You’re ushered into a room with the promise of a free lunch. Then you remember… there’s no such thing as a free lunch.
Then the sales pitch starts. It all seems above board, and you’re enjoying your yummy sandwiches. There’s a lot of information being thrown at you. The next thing you know, you’ve signed an agreement to buy a timeshare.
After all, it makes sense because you like to vacation, right? But the truth is, a lot of timeshare agreements are not designed with the buyer in mind. You might find that your timeshare has turned from an asset to a liability, so that’s why you should find the best timeshare cancellation company to help you.
Read on to learn more about timeshares, and how to choose a company that can help you walk away from a contract that’s not in your best interest.
Timeshare Agreements Can Be Misleading
Buying a timeshare might feel like an investment at first. It might make sense initially because you vacation in a specific place every year, and having a condo in that spot is ideal.
There are a few different timeshare arrangements. For example, you might have a shared deed, which means you own a portion of the property (with a bunch of other owners.)
You might have chosen this option because you believe that you’re making an investment, or you plan to pass it along to an heir. However, a timeshare is not a good investment. The initial costs of a timeshare can be well above $20,000, and there are annual maintenance fees (that can exceed $1,000) attached that you have to pay whether you use the property or not.
There’s also a shared lease option, which means you have no ownership. However, there’s usually an expiry date attached to this type of agreement, and you’ll still be paying those maintenance fees every year.
Also, keep in mind that a timeshare agreement often doesn’t include other expenses that come with travel. For example, you may have to factor in airfare, as well as food. It’s not usually the same as an all-inclusive resort.
Vacation Clubs Can Be a Hassle
Meanwhile, there are newer types of timeshare arrangements called “vacation clubs.” These are often run by large corporations, including hotel chains that have a lot of properties in their portfolio.
The idea is that you buy a certain number of points that you can use towards staying at a particular available property. However, the prime spots will require more points. If you don’t have enough points for the property you want to book, you might have to pay a cash difference.
You can also “trade-in” your points with a timeshare exchange. However, there’s no guarantee that you’ll be able to trade for the property you want, especially if it’s in a popular area. Be prepared to pay exchange fees that include a membership cost.
This is not to be confused with a timeshare transfer service, which can help you get out of any financial responsibilities attached to the title.
Depreciating Value
While real estate purchases typically appreciate in value, even during a difficult economy, the same cannot be said for timeshares.
In fact, a lot of the initial investment you make in a timeshare property actually goes toward marketing for the timeshare company (so they can host more meetings where they woo potential buyers with free stuff.)
That means if you’re expecting to be able to sell the property down the road, you might be disappointed. You can turn to a timeshare reseller, but you might end up only recovering a fraction of the money you put into it. Also, the government has warned against timeshare resellers that are fraudulent.
If you’re passing along the timeshare to a beneficiary, then you might actually be handing them a burden. They will still be responsible for the annual maintenance fees, and the developer may try to go after your estate for any outstanding fees.
Choosing the Best Timeshare Cancellation Company
Just like a timeshare company or a third-party reseller, you have to do your research to ensure you’re getting the best value for your money.
One of the red flags of a timeshare cancellation company is pressure tactics. You should only deal with a timeshare exit company that takes the time to explain all of your options. They may also outline some of the tactics that a timeshare company may use to keep you on board.
For example, a timeshare company may try to offer a “deal” that makes it difficult to walk away. They may also try to make you second-guess your decision through scare tactics.
Lawyers Can Be an Expensive Solution
Some people turn to litigation to try and get out of contracts they feel they have been misled in. However, lawyers can be expensive and not necessarily experts in breaking timeshare agreements.
In order to win a case against a timeshare company, you’ll need a lot of evidence on your side that something is not above board. It’s possible all of the details were included in your contract, which you didn’t read over properly when signing because you were under pressure.
The better option is to find an experienced company that specializes in helping clients walk away from timeshare agreements, and has a proven track record of success.
Break Free From Your Timeshare
Despite what the timeshare company might have told you, it’s possible to get out of a contract by finding the best timeshare cancellation company.
There are a lot of details that you might not have been aware of from the get-go during a high-pressure sales meeting. For example, perhaps you didn’t know about the rising maintenance fees. However, while you should do your homework before signing an agreement, you should also look carefully for a timeshare exit company.
If you’re feeling bogged down by fees, or you no longer have a need for a timeshare property, then contact us today to help you.
