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23 October 2005
Text copy from the article featuring Timeshare and Club
Bena Vista.
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BUYING Versus TIMESHARE ARE YOU BETTER OFF OWNING OR
SHARING IN SUN?
By Annie Jones
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IF you dream of owning a
property abroad but can't afford it, you can still enjoy your own little
piece of paradise - by investing in timeshare. Hard-sell salesmen
cold-calling or hanging around resorts with their bogus "free
holidays" and high-pressure sales techniques gave timeshare a bad
name when it was invented back in the early 1970s. Then there were the
problems of resorts that never got built, companies that disappeared
overnight, service charges that doubled.
But times have changed. Now
timeshare is respectable and sold according to a strict code of practice.
In Europe 1.4 million people own timeshares - and half a million of them
are British.
In fact it's now such a
respectable industry that swish hotel groups such as Marriott, Hyatt,
Hilton, Ramada, Sheraton and DeVere are exploring timeshare. Even Disney
has timeshare businesses.
The majority of resorts have
extensive leisure facilities including health clubs, swimming pools, golf
courses, restaurants and bars. You will pay an annual maintenance fee but
any increase cannot exceed the rate of inflation.
Just like any other property you
are free to sell your timeshare - and even leave it in your will. But,
unlike owning a property outright, if you fancy a week - or two -
somewhere else then you can simply trade your time.
RCI is the world's largest
timeshare exchange company. If a resort is affiliated to their network,
you can swap their timeshare with a similar timeshare at any one of their
3,700 affiliated resorts around the world.
"Owners are no longer tied
to the same week or the same resort," explains Preben Vestdam of RCI.
"For example, if you own a week in a resort in Scotland and you want
to go to Florida, you give that week to RCI - and then you take your pick.
You can also save unused points from one year to combine with the next for
an extra special trip. RCI has resorts from Antigua to Zimbabwe so there's
something for everyone."
Here we ask two couples - one
who opted for timeshare and the other who bought outright - what they
believe is best: |
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Spanish dream is par for
course
FINANCIAL adviser Jon Sullivan
and wife Jackie bought a week's timeshare at Bena Vista on Spain's Costa
del Sol seven years ago - and have never regretted it.
"We've got a three-bedroom
villa that sleeps eight," says John. "It cost us £1,500 for one
week a year, and it's ours forever. When we're too old to use it, we can
pass it on to our three children. I play golf so I use it for golf
holidays. I go there with friends for the week and we split the cost which
makes it a really cheap holiday." The couple - both 55 - joined RCI
as well and purchased a bonus week for around £200, so Jackie and the
other wives could go to Tenerife or Lanzarote while the boys played golf.
"The maintenance fee is £250
a year," says Jon. "And for that you get everything done. When
you turn up the house is clean and it's serviced while you're there. One
year the boiler blew up but I just reported it to the manager and it was
fixed the same day. We decided we wanted a property on the Costa del Sol,
mainly for the golf, but without the expensive initial outlay or the
hassle of ownership. Timeshare seemed the perfect solution - and it was.
I've never regretted buying our place - it's been a completely
trouble-free experience and has given us cheap holidays but with the same
quality every time."
CLUB Bena Vista is on the
outskirts of Estepona on the Costa Del Sol. Set in sub-tropical gardens,
the furnished villas and apartments have one, two or three bedrooms, with
lounge/diner, kitchen and bathroom. Two-bedroom apartments have a second
bathroom and all have a terrace or garden. Bena Vista boasts a wealth of
leisure facilities, including a championship golf course, two swimming
pools, bowls and tennis. Bars and restaurants border the resort and there
are banks, a supermarket and shops close by. Apartments cost from £995 to
£4,000 for a week plus annual service charge. Contact:
Brantridge Park Sales on 01444 473 800, www.timetravellers. co.uk
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Freedom in Fuerteventura
COMPANY director Andy Leonard
and his wife Lorraine enjoyed their first holiday on Fuerteventura in the
Canary Islands so much they went back and bought an apartment at the
pretty resort of Costa Caleta.
"We were looking for a
family holiday with our young daughters Charlotte and Hannah and the
travel agent told us about an offer at Fuerteventura,"says Andy, 37.
"We'd never even heard of the island before then but it turned out to
be a genuine bargain holiday and has to be one of the best investments we
ever made. We had a great break and I had a hunch that we would come back
and buy a holiday home on the island because it was so beautiful,
relaxing, unspoilt and relatively undiscovered." Three years ago they
did return and snapped up an off-plan apartment for £88,500. "I love
the freedom that owning our own place gives us," says Andy. "We
can go there whenever we want, friends can stay there - and there's the
option of renting it out. Capital growth - our apartment is now worth
around £120,000 - and the potential for rental income are two big pluses.
And if you buy a new property as we did, maintenance costs are very
low."
Andy and Lorraine, 37, have now set up their
own company (www.fuerteventura homes.co.uk) to share the island's charms
with fellow Brits. "We are now one of the few British-based firms
specialising in holiday property on the island," Andy says. |
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2 TO SHARE... ADVANTAGES
It's affordable - from around £1,000,
plus an annual service charge (£250- 300).
You know exactly when you're
going and what you're getting.
There are no maintenance
worries.
Annual service charges are
reasonable and shared.
You can swap your timeshare for
another almost anywhere in the world.
£1.5K LOS CLAVELES,
TENERIFE
APARTMENTS and villas have
floor-to-ceiling marble bathrooms. The golden beaches of Los Cristianos
are a 15-minute stroll away. A week's timeshare (in perpetuity) starts
from £1,495. Details: 01444 473800, www.timetravellers.co.uk
£7K GALAXIA CLUB, CRETE
THIS timeshare resort is in the
village of Panormos on the north coast of Crete. One week's timeshare for
30 years in a one-bed apartment costs just under £7,000. Details: Galaxia
Vacation Club (0030 210 614 6800)
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2 TO BUY... ADVANTAGES
You can holiday at your property
whenever you choose.
You have the option of renting
it out and making an income.
Your property is likely to
increase in value so you can make a profit when you sell.
Unless you choose to rent it
out, no-one else will be using the property when you're not there.
You could move or retire abroad
and live in your property full time.
£97K OASIS DEL SUR,
TENERIFE
THIS one-bed apartment is 10
minutes from Los Christianos beach and has excellent rental potential.
Details: Greenbox Properties (01670 528 258, www.greenbox.co.uk)
£107K ALMIRIDA,
CRETE
THIS two-bed, two-bath
maisonette has stunning views of Almirida beach and White Mountains.
Furniture, appliances and fittings included. Details:
www.estateagentscrete.com |
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