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7 Top Reasons Why People Want to Exit Their Timeshare Contract
Reputable lawyers present the “Top Reasons Why People Want to Exit Their Timeshare Contract.” Contact the Timeshare Defense Attorneys for more resources.
Why Do People Want to Get Rid of Their Timeshares?
Initially, owning a timeshare always seems like a great idea. What’s not to love about having a prepaid vacation property waiting for you and your family every time you get a break from work each year? Actual ownership of the timeshare property reveals there is a lot not to love, including hidden costs and inconveniences. But by the time one realizes it, it is usually too late.
So many people want to get rid of their timeshare but struggle with doing so. The truth is that timeshares are notoriously easier to get into than exit. The question is, why do so many people want to exit their timeshare contract, and why is it hard to do so?
Reasons Why People Want to Get Rid of Their Timeshares
Timeshare Maintenance Fees and Other Associated Costs
When entering an agreement with timeshare companies, owners are seldom informed of the ever-rising maintenance fees. Meanwhile, property upkeep is one of the most significant responsibilities of owning a timeshare. These fees usually increase because the older a property is, the more maintenance it needs structurally.
Factors like inflation also affect the fees. And this is in addition to one-time fees for unforeseen significant repairs that may occasionally need to be carried out.
There are also associated property taxes and insurance fees to pay. In the end, most timeshare owners decide the expenses far outweigh the benefit they derive from the property.
Boredom
A timeshare owner may get bored of going to the same place for vacation every year if they own a fixed week-based timeshare. A fixed timeshare purchase gives you little flexibility in your travel plans. Chances are that the resort that once looked surreal in your eyes will lose its charm once you’ve gone there a few dozen times with your family.
Covid-19
Many post-covid factors have made vacation ownership a luxury many cannot afford. From inflation to loss of income and social distancing/quarantining, some cannot afford the costs associated with maintaining their timeshare. Others are no longer comfortable with the idea of shared property ownership.
Lack of Use
Some buy a timeshare thinking they would have a particular period free for vacation every year. But things don’t always go as planned, and they might find that they have only used the property once in five years.
Furthermore, the value of timeshares rarely appreciates, and their resale value is generally low. Thus, timeshare ownership ends up being a money-draining liability. Instead of keeping it, many choose to get rid of it and cut their losses.
No Longer Suits Your Needs
Another common reason people want to get rid of their timeshare is that their situation has evolved, and the space is no longer fit for them. If a person buys a timeshare in a large resort because they have a large family, it may become useless to them when their children are all grown up and have left home.
Sudden Realization
Many don’t read the fine print of their timeshare agreement before signing it as they are pressured into the contract by marketers. However, they often realize they are paying more than the timeshare property’s worth after getting into it. Or that they do not have the financial means to sustain loan repayment.
Upon having these realizations, people hurry to get out of the agreement just as fast as they got into it. One can do this by contacting the timeshare company before the rescission period ends. But sometimes, timeshare owners come to this realization too late.
In such cases, you may wonder how timeshare defense attorneys can help. Dedicated timeshare attorneys can analyze your contracts and exploit loopholes to your advantage. They may also be able to sue on your behalf for unfair or unlawful contract terms. Furthermore, they can advise you on other legal ways to eliminate a timeshare without any tax or credit implications.
Why Are Timeshares So Hard to Get Out of?
Timeshare resort companies are after your money. The timeshare industry profits by keeping owners paying maintenance fees perpetually or for as long as possible. Therefore, their agreements are usually one-sided, making it difficult for the owner to get rid of the property.
Unfortunately, many owners don’t consult timeshare attorneys before signing these contracts. Many may not have had an opportunity to do so as they sign the contract on the spot after some aggressive marketing or sales pitch by a determined sales representative.
The contract may specify a hefty one-time payment as a requirement to exit the timeshare. It may also have terms that make returning the property a headache. For example, owners may be required to show proof of financial hardship. They may also insist that they upgrade their timeshare before getting out of it.
Once you are roped into buying a timeshare, you will have to continue paying fees until the company decides to let you out of your contract or you secure a legal judgment against them. This is why timeshares are notoriously hard to exit.
Getting Rid of a Timeshare: Why You Need a Timeshare Lawyer
Consider hiring a timeshare exit company if you are desperate to exit your timeshare. But most are scams looking to take advantage of desperate timeshare owners. An attorney is typically in the most appropriate position to help you get out of a timeshare contract.
At Timeshare Defense Attorneys, our experienced lawyers offer timeshare cancellation services and can help you with your vacation home-turned-nightmare situation. We have a track record of successful cases to prove our competence, so do not hesitate to reach out for a free consultation with a timeshare attorney in Florida today! Fill out our timeshare exit form and one of out friendly consultants will get back to you.
