Timeshare news is an essential part of keeping up to date with the ever-changing industry. It provides important insight from top industry experts and is a valuable resource for any real estate or hospitality professional.
The industry has gone through several changes in recent years, but some of the most interesting are those related to its future and growth. The most notable changes are the rise of millennials and Generation Z owners as well as the introduction of revamped-point-based systems that provide more travel plan flexibility for members and renters.
As a result, timeshare ownership has become much more popular with these groups of people. For instance, a report released by the American Resort Development Association found that millennials and Generation Z owners represent 57% of all timeshare owners globally.
Despite this increase in popularity, timeshare sales are not always as easy as it sounds. Often, people who purchase a timeshare are pressured into making a decision without fully understanding the terms and conditions. Unlike owning real estate, timeshare owners have limited rights to modify their property and do not have the same ability to resell it.
Some consumers also struggle with understanding the difference between a timeshare and vacation ownership, or what their rights are in regards to cancelling their contracts. According to the FBI, “Timeshares are not a real estate investment.” They are not a right of way in which a person can change the ownership of a vacation home or a rental condo.
A timeshare is an agreement to pay a fee each year for the right to use a specific resort or vacation spot at a certain time of the year. This fee is used to fund improvements at the resort. In exchange, the owner gets a vacation each year at the resort for a set period of time.
It is a long-term commitment that can be difficult to break. It can also be expensive, so it is best to do your research before buying a timeshare.
Timeshares are not always easy to get out of, so it is important to have an experienced professional help you with your legal options. Many timeshare companies have legal teams available to assist you with your exit process. These attorneys can assist you with obtaining a court order for your release, a negotiated settlement from your timeshare company, and securing the return of your deed and other relevant documents.
Be sure to consult with an experienced real estate attorney before signing any paperwork, or any contract. They can advise you on what your rights are and how to avoid becoming a victim of a scam.
Ensure that the real estate attorney is licensed in your state or country of residence to avoid any unintended legal ramifications. In addition, be sure to check with the local Better Business Bureau to find out if there have been any complaints filed against that attorney.
Don’t fall prey to misleading timeshare exit companies!