Looking to invest in a timeshare in 2017? Here are three reasons why reconsidering that decision could stand save you thousands of pounds – and thousands more hours of worry and stress.
- What’s in a Name?
To answer the question of ‘what’s in a name?’ when referring to timesharing, the unequivocal answer is: unfortunately, not much.
Despite the fact that timeshares are still to this day sold as ‘investments’ and buyers are often referred to as ‘investors’, the reality is that timesharing provides no real or actual investment potential – at least not financially. In fact, and as reiterated by the independent experts at the Timeshare Consumer Association: timeshares do not appreciate like a normal property would’.
Worse, timeshare are the perfect example of a depreciating asset, not least because in most cases buyers are not in fact buying a stake of a property at all, but the stake of a property lease. Because leases wind down over time, this is the primary reason why so too does the value of that initially costly timeshare. It is not the only reason timeshares provide no real or actual investment potential though.
To read the full article in which the Timeshare Consumer Association discuss the reality behind the misnomer ‘timeshare investment’ and expose it as such, refer to their article: Why I’ll Never Buy a Timeshare. Meanwhile, to learn more about why timeshares depreciate in value rather than accrue it, read on; the lack of investment potential timeshares hold is, after all, only the tip of what often proves a very large iceberg, and one that stands to leave many of those looking to buy one with very cold feet –or should.
- Timesharing is So Passé
When timesharing was first devised way back in the swinging 60’s, millions of Brits fell swiftly in love with the idea – not least because timesharing provided lower middle class and less affluent families with a means of taking their summer vacations abroad. Hence, the timeshare model bloomed into an industry in its own right, and in no small part due to the fact that in post-war Britain owning one’s very own holiday home was seen as one of the ultimate status must-haves for middle class Brits aiming to impress and enter a higher social class, even if financially this was beyond their means.
Fast forward to 2017 and things have yet again changed, and in an equally big way; the long standing desire to holiday in the same locations and leave the UK in order to consider a holiday a ‘proper’ holiday are over, as attested by the destination to feature as part of this year’s ABTA Travel Trends which include destinations and locations such as Chile, South Africa and Vietnam. With this trend to holiday in the same location dying so too is the trend to own one’s own holiday property, of course.
People in 2017 want and covert freedom over the security and status once afforded them by owning property or a timeshare abroad; social media and the trend of taking selfies in new countries and cultures as well as photograph and online scrap book exotic foods are today driving millions to seek out holidaying opportunities in more far flung destinations than ever before. Consequently, timesharing has not only fallen from favour rather spectacularly due to the storm of bad press and its all but ruined reputation in 2017; the model, unlike that of the package holiday, has failed entirely to provide modern holiday makers with a means of realising their holidaying dreams in the current age.
Whilst the shock many Brits felt after the initial Brexit votes were tallied and it was confirmed that Britain would indeed be withdrawing its membership for the European Union has subsided, with Article 50 set to be triggered by April 2017, once again the tension for holiday makers is high.
As discussed in depth via the Express Newspaper website article: Brexit, the holiday rules: Government’s guide for Brits travelling to Europe, with no idea exactly what will result from negotiations concerning Article 50 yet known, this places Brits hoping to holiday abroad in a uniquely ominous position, at least for now. Then, those who own property in Continental Europe and those who own timeshares are consequently more nervous and experiencing more anticipation than most.
This means that the status quo provides reason enough to stall on purchasing a timeshare. But regardless of the outcome of Article 50 being triggered, the fact that Britain is undeniably out of the EU is none the less a very strong argument for rethinking that decision to purchase a timeshare.
For the next few years, at the very least, the British people face uncertainty over exchange rates and cannot be sure yet how the process of travelling abroad will change for them – never mind what this will mean for timeshare owners. Suffice to say, with timeshares already selling for less than ever before, Brexit isn’t likely to only make enjoying a timeshare more difficult, but selling or exiting one as well.