For many years, one of the most cost-effective ways to enjoy a week or two in the sun was to invest in a timeshare, however, things have changed.
Timeshare exit experts TESS told us that, “In recent years, timeshares have become tainted by increasing extra fees, massive depreciation of properties and unfortunately a number of high profile scams. All of these things make timeshares a much less attractive investment.”
So, if timeshares are no longer the great holiday solution they once were, what other options are there? Thankfully, there’s a number of cost-effective and enjoyable alternatives, and here are three of the best.
For those that thoroughly enjoy a staycation, a holiday lodge could be the answer. Holiday lodges are properties which you can buy outright, which is much better than a timeshare, as you’ll be able to spend as much time in it as you like, whereas the average timeshare will only allow you one or two weeks per annum.
The modern holiday lodge is a world away from those tacky Butlins chalets or creaky caravans. They have contemporary and stylish furnishings and all the mod cons that you’d possibly need on any break.
Unlike a timeshare which you’ll likely never make the money back on, you can rent out your holiday lodge on dates you plan not to be in it yourself!
Depending on the quality, size and location of your lodge, you could charge anything up to £2,000 for a week or two stay, so it could prove to be a tidy little earner on the side.
There is a great freedom to them because you can pretty much visit whenever you like, as long as you don’t intend to make it your permanent residence because this isn’t possible.
Sell My Lodge say that most holiday lodges only have a holiday licence, so the maximum time you could live in or rent it out would be 10 or 11 months.
Another alternative which has really developed in recent years is the package holiday. One straight-forward payment books your flights, connections and hotel, meaning the only thing you need to worry about is remembering your passport.
The days of walking into your high street travel agent are long gone, with so many more great deals available online.
As well as the traditional travel agents like Thomson and Thomas Cook, there’s now a number of other great websites offering competitive prices and a wide range of locations.
Sites like Last Minute, Travel Zoo and On the Beach are great for last minute deals, which are well worth checking out as you can come away with a really great package holiday at a fraction of its original price.
One of the biggest problems with the timeshare industry in recent years is the resale market. Because timeshares depreciate so quickly, by the time anyone comes to selling their share on to someone else, it is virtually worth nothing. Read more on the Washington Post.
This, unfortunately, leaves plenty of people trapped in a timeshare deal, searching for a better offer which may or may not ever come.
However, because of this, there are holiday opportunities to be had. To earn a little as they await offers, timeshare owners often rent out their property at very reasonable prices.
Renting a timeshare is a great alternative to actually investing in one because you get all the enjoyment of a quality timeshare without any of the financial difficulties.