Tag: Owning a Timeshare
In no uncertain terms and without taking a trip around the houses, here are three of the major reasons why a timeshare is a poor investment choice to make in 2016.
Nobody wants to Buy Timeshares
Ok, so it is not true that nobody wants to buy into timesharing. Some people do. In fact one person wants to buy a timeshare…for every 400 people who are desperate to sell a timeshare. To put this in even more perspective and to this time cited figures provided by the Telegraph Newspaper: an estimated quarter of a million British people out of the just over half a million Brits who own a timeshare are desperate to be rid.
As anyone who has paused to consider this reality will quickly release this situation does not make for a ‘buoyant market’. Hence, and for this reason alone, this is why timesharing is a poor investment choice.
To learn some of the reasons why the timeshare market is in 2016 so, well, dead in the water, keep reading. Meanwhile, for an idea of how much you can expect or hope to make on the potentially costly purchase of a timeshare, head over to the This is Money website where (for those who cannot wait) you will quickly discover that timeshares are these days struggling to sell for less than a quid in some circumstances.
Timeshares Depreciate in Value
Timeshare investment is quite possibly the biggest misnomer in the escape travel packages and possibly even any business industry. For the term ‘investment’ to be curately used a major component of the ‘thing’ it is used to name must be that said ‘thing’ offers at least some resale potential. And timeshares offer little to no resale potential.
Not only are you unlikely to even make back your original ‘investment’ amount, it is in fact far more likely that you will fail to be able to sell your timeshare at all. At best, a timeshare owner can cross their fingers that their timeshare ‘investment’ was mis-sold to them as in such cases (which can learn more about via the Timeshare Consumer Association website and via their article: Timeshare is Not a Financial Investment [Part 3] being mis-sold a timeshare renders your contract void, enabling ‘investors’ to escape unscathed, and in some instances even receive compensation to reimburse some of the annual fees they may have forked thousands out on already.
Timeshare Owners are Not Usually Property Owners for Owning a Timeshare
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There are many misconceptions about timesharing. One which has led many to ‘invest’ in them is the idea of being able to afford to own your own holiday home or part of a second property.
To swiftly snuff out that romantic notion and put things straight, and in order to potentially save even more people from making what has proven for many already a catastrophic and ill informed decision it is important to know that timeshare owners through being such do not necessarily own any property or a stake in any bricks and mortar whatsoever.
Rather, many timeshare buyers pay to own a stake in the lease attached to a property, whilst the property itself remains entirely the belonging of the company or club from which the timeshare is purchased. Further, as leases are usually only sold to last up to a hundred years, this is yet another reason why timeshares depreciate in value; if you buy a timeshare with a fifty year less and sell ten years later, even if the demand for timeshares does not deplete at all during that time, the amount of time left on the lease will; hence, your ‘investment’ will be worth less than what you bought it for.
For more information about timesharing, a great place to head over to the Dave Ramsey Online Blog, where you can find the four minute read: The Truth About Timeshares. Whilst Dave is an American, Brits shouldn’t be put off taking heed of what he has to say as scammers, cons and time sharing works similarly in the US as in the UK. In fact, one of the few differences is that Americans lose their hard earned dollars whilst us Brits lose pounds sterling, and many of them in most cases.