The timeshare industry continues to evolve as major names in hospitality continue to introduce innovative designs. In addition to the benefits of owning a timeshare, owners are also able to enjoy a variety of exciting destinations around the world. However, as the economy continues to struggle, many owners are beginning to wonder how they can get out of their timeshares. While it’s a good idea to consider the future of your timeshare, it’s important to take your time and do your research.
It’s estimated that one in three Americans owns a timeshare. If you’re interested in buying a timeshare, you’ll want to know the best sources for information. Consumers should also ask about the fine print in the contract. This is important because some companies promise that your contract will not be canceled. But, if you don’t understand the fine print, you may find yourself stuck with an expensive obligation.
The timeshare industry has been in the news lately for a number of reasons. One of the most significant is the recent merger of two of the largest vacation exchange companies. Previously, RCI and II had operated independently. Their merger has created a new holding company called Cendant Corp.
The merger has caused some concerns for investors. Marriott Vacations, for example, generates much of its revenue through financing. Due to high hotel rates, the company may be able to push prices higher. Similarly, Signature Resorts, which has a total of 175,000 timeshare owners, has a large number of owners in Europe.
Several of these owners have been targeted by fraudulent methods of sale. Many people have seen advertisements on social media and other online sources for these companies. These groups can be misleading to both the lender and developer, as well as the owner.
Another source of information for timeshare owners is the Timeshare Users Group, or TUG. This site offers tips, tricks, and advice on how to navigate the timeshare resale market. Also, there are forums on the site that cover a range of issues related to the industry. You can ask other members to review your contract or ask for a live zoom meeting with a member of the group.
A third, and perhaps more consumer-friendly, source for timeshare information is Redweek. They publish a daily newsletter that covers the latest in the vacation exchange industry. They also run a Facebook and Timeshare Users Group groups, as well as a user-generated forum.
The most popular type of ownership is a points-based model. Owners are given a certain number of points, which they can use at resorts. Depending on the type of ownership, these points can be used at different resorts. For example, a guest can use points from a Walt Disney World vacation to stay at a resort in the French Alps.
When purchasing a timeshare, make sure to ask about the resort’s surrender program. Once you have the money to pay for your annual dues, you can sell your timeshare or opt out of the contract.