Be wary of anyone advertising or calling out of the blue wanting to buy your timeshare or promising that you can simply exit your timeshare at your current resort.
Even if they appear to have all of your information, you can rest assured that no resort will hand over their data base to any outside company. Always check with ATHOC or your resort or management company first before you hand over any credit card details. If the offer sounds too good, then it is likely to be too good!
Also be very wary should a company ask you to pay up front to get out of your timeshare. No matter what reasons they give you, do not part with your money.
Above all, you should always make sure that you deal with a licensed operator and Member of ATHOC.
For more warnings, tips and advice click here.
Timesharing was first conceived in France in the mid-60s, but it was not until the oil crisis of the mid-70s that the industry really started to develop.
In Florida, United States, sales of holiday real estate slumped during the early 70s and the Americans looked to new and innovative ways of selling their empty properties.
The solution was timeshare - or the sale of the use of one apartment for each week of the year, with prices varying according to size and seasonal demand.
Hoteliers realised they could dramatically increase occupancy rates and increase year-round revenue through mixed use resort developments, i.e. 30% to 40% timeshare combined with 60% to 70% hotel. And in many cases, the timeshare component has outgrown the hotel.
It was in 1974 the concept of holiday exchange was developed where owners could exchange the holiday weeks and resort they own with other timeshare owners throughout the world.
How Does it Work?
Timesharing or holiday ownership is the way millions of families around the world have luxury holidays for a fraction of the cost of owning a holiday home.
An individual makes a one time purchase as a fraction of whole ownership. The apartment is divided into 52 weeks. 51 weeks are sold and one week is kept for maintenance of the property. An annual maintenance levy is then paid for the constant upgrade of the property and facilities.
Once consumers have purchased their holiday time, they can either use it themselves, pass it to friends or relatives, use as a staff incentive, or rent it out. But while there is total flexibility over who uses the holiday tile, timeshare products lacked the flexibility of when and where it had to be taken. Consumer demand for greater flexibility led to the growth of exchange systems and, more recently, point systems. These allow the owner to exchange their timeshare week for either another week at the same resort or for a week in another resort within the exchange network in over 5,400 resorts in over 95 countries. Exchange companies can often provide their members with associated services - flights, car rental, insurance etc - at competitive prices.
The popularity of exchange has led to a new product offer, where consumers buy points instead of time in a particular resort. These points then act as a holiday currency. Each time the consumer wants to take a holiday, they choose the size of apartment, duration and location they want and pay accordingly from their allocation of points. With some companies points can also be used for the purchase of air fares, car hire and other travel related products.
All the benefits of a holiday home without the year round costs!
The Benefits of Timeshare
How it Works