Many people are persuaded to purchase timeshares and then regret doing so. While the average age of people that own United States’ timeshares are 46.8 years old, seniors often purchase them to enjoy a vacation away from home. Recent figures show that three percent of all households within this country have at least one timeshare. While 25% of these are located in Florida, 1,547 located throughout the United States.

While the price of a new timeshare within the United States averages $20,040.00, others cost considerably more. This is particularly the case when timeshare owners upgrade their existing timeshare. In some cases, this may be due to wanting a nicer space in the development. Another type of upgrade includes increasing the frequency with which they have access to their timeshare. Given this, along with timeshare maintenance fees, it’s not surprising that this is a $70 billion dollar industry.

There are a variety of reasons why timeshare owners may regret their purchases. As previously mentioned, the operative term here is “persuaded.” Many timeshare developers may not divulge, or clearly explain, all of the nuances of a timeshare contract. While a new timeshare owner may believe they understand the contractual details, they may not ask enough questions or review the contracts in sufficient detail.

Another reason why timeshare owners may want to learn how to get out of a timeshare contract is due to the high maintenance fees. Since it’s not unusual for these fees to increase over time, some owners may search for a way to obtain a timeshare cancellation. According to a 2016 survey, for example, “too high” maintenance fees were the reason 66% of timeshare owners wanted to get out of a timeshare contract. It’s not surprising to note that 46% of the survey participants cited these fees as their “most important” reason for wanting a timeshare cancellation.

An industry study was conducted by Ernst and Young. The results showed that financial hardship is another reason why people are focused on getting out of a timeshare contract. Furthermore, the study also showed that 56% of the properties that reverted to their developers, which is also referred to as a “reclaimed timeshare,” were due to foreclosures.

Since you want to legally get out of your contract, it’s important to schedule a consultation with a timeshare attorney. Since these professionals understand the nuances of this area of the law, they have the ability and experience to provide you with options. One of these options may be a timeshare cancellation. In the event that you’re facing foreclosure, a timeshare attorney can also provide you with counsel on how to proceed under these circumstances.