A timeshare is when the use and cost of a vacation property is shared among a number of people. It is a business model where a company buys the property and sells small ‘timeslices’ of it off to customers.
The idea surrounding a timeshare first appeared in the 1960s when a ski resort developer based in the French Alps decided to market his resort by encouraging guests to stop renting rooms and to instead buy the hotel. This idea and the timeshare market in general is a useful tool for many; however it has also become a magnet for attracting illegal methods of sale and resale of property.
There are many different forms of timeshare deals that are available so if you are sure you want to become part of this market make sure that you pick the timeshare deal that is best for you before you sign anything.
The most popular type of timeshare contract that is available is known as a fixed week ownership. This is the simplest form for people hoping to get into the timeshare business. This type of ownership starts from the beginning of the year and means that timeshare owners have fixed weeks of when they are able to use the property. This can sometimes work out unfairly as more than one timeshare owner might want the same week. Due to this fact there is a timeshare contract available that is known as Rotating. This form of contract exists to give people a fair chance for the best weeks that are available so one year an owner may have week 10 the next year they would have week 11 then the next week 12 and so on. This way everyone gets to have the week that they want at some point.
You need to be cautious when it come to timeshares however as the sellers of them will use high pressure and manipulate you to get you to sign an agreement. Some examples of these are:
• Inviting you to long sales presentations where you are put under pressure to sign an agreement before leaving.
• Offering you a special discount, but only if you sign up straight away
• Offering you free travel or accommodation, or some other kind of prize in return for going to a presentation. These prizes often turn out to be fake. You may be told that the prize is 'out of stock', or find that it is worth less than you were promised, or that you have to pay for extras, such as flights, in order to claim your prize.
Due to the above you need to be on your guard and remember these people can’t force you to buy a timeshare; to help you keep this in mind you should remember these few points:
• Don’t sign anything you don't understand
• Don’t be embarrassed or worried about walking out of the presentation if you know you don’t want the timeshare
• Always think through your decision, don’t decide straight away and take a few days if you need to.
• Check that you have the right to cancel the agreement, and that this is written down
• Check that everything is in writing that was promised at the presentation
If you are still not sure about whether you will benefit from a timeshare than seek outside advice.
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