A few weeks of vacation in a specially reserved apartment that sounds better than it is. Most people dig deep into their pockets for long-term vacation rights based on timesharing.
Timesharing – what is it actually?
Timesharing sells the right to be able to live in a fully equipped apartment in a holiday complex or hotel for a certain period of the year while on vacation. This vacation right is contractually transferred for a period of at least more than one year to 99 years or an unlimited period.
At the start of the contract, the holidaymaker pays a one-off amount which, depending on the term of the contract and depending on the season, can be between $2,500 and $25,000, but can sometimes be higher. Did you know that you can cancel the contract and get your Timeshare Money Back?
How do you get out of the contract?
The provisions on part-time housing rights contracts intend to protect against the pitfalls of timesharing. They apply to part-time residential rights contracts, contracts for long-term holiday products and agency, and exchange system contracts.
Long-term holiday products are discounts or other discounts for accommodation that consumers should receive against payment of a total price. For example, so-called memberships in holiday clubs. Also included are usage rights to mobile accommodation for overnight stays, such as mobile homes or houseboats.
Timesharing – financially advantageous?
In our view, timesharing entails considerable financial risks and disadvantages. In principle, it cannot, therefore, be regarded as a cheap alternative to a package tour or other forms of vacation.
On the one hand, the prices requested per week bought are in our opinion too high in many cases. Even if the seller goes down by a few thousand dollars and speaks of a “one-time offer”, timesharing is still very expensive.
Also, unlike other forms of vacation, such as a package tour, you have to pay the right to live for years in advance. This purchase price, if invested cheaply, would bring interest gains that you will now lose.
On the other hand, timesharing is also a costly holiday alternative in the long term. In addition to the purchase price of several thousand dollars, you also have to pay for travel and meals each year.
According to the time-sharing industry, time-sharing holidaymakers also spend around 20 percent more on restaurants, excursions, and shopping than hotel guests and other tourists.
Furthermore, your wallet will charge with additional costs of approx. $80 to $200 or more per holiday week, which should use for the maintenance, repair, and administration of the system.
You also have to pay these amounts if you want to go somewhere else. The ancillary costs cannot calculate in the long term, but usually increase from year to year.
With older systems, expensive renovations are also necessary over time. The maintenance reserves are often not sufficient for this. So, you will be asked to check out again, without you often being able to actually influence the object management.
According to us, you should cancel your contract as early as possible and get your Timeshare Money Back.