Can you name the world’s first timeshare property?
It wasn’t a resort on a Caribbean island or a condo near Disney World. (In fact, Disney World didn’t even exist yet.) The honors go to a ski lodge in Switzerland called Hapimag, all the way back in 1963.
The concept of the timeshare soon spread to the US and the rest of the world. And for many buyers, it seemed like such a wonderful idea — at first.
Do you have an old timeshare you rarely use? Have you inherited a timeshare from relatives? Either way, exiting a timeshare contract can be a complicated process.
If you’re ready to exit a timeshare but you’re not sure where to start, we’re here to help. In this post, we’ll offer seven important reasons why you should stop sitting on the fence and finally move forward with your timeshare cancellation.
Keep reading to learn why now is the ideal time to get out of a timeshare contract.
1. You Didn’t Read the Fine Print
Most timeshare ownership stories start the same way. You sit through an entertaining presentation in exchange for a nice meal, attraction tickets, or even a free weekend getaway.
You start thinking, “You know what? I do deserve a nice prepaid vacation every year.” And before you know it, you’re signing a contract and already dreaming of your annual summer trip.
What’s the problem? Like most excited buyers, you didn’t read the contract — at least, not carefully enough.
So you probably didn’t realize that a timeshare contract is for life. You will literally pay fees on it until you die. And after your death, the timeshare (and those fees) will pass on to your children or other relatives.
Of course, the friendly presenter conveniently forgot to mention those details. And you didn’t learn the truth about the length or terms of the contract until it was too late.
2. The Maintenance Fees Keep Going Up
Even if you were aware of the contract length, you probably weren’t planning on the maintenance fees increasing every year.
In 2018, the average cost of timeshare fees was around $1,000 a year. This is in addition to any transfer fees, recording fees, or assessment fees. Depending on where your timeshare is located, you may also be responsible for annual property taxes.
So even if you long ago paid off the mortgage, you’re still looking at $1,000 a year (or more) in fees just to “maintain” the property. This brings us to our next point…
3. Property Upkeep Has Fallen
Many timeshare properties were built during the “boom” years of the 1980s. And while they were beautifully maintained in the beginning, some are starting to show their age.
This could happen for a variety of reasons, from fewer owners to the age of the resort. More money gets spent on structural upkeep than maintaining or improving the facilities or resort grounds.
Meanwhile, you keep paying those rising maintenance fees while the overall quality of the property keeps dropping.
4. There’s Little (If Any) Flexibility
When you bought your timeshare, it may have fit perfectly with your job and family obligations. But here you are, 10 or 20 years later, and things have changed.
Maybe you have a different job and you can’t always get that fixed week off every year. This means you’re stuck trying to swap your week with another owner or rent out your unit to someone else.
If you do end up taking another vacation somewhere else that year, you’re essentially paying for it twice. Wouldn’t it be better to exit a timeshare arrangement and take back full control of your vacation schedule?
5. Change in Family or Health Circumstances
This is one of the biggest reasons people look into timeshare termination.
That villa in Orlando was great when the kids were young, but now they’re all in college. That condo in Vail was perfect for your annual ski vacation, but after your hip replacement, you can’t go skiing anymore.
Even you have years of great memories in your timeshare, the day will eventually come when it’s no longer practical or suitable for your needs.
6. Change in Financial Circumstances
You were probably in a great place financially when you bought your timeshare. But, like everything else in life, things can change.
Maybe you lost your job. Maybe a recession hit. Maybe your spouse got sick and you have a stack of unpaid medical bills. Maybe your kid didn’t land that full college scholarship after all.
The point is: What was once affordable may no longer be. $1,000 a year in fees was no problem when you had financial stability, but it’s a lot to swallow if you’re living paycheck to paycheck. If you’ve fallen on hard times financially, your best choice is to get out of a timeshare obligation altogether.
7. Plain Old-Fashioned Boredom
No matter how much you love Colorado, Cancun, or wherever your timeshare property is, you might eventually want a change of scenery.
Even if your timeshare resort is amazing, there are countless other amazing destinations to explore. You may never get the chance to take your wife to Italy or your kids to Alaska if you’re stuck going to the same resort year after year.
The thrill of timeshare owner wears off quickly for some. If you find yourself yawning as you pack for your 20th trip to your timeshare villa, it’s time to think about a permanent change of scenery.
Are You Ready to Exit Your Timeshare?
Were you nodding as you read through the list above? Whether you want to exit a timeshare for one of these reasons (or all of them), we’re here to help.
Our team of experts has over 22 years of experience in the timeshare industry. As a timeshare cancellation relief agency, we understand how to use state and federal regulations to legally get you out of your contract.
Give us a call at 407-362-7859 or use our online contact form to get in touch. Take the first step towards exiting that cumbersome timeshare — once and for all.