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Although there are millions of contented timeshare owners throughout the world, the timeshare industry has certainly had a chequered history. On the one hand there is the promise of golden weeks in the sun or on the slopes at a fraction of the cost of buying your own property. On the other hand we hear all too often about the activities of the unscrupulous.
If you are considering buying a timeshare property, our advice is:
Lastly, do not think that a timeshare bought is necessarily a 'forever' thing. Most are owned by the timeshare owners as a shareholders using a company vehicle. If the other shareholders get together and decide to sell the property (as happened to timeshare owners in Chamonix, France, in 2008), your timeshare will be replaced by whatever you get out of the liquidation of the timeshare company. In the case of the Chamonix property, it was a failed sale to a developer, followed by redevelopment of the flats - after being empty for three years - which were sold as individual properties. The timeshare owners were left carrying the ongoing costs for a property they could no longer use until the winding-up of the timeshare company was completed in 2012.
The timeshare industry has spawned some of the most aggressive and high pressure sales techniques anywhere and holidaymakers can be an easy target for commission driven touts. The old adage is often true - those who act in haste repent at leisure. |
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