Timeshare news continues to be an essential industry source for consumers, owners, resorts, lenders and attorneys. Keeping up with the latest trends and developments is important for those looking to make informed decisions in a fast-changing market.
The Timeshare Industry is Rebounding
Despite the rise of booking apps in hotels and vacation rentals, the timeshare market still holds a lot of appeal for some travelers. While it has remained a popular option for Baby Boomers and Generation Xs, the market is now seeing increased demand from Millennials and Gen Zs.
While timeshares can be expensive, there are also ways to save money by avoiding fees and hidden costs. One way to do this is by negotiating with the developer of your timeshare. Some developers will offer to take or buy back your property at a reduced price if you let them know that you want to sell it.
In addition, many of these companies are putting in place new fees and rules to help protect owners from escalating costs. Those fees and rules could include an increase in assessments that owners must pay when their property needs upgrades or repairs. These fees can add up to thousands of dollars a year, depending on the resort and your contract.
Another way to protect yourself is to stay abreast of the latest scams and pitfalls. Consumers can find useful tips and advice from groups such as Timeshare Users Group, Redweek and even Facebook groups whose members all own timeshare from the same developer.
Timeshare Owners Remain Positive
Almost 8 out of 10 timeshare owners continue to use their properties and enjoy them. This is a good sign for the industry.
The Timeshare Industry is Rebounding
Although the timeshare industry has been hit hard by the COVID-19 pandemic, it continues to thrive and is expected to grow in 2021 with an estimated $58 million in transactions. This is the highest annual transaction total in history for the timeshare industry.
While many people see timeshares as a hassle, the industry is undergoing a renaissance in popularity among Millennials and Gen Zs. The timeshare industry is retooling itself to cater to those who want a flexible travel plan and convenient reservation system.
These changes may help to reduce costs for timeshare owners, especially when the economy gets rocky. While the recession is a possibility, it is unlikely to cause significant declines in timeshare sales or rates for the foreseeable future, according to analysts.
This is because the industry has developed new programs to provide value to customers. For example, a revamped point-based system will help to increase travel flexibility for members and renters.
The company is also partnering with Fleetwood Enterprises to develop the Fleetwood Vacation Club, which will allow owners to access high-end Class A diesel and Class C gas motor coaches for rental or purchase.
Some analysts say that this new product will allow more frequent travel for timeshare owners who can’t afford to take a long, costly vacation or who want to experience different destinations.
