A lot of people have negative conceptions about timeshares. After all, timeshare companies are notorious for manipulating people into buying what they have to offer. However, a timeshare does not necessarily have to be a bad thing. If you really enjoy going on vacation to a certain area, you might want to buy a timeshare, so that you have your housing all taken care of for a certain time every year when you are going to be going to that area. It really depends on whether you need the timeshare or not, but if you do, it can be very useful.
If you do not have a lot of experience with timeshares, there are many questions that you might have about the entire topic. For example, you might wonder, what exactly is a timeshare exit? How much do affordable timeshare rentals generally cost? Where can I find the best affordable vacation timeshare rentals? Are there any available timeshares in my area? What is the best place to buy timeshare resales? Generally, you will be able to find the answers to these questions online if you do the appropriate research. You can also call timeshare companies and see what their representatives have to say on the topic.
There are over 1,500 timeshare resorts in the country and just over nine million households have a type of shared vacation ownership product, according to the U.S. Shared Vacation Ownership Consolidated Owner’s Report, released in 2016. Unfortunately, around 85% of those who buy a timeshare end up regretting it. Some of their top reasons for regret are money, fear, confusion, intimidation, and distrust — either at the time of purchase or since purchasing. Some timeshares target seniors or are just scams altogether. However, getting out of a timeshare can be much more difficult than anticipated, thanks to ruthless contracts and the legal proceedings that go into purchasing the timeshare in the first place. You’re going to want to seek out timeshare cancellation attorneys who can assist you in this endeavor.
What Is a Timeshare?
A timeshare is a type of set-up where several people have joint ownership of one piece of property and have the right to use it as a vacation home during times that they arrange with the others. It’s appealing to many people who perhaps frequent a certain vacation destination often and would like to have their own piece of property there — but worry about it sitting vacant for long periods of time or who can’t afford to make that kind of financial commitment.
With a timeshare, the financial burden is split, taking some of the pressure off each individual owner. Furthermore, a timeshare can offer other amenities and comforts when compared to a hotel and timeshare resorts can offer even more. However, if you purchase a timeshare, there’s also the chance you’ll have to pay exorbitant fees and other costs to maintain it.
Indeed, a survey from 2016 showed that over 65% of timeshare owners who wanted to leave their contract said the main reason was the “too high” maintenance fees and almost half said that was their top reason for leaving.
Divvying up time among your fellow timeshare owners can also be tricky — especially if there’s one or two particular weekends in demand — and combining tastes and style of decor can often also be a smaller, but still sticky issue.
How Do I Go About Getting Rid of a Timeshare?
If you purchase a timeshare and realize immediately that this is not something you want to do, you need to find out if you’re still within the cancellation period, which should be stated in the timeshare contract you signed. You’ll need to write a letter to the timeshare company, stating that you want out. If the cancellation period is already past, then it’s time to look into timeshare cancellation attorneys for assistance.
You may also be able to sell the timeshare or rent it out to others permanently, so you don’t have to cancel your contract. You’ll need to speak to a real estate agent and find out if it’s marketable or not. There’s also the option of terminating the contract entirely — but it’s advised that you have an attorney on hand for all the options you take, so that all your bases are covered. If you were coerced or pressured into purchasing a timeshare, it’s also good to have an attorney on hand, to help protect your interests and advise you.
How Can Timeshare Cancellation Attorneys Help Me?
As mentioned above, timeshare cancellation attorneys can assist with navigating all the contracts and paperwork involved in cancelling a timeshare. They’ll walk you through the steps of legally getting out of your timeshare contract.
Sometimes timeshare companies can get aggressive or will try to be non-compliant, making it more difficult to get out of a timeshare contract. With an attorney on your side, the process may be much simpler.
If push comes to shove, an attorney can even help you sue the timeshare company if they won’t comply, but ultimately, retaining a timeshare attorney can help you get rid of it entirely.
Be careful when dealing with timeshares. If you’re looking to get out of a timeshare contract, make sure you discuss with an attorney who specializes in timeshares. More on this.