Estate and mortgageTimeshare Owners Still Tripping
The travel industry can take a cue from time share owners who haven"t been put off by world events.
People who travel to timeshare properties haven"t contributed to the downturn in travel since terrorism has become a household word.
Time shares are considered an important segment of the growing second home market.
According to a recent American Resort Development Association (ARDA) report, 91 percent of time share owners will continue to travel over the coming year in spite of war time circumstances, while only three percent state that they will not travel at all.
A time share, also known as a vacation purchase, is typically a purchase of fully furnished accommodations (perhaps a condo, townhome, villa or other property) -- rather than a realty property purchase -- to be used for a period of time each year. Timeshares are sold for a percentage of the full cost of ownership and are not deeded as property ownerships. Financed by consumer loans of five to ten years, the purchase buys a forever-vacation at the purchase resort or exchange location or a vacation for a predetermined number of years. Owners share both the use and the costs of upkeep of their unit and the common grounds of the resort property.
The ARDA says there are 1,571 timeshare resorts in the U.S., up from 1,204 in 1997. January 1997, when 1,204 were identified. Consumers own more than 130,000 timeshares nationwide with Florida, California and South Carolina the leading states.
Before the recent travel-after-terrorism study, the ARDA said 86.8 percent of time share owners use their timeshare at the home resort or exchange them for travel elsewhere while 6 percent offer them for free to family and friends or for rent and 6.5 percent of timeshare weeks went unused with 0.7 percent unaccounted for.
ARDA"s travel-after-terrorism survey also found:
51 percent indicate that the military action in Iraq will have no impact on their travel plans for the next year, while only 20 percent indicate that it will have a strong impact.
78 percent indicate that they will continue to travel by air, while only 6 percent state that they will not.
43 percent said that they are more likely to travel to destinations closer to home, while 21 percent are no more likely to travel to destinations closer to home.
24 percent said that they are more likely to travel by car to a destination they would have flown to in the past, while 39 percent are no more likely to do so.
41 percent said that they will fly domestically, but not internationally, while one in four 23 percent state that nothing has changed.
The survey indicates timeshare owners remain dedicated travelers. Eighty percent of timeshare owners say their vacations are much more consistent since they purchased a timeshare.