Timeshare News – Don’t Get Ripped Off by Timeshare Salespeople
Timeshare news is a daily source of information on the latest developments and innovations in the timeshare industry. It includes important information for both owners and the companies that offer them. It also includes important news about the business of buying and selling timeshares, including tips on how to avoid getting ripped off by timeshare salespeople.
Despite the recent news of timeshare fraud and scams, timeshares are still a popular way to travel and relax. They offer flexibility for travelers who are working remotely or who want to have a home away from home during vacations.
The industry is also gaining popularity with Millennials and Generation Z. According to a recent survey, they make up half of the world’s timeshare owners.
More than 10 million Americans own a timeshare, a type of vacation ownership plan that gives people the right to stay at a certain resort for a specific period of time every year. Oftentimes, timeshare contracts come with fees that can be difficult to afford for some consumers.
This is why it’s critical to read the fine print before signing a contract. Ask for the cost of annual dues per vacation point, not just the base price, and be sure to cross-check that with what you might typically spend on an annual vacation.
In addition, you should ask about fees and taxes that are included in your purchase price. Those can add up quickly and become a significant burden on a budget.
Some timeshares require that you pay a special assessment if you want to have your property upgraded or repaired, which can also become an unaffordable expense. The higher the assessment, the less you’ll be able to afford your vacations and the less likely the resort is to remain in good condition.
Another problem with timeshares is that they can be very expensive to maintain. Aside from paying for the annual vacations, owners also have to pay for any damages or repairs that the resort incurs and if there are any other maintenance issues, they must pay to fix them as well.
Fortunately, some timeshares have built-in protections against this kind of financial risk. For example, the Disney Vacation Club (DVC) has a “resort quality rating” system that lets you know whether a resort is in good shape or not, and how much it might cost to get it back up to par.
A timeshare owner can also buy other types of timeshares, such as fractional or deeded shares, that allow them to share in the ownership of a larger percentage of a resort’s total property. These are less expensive than a timeshare, but may be harder to afford and can become more expensive over the years.
The timeshare renaissance is happening because of new innovations and upgrades, especially in the area of technology. Some companies are updating their systems to help people with timeshares plan their trips, arrange payments and even book their trips online.
The industry is also benefiting from a strong economy. Some of the biggest timeshare developers have seen marked increases in sales this year as they recover from a standstill in Q2. They continue to see resiliency from drive-to markets like Orlando and Las Vegas. They also have a solid customer base and a growing number of members and renters that are loyal to their brand.
