The Which? report on holiday clubs is out now. It reveals these clubs have been peddling rip-off timeshare deals to UK holidaymakers. If you're interested in holiday properties overseas, consider this advice...           

1. Profit from second-hand timeshares - approach the Timeshare Consumers' Association (0901 607 0077, www.timeshare.org.uk) for guidance and contacts. The recent Which? scare story has led to more timeshare owners deciding to sell up. As many as 90% of timeshare owners want to sell on their timeshares. And just as many timeshare companies do not want to buy these back. There is relatively little resale potential in most unwanted timeshares. That's because supply exceeds demand especially in former hotspots such as the Spanish Costas. In some cases, you can buy a second-hand timeshare for little more than the cost of taking over the original owner's maintenance contract. Some timeshare owners, especially those who have lost their job and/or separated or divorced, simply want to offload an expensive commitment they can no longer afford. Do the sums though, comparing what you are paying for the timeshare (including maintenance costs, flights there and back etc)  with what you would spend on holidays. It may be cheaper (and more flexible) simply to book package holidays as and when you want them!         

2. Think about leaseback schemes. You will see plenty of ads for these in the travel pages of the daily and Sunday newspapers. They are especially popular in France and other mature markets. The idea is that you buy a property from the developer at less than its true market value; say, 70% for example.  You stay in the property for so many weeks a year; typically six spread out across the seasons. You then leaseback the property to the developer who lets it out to other holiday-makers for the remaining weeks of the year. There are various tips and tactics. If you are buying, you'll get the best deal by investing at the off-plan stage, before anything is built. The key is to do the maths again. Talk to local agents, view other properties etc to assess the true value of the property. The developer's valuation and an independent valuation may differ; often by the value of the 'discount'. Research to assess what the property will be worth at the end of the leaseback period; talk to others who have invested earlier in particular. 

3. Avoid new timeshares.  The bottom line is that new timeshares simply do not stack up financially when you do the number-crunching. New timeshares are only profitable for the companies selling them. I looked at an apartment on the Costa del Sol a while ago - the figures I was given summed up the 'typical' costs of a new timeshare. A week's timeshare was 2m pesetas. The cost of the apartment  if you bought it outright was little more than about 15m pesetas. If the company sold 30 timeshares (which they could probably do at that time), they'd be generating 60 million pesetas; a hefty profit of a property worth only 25% of that.  What's more, the company behind the timeshare also added on various other management and administration charges at about 30,000 pesetas a week.  Clearly, the timeshare company profits most. From the would-be buyer's viewpoint, you need to consider if the cost of a holiday to the same type of property at the same time each year will work out cheaper. It will, especially if you book early or late and get the best deals.           

4. Consider holiday property bonds. You should see lots of ads for these in those travel pages of the national press. Holiday bonds simply take in money from lots of holiday investors. They then buy into various properties which their members can use for holidays. These holiday bonds offer holiday opportunities in both mature and emerging markets. What you do is to invest in a holiday bond which gives you points based on the sum you have invested in it. The minimum investment might be anything from £2,000 to £5,000.  You can then use your points to take holidays in a variety of holiday properties. Each holiday property will be available for a certain number of points depending on its location, size, facilities, and so on. All you will normally pay above and beyond your investment is service charges for the costs of cleaning the property etc during your stay.  Again, you need to do your sums - what you'll pay upfront, what you'll get, how those 'prices' will compare with straightforward holidays, and so on.   

5. Get the best holiday prices - book very early or very late. When you are looking at any of these deals, always compare them to the cost of ordinary holidays. It is often cheaper just to holiday as and when and where you want!  For flights, Opodo is a good place to start searching. Go to the home page at www.opodo.co.uk and fill out the flight search form on the left of the home page. CheapFlights at www.cheapflights.co.uk is another useful site, comparing prices on various cheap flights and last minute deals. One other web site that's worth checking out is the EasyValue one at www.easyvalue.com. For hotels, LastMinute at www.lastminute.com is the one that everyone goes to first. Try Late Rooms at www.laterooms.com. This is a bigger site, with lots of choice. Hoteldiscount!com is another. You will find this at www.hoteldiscount.com. It's especially good for major European cities and North America too. For the US, try www.gothotel.com which is a national hotel directory for the country. If you are looking off the beaten track a little, try www.wotif.com