Every industry experiences changing trends, often dictated by economic factors, consumer spending habits and the slow generational changing of the guard. The timeshare industry is no different, and certainly isn’t immutable when it comes to the inevitability of change. The question is how evolving trends within the industry affect you, the timeshare owner.
If you made a calculated maneuver in purchasing your timeshare, you’re likely accustomed to taking a methodical approach to how you spend money in general. It may be helpful, then, to consider how owning your property will be impacted by the shifting industry landscape. Do you hold onto your timeshare or let it go? Will you purchase a new resort property or try your hand at a new venture? Reviewing the current trends won’t answer all your questions, but may offer some insight into how you make your next move.
Heightened Government Regulation
Timeshare sales as well as timeshare exit companies have fallen under scrutiny by government agencies such as the Federal Trade Commission and state attorneys general, not to mention consumer protection agencies. Rightfully so. Property owners and people new to the industry deserve and should expect safety in their purchases, as well as a clear understanding of the terms of their timeshare agreements. However, slowly increased annual fees, coupled with a flooded resale market, can make owning a timeshare seem like a no-win situation. While government regulation may become stricter in the coming years, the decision of whether to hold onto your timeshare will likely be influenced by a host of other factors.
Forces of Nature
Regardless of where your resort property is geographically, you likely experience the inescapable effects of nature. The issues your timeshare is faced with may be as moderate as heavy rains or high winds, or as violent as hurricanes, severe flooding or massive fires. The end result of any act of nature, though, can be measured in dollars and cents. If you haven’t already experienced increased costs from your resort to compensate for the impact of weather, count yourself lucky. Special assessment fees are not uncommon when timeshare properties sustain damage – particularly on a repeat basis. And with weather patterns becoming apparently more erratic year over year, your decision to keep your timeshare may be one of practical awareness.
Age Isn’t Just a Number
While resorts want to attract as diverse of a client base as possible, the fact is that the median age of a timeshare owner is around 50. One reason for this may come down to a marketing gap, or less perceived value of timeshares by younger consumers. Further complicating the issue is the fact that options for short-term vacations have expanded, with services such as Airbnb offering rooms with no stringent contract. Will the younger generation see the value in timeshare ownership (and be willing to pay the associated fees), when they have the ability to try a new property on every trip, with no long-term commitment?
Taking a hard look at the value of your timeshare isn’t a futile endeavor, particularly when you consider how changing patterns in the resort industry affect you and your money. Are you getting everything you want from your timeshare? Do you see a future in keeping your property, or passing it down to family members when you’re gone? Will your heirs find value in your timeshare interval, or will they be burdened by the costs of maintaining your property?
These are all valid questions and necessary when you have an eye on the future. If you would like to learn more about your options for your property, or you’re considering a timeshare exit, contact Celebration Resort Relief. A quick, no-cost consultation may help you decide if you’re properly investing in your future, or you’re merely hoping that the timeshare trends will turn in your favor.