There are approximately 9.9 million American families with timeshares. The agreement gives people a cost-effective way to own an asset. Many families have chosen timeshares instead of paying for a hotel during a vacation.
However, despite its advantages, the agreement can be problematic. Luckily, it is possible to cancel a timeshare. Here are the top reasons why people opt for a timeshare cancellation.
1. Maintenance Fees are Becoming Burdensome
While you may have expected to pay maintenance fees, you probably didn’t realize they will keep rising. According to the 2019 State of the Vacation Timeshare Industry, the average cost of a timeshare is approximately $1000. Additionally, the fees increased by 2% between 2017 and 2018.
In recent years, the level of maintenance on most properties has been falling. Managers are spending more on marketing and structural enhancements than on updating the property. An effective timeshare exit strategy can prevent unnecessary losses.
2. Lack of Transparency on Timeshare Availability
When marketing the property, the sales force may exaggerate the availability of the property. You may realize that you have few opportunities to visit the resort during the year.
For some families, a timeshare cancellation is necessitated by boredom. Visiting the same resort every year can be exhausting. It may be time to consider a timeshare exit strategy.
3. You Are Confronted with Unexpected Fees
Besides maintenance, you may have to contend with other hidden fees that keep cropping up. It is not unusual for fractional owners to get invoices for assessments or liabilities. The purpose of the charges is to pay for renovations or natural disasters, and therefore, you can receive them at any time.
Defaulting the charges in the contract can raise legal issues. It is advisable to seek a timeshare cancellation company before hiring lawyers.
4. You’re Stuck with an Inflexible Contract
As you continue holding onto the contract, the fees may start to pile up. At this point, you may realize your timeshare does not have any room for flexibility. You may want to consider a timeshare cancellation. It may be better to get out of the deal than incurring losses in the long run.
5. You’re No Longer Interested in the Timeshare
Fractional owners may have experiences that prompt them to change their minds about their ownership of the asset. Your financial or career status may change, and you are no longer interested in spending on the property. You may also encounter what amounts to harassment by sales staff trying to get you to upgrade your timeshare.
If you inherited the property, request reputable timeshare lawyers to file a disclaimer. A disclaimer could be a wise financial decision that will free you from a property that may incur unexpected fees. However, consider your options carefully before you terminate your timeshare.
Ensure Your Timeshare Cancellation Is Done the Right Way
If a timeshare is no longer viable, cancellation is an ideal option to reduce losses in the long run. When selling, owners often exaggerate the value of the asset. In the process, marketers break laws meant to protect the consumer. While you can take legal action, it is best to consult a reputable timeshare termination company. If you are looking to do a timeshare transfer or timeshare cancellation, schedule an appointment today with Lonestar Transfer. Alternatively, you can request a free, no-obligation, timeshare cancellation consultation.