Why is everyone canceling their timeshare? It’s not as uncommon as you might think. In fact, there are all kinds of reasons you’ll see why people are canceling their timeshare! Tired of your timeshare? Explore this list of reasons why people are canceling their timeshare:
Part of the fun of going on vacation is the spontaneity of it all. When you get a timeshare though, availability is often extremely limited, and in some cases not at all when you would have typically planned a vacation. Worst of all, there’s hardly any flexibility and you have no control. You either have to take what you can get, or simply go without.
Nothing is more “out of sight, out of mind” than maintenance fees and other routine annual timeshare fees. Timeshares are designed this way, allowing fresh buyers to settle in and get comfortable before being bombarded by overwhelming, perpetually increasing fees that never seem to add up. It’s one of the leading reasons for timeshare cancellation.
Special Assessment Fees
Right behind maintenance fees are the wildly unpredictable and equally unnecessary special assessment fees. These hefty fines cover liability and help repair facilities hit by unexpected disasters, which means they can happen at any time, and cost you any amount. You will have no idea you owe anything until you are hit with the bill.
Needs Not Met
Owning a timeshare not at all what you thought it would be? Join the club. Most people don’t know that owning a timeshare is like owning a house that you never stop paying for and have to share it with countless other people, but you hardly ever get to live there. In a lot of cases, senior timeshare owners simply can’t travel the distance, yet still pay for a property they can’t ever use. Sound worth it? Didn’t think so.
No Resale Value
In case you haven’t noticed yet, timeshares are terrible investments. They depreciate in value the moment you purchase, it’s impossible to sublet or rent them out for profit when you’re not using it, and you can’t just turn around and sell it to get your money back whenever you want. It’s likely the one expense you have that has absolutely no value whatsoever.
On top of everything else, owning a timeshare means opting in for seemingly non-stop phone calls and messages asking you to upgrades your timeshare, and essentially pay a whole lot more money for a whole lot of nothing. Worst of all, the offers always seem tempting. Just remember, though, the flashy presentations and empty promises are what got you into this mess in the first place.
If you’re genuinely sick of paying for your timeshare, the last thing you likely want is to have to pass it down to your loved ones when the time comes. The problem with timeshare contracts, though, is that you don’t have a choice. Your only option is to find a way to get free before your timeshare is automatically transferred.
Poor Property Conditions
If you pay a lot of money every year to “maintain” your timeshare, you expect the property to always be in great shape and ready for your arrival. All too often though, maintenance fees are misappropriated, leaving timeshare owners to deal with subpar conditions and amenities with nowhere to complain or get their money back.
Feeling discouraged that your timeshare isn’t the great escape you were promised? Let our timeshare cancellation specialists at Financial Solutions Inc. help you achieve the greatest escape of all: getting out of your timeshare contract!