Timeshare is one of those words today that tends to have certain negative connotations. Currently, it gains so much popularity due to reported scams and a number of disadvantages where several owners are trying to get out of their timeshare contracts. But currently, there is another term that many people used to intertwine with the word timeshare, the holiday club. Generally, what the people perceive of timeshare may also affect their impression on holiday clubs. So, what is really the difference between the two?
A timeshare agreement is defined as buying the right to spend a set period in a holiday property each year for three years or more. On the other hand, holiday clubs are schemes where consumers buy the right to have a holiday in one of the company’s properties for an indefinite number of years. These schemes are almost similar to timeshare but you don’t buy the right to stay anywhere in particular, just somewhere.
The boundaries between the two are quite unclear. But you’ve probably bought a conventional timeshare agreement if your contract includes an apartment number or size, a number or colour for the week of your stay, and a period of time longer than three years. Moreover, if your contract includes the number of points or weeks, or an apartment size, and if the agreement lasts for more than three years, then you have bought a timeshare points system. If your contact doesn’t include either of the above, probably you’ve bought into a holiday club, not a timeshare.
Either it is a timeshare or a holiday club, remember that owning one is quite a serious decision that requires adequate evaluation. Take note that currently many owners are trying to get rid of their timeshares while some even hire a timeshare transfer company such as the Transfer Smart just to get rid of such property.