A timeshare seems like a great deal. You can buy a vacation home or condo with someone else, splitting the cost while enjoying all the benefits. However, between strict usage policies and high fees, people quickly realize that timeshares are not worth the cost. They start to look for tips on how to get out of a timeshare purchase. Unfortunately, due to strict rules and the poor timeshare aftermarket, this can be more difficult than they anticipate. The timeshare business model is not meant to include reselling the timeshare and it is new owners who suffer for it.
If you want to get out of your timeshare, you need to be sure that everything is being done legally. Like all industries, timeshare cancellation scams are a thing. So make sure that you find a good timeshare appraisal service and that you are doing everything correctly and legally. Otherwise, not only will you be stuck with your timeshare, you’ll also likely find yourself with even more bills to pay. You might also have to get involved in the legal system, complicating your lif even more.
A timeshare is ownership in a condo or resort property, allowing you to use the space at certain times of the year and for certain periods of time, depending on what your ownership stake is. Timeshares are not as popular as they used to be, with about 3% of the population owning one. That could be due to the fact that timeshares tend to lose value and they are notoriously hard to get out of. If you want to sell your timeshare or attempt to get out of your timeshare agreement, you would benefit from the advice of timeshare attorneys.
Timeshares can be very tempting. The average timeshare costs a little over $20,000, so it is much more affordable than owning a vacation home or condo. However, it’s not as good of a deal as it may seem. Most timeshare arrangements only let you use the property a couple of times a year at most, and you usually are assigned one or two specific weeks or you have a specific month in which you can visit. Furthermore, timeshares can have high fees for maintenance and other things, which means you can easily spend $25,000 or more to maintain a property that you can only use a handful of days out of the year. On top of that, unlike property, which appreciates in value over time, timeshare contracts usually lose value.
It’s no surprise, then, that many people regret the purchase of a timeshare. A full 85% of people report regretting their timeshare purchase. So if you are one of those people, you may be asking, “how can I sell my timeshare?” It can be difficult. Even if you have fulfilled your contractual obligations, you are likely to have to take a loss to get it sold. If you still have a contract, getting rid of a timeshare can be very difficult. You can face steep penalties for reneging on your timeshare contract, for example. That’s why it can be important to consult timeshare attorneys, who may be able to find a loophole in your timeshare contract that will allow you to do a timeshare cancellation.
If you are considering buying into a timeshare regime, you should think long and hard about these potential disadvantages before making the leap and spending the money.