This is like the floating weeks, but owners can stay at various locales depending on the points they have accumulated from buying into a specific property or purchasing points from the club. The Points are currency and time slots at the property are reserved at a first-come first-served basis.
DO I NEED TIMESHARE?
It depends. There are FOUR FACTORS that you need to consider before getting that timeshare. You can get it directly from the Developer or buy Timeshare from Resale.
Let’s look at breakdown what you should consider first:
Consider your most travelling time, i.e. which part of the year you travel most. For example, your family can only travel during the Christmas period. So you can choose a fixed week 51 or 52, which normally can be costly. However, Points based system will give you more flexibility when booking.
NUMBER OF PEOPLE
Consider the total number of people when you go on a holiday. For those with families, keep in mind the age of the children. Children aged 12 and above are considered as adult. Nonetheless, there are always upgrade options should your holiday party gets bigger.
Add up your last five holidays and calculate how much did the accommodation cost and what kind of quality did you get for the price. Of course you have to compare Apple to Apple. Average the cost of per year and see how much it comes up to. If it cost double than what you will pay for Management Charge yearly, then get a timeshare.
TRY RENTING OR GO FOR A FLYBUY PROGRAMME
Don’t want to jump too soon. That perfectly normal. Look out for great Timeshare Rentals at great prices. Or if you get an invitation for cheap accommodation price but you have to attend a presentation, give it a try. It’s no obligation to purchase but if you think it’s good for you, take it.
If you are purchasing a timeshare from resale, this will save up to 70% most of the times. Too good to be true? It is a fact.
Bear in mind that the original owner could be “caught up” in the moment during the holiday. Sitting in a beautiful resort with a beautiful sea view, it’s hard to say no to something nice. The owner could be thinking I am definitely coming back here the next time.
However, due to individual circumstances owner has decided to release the timeshare.
The most common situation is when the owner purchased a Timeshare while still at the resort. They would have paid more buying directly from the resort. This would have cost so much lesser buying from the resale market. They usually only find out too late.
It’s not about how much you should pay for a unit, it’s about whether the timeshare will work for you and your family. It’s true to say that if you wish to holiday at Marriott or Disney, you are better off being an owner at those resorts.
Yet, it’s unnecessary to get a top end resort.
DO I REALLY GET TO TRAVEL WORLDWIDE?
With more owners recruited worldwide, Timeshare companies have to acquire more resorts to ensure availability and choices. As this is now regulated, companies have to abide by this to stay in business. Thus, this increases the numbers of resorts you can exchange.
Every year, there will be more resorts and way more exchanges. Sometimes, there are un-used weeks because of low season where people are not travelling. This also gives you the ability to do quick getaways. Exchange Companies like RCI and Interval International are doing this. They come at a reasonable price.
They believe selling the room cheap is good. With guests at the resort, they will have revenue from restaurants, bars, tours and other services provided. This gives you a splendid chance to get away at a good price.
IT’S A DIFFERENT BALL GAME NOW
In the early years, timeshares are generally owned by retirees as they are the one with time and money to travel. But, with the existence of technologies, those of yesteryears are finding it hard to keep up. They prefer face-to-face customer service and would like to speak to someone when doing the booking.
Because of age, they may find it challenging. By now they might not travel far. Hence, they pass down their Timeshare to their children or grandchildren who can make use of it.
Younger families are now more aware of Timeshare and how it can benefit them. With this new generation, they feel that travelling is now a part of education. Travelling helps children to find out about other countries, culture, language, food and lifestyle. It will open their perspective towards life and learn how to respect others.
With higher education, this would mean that they have better jobs and better salary. Apart from savings, they will have disposable income to budget for a holiday. With Timeshare, it saves them more money. With modern technology, it is so easy to do your booking now. It’s just by the touch of your fingertips.
Why wait, look out for that Resale Timeshare and Take Action Now.