In the timeshare industry, there is a saying that timeshare ownership presents the two happiest days of your life; the day you buy one, and the day that you cancel it, or sell it to someone else. The reason for the pessimism regarding timeshare ownership is not personal, but statistical. Less than 9% of Americans own a timeshare, and financial experts agree that it is neither an investment, nor a responsible or safe financial decision, when it comes to weathering the economy, and household budget. So are you ready to cancel your timeshare?
We asked our staff to reflect on the reasons that our clients share, that influence the decision to cancel their timeshare for good. Here are the top ten reasons that provide insight into the long-term value proposition of timeshare ownership.
1. You Are Bored with Your Resort
Same place, and sometimes the same time, every year for many years in duration? Part of the excitement of taking a family vacation is to explore and learn new things, about new places. When you are locked into a timeshare, you have the same accommodation, at the same resort year in and year out.
But what about swapping weeks? Intuitively the timeshare industry knows that the repetitive use of the same timeshare unit, loses its charm and intrigue over time. That is why they design reciprocal agreements with other sister resorts or partners, to present the opportunity to explore other destinations and ‘trade weeks’. But the availability of weeks is limited at some of the most-choice timeshare resorts, and there are fees involved in many cases, that make it an expensive non-option for vacationing families on a budget.
2. The Amenities Are Not Being Maintained Well
Buying into a brand-new resort offers the best amenities and newest accommodations for a family, but it comes at a hefty price tag, and larger balloon payment at the beginning of the timeshare contract. For this reason, many timeshare owners prefer to buy resale, or at older resorts, which offer a more affordable option.
The problem with that cost saving strategy, is that older and smaller resorts are more prone to fall into financial issues. It becomes a vicious cycle when low occupancy resorts fail to meet the cash flow requirements to properly maintain the timeshare suits, the extended outdoor properties and landscaping, and the outdoor activities such as boating, pools, beaches and clubhouse. The less they spend maintaining the property, the more people cancel their timeshare, and exit the vacation membership. Things can go downhill quickly, leaving the timeshare owner with a less-than-luxurious vacation experience.
3. You Don’t Have Time to Use Your Property
Young couples who purchase a timeshare and then have children, can find vacationing to be a little more arduous than before. Millennials who purchase a timeshare should be aware that their lives and social circumstances can change, which might make the timeshare less convenient to use, particularly if they advance in their careers, and find vacation time hard to acquire.
Small business owners struggle to take time away from their business, to take full advantage of the time they are provided through resort membership. Seniors who experience changes to health and mobility may not find traveling to use their timeshare to be practical. Life gets busy; are you paying monthly for the privilege of resort time, that you do not have the time to use?
4. You Didn’t Really Want to Buy One
High pressured sales tactics are used to coerce American consumers into buying a timeshare that they frequently report, they didn’t want to purchase at all. In timeshare presentations, while it is illegal and fraudulent in most countries, sales representatives will provide a ‘free bar’ to ply unsuspecting consumers who simply wanted more information about buying. Most of our clients report that they didn’t intend to buy at all, but after enjoying some free drinks and food, and hours of sales pressure, they succumbed and signed the contract.
Imagine paying a monthly accelerated bill for a property you never wanted in the first place. That’s the reality for many of our clients, who seek out legal timeshare cancellation services.
5. You Can’t Rent Your Timeshare to Offset Costs
One of the biggest lies that timeshare sales ‘professionals’ tell consumers during the pitch, is that they can offset the cost of timeshare ownership by simply renting it out. While it is possible to rent out unused weeks at your timeshare, the resort neglects to mention that fees and administrative paper work, and significant legal liability are all part of the rental process.
If you were counting on renting out unused weeks to offset your costs, you were probably significantly surprised at how hard it is to do so. And how expensive the process is, if your resort requires registration and assurances for damage done by rental tenants. It’s a big risk to take, even if you find people willing to rent, and it’s one that usually does not pay off.
6. The Fees Are Increasing Too Quickly
When tropical storms and floods hit some of the most beautiful southern timeshare resorts, the priority of the resort is to repair and replace everything that was damaged. They do this by increasing maintenance fees to all members, to accommodate the expenditure.
But there does not need to be a natural disaster to excuse rapidly increasing timeshare maintenance or membership fees. All the timeshare needs to do is file paperwork that is made available to all members, explaining the aspects of the resort that require repair, or even upgrading. These expenses can include expensive capital projects like pool and roof repairs, and can triple your maintenance fees with little notice. That is more than alarming to any family, on a balanced monthly budget.
7. Your Financial Situation Has Changed and You Want to Cancel
You can’t predict where life will take you. Injuries and disability, job loss and unemployment can without much warning, make household finances very precarious. Ownership of a timeshare is a luxury that most Americans cannot afford, if their financial situation changes.
Other priorities can also change how a view the value proposition of timeshare ownership, including retirement. Americans over the age of 65 are typically on a fixed budget, and uncomfortable with the idea of ‘rolling the dice’ on an unpredictable monthly expenditure, such as a timeshare. If your timeshare doesn’t work with your budget, it’s time to look at legally canceling your contract, with some expert help from Aconsumercredit™.
8. Your Timeshare Has a Bad Service Reputation
Many clients report that they bought into a timeshare, without doing research on customer reviews and complaints online. Our clients share that they were horrified at the negative comments, videos and other testimonials that timeshare owners in the same resort expressed. It gives them an indication of how their timeshare will treat them, in the future; and it’s not a pretty picture, in most cases.
Individuals who plan on renting their timeshare, are also discouraged and alarmed by negative online service reputation. The same negative and hostile reviews they read, are also accessible to potential buyers (in a resale situation) or renters, and it lowers the probability of successfully recouping the purchase price from their ‘investment’ in a fractional vacation property.
9. You’ve Tried Unsuccessfully to Sell It
We have written extensively about the many reasons why timeshare owners are unable to successfully sell their leased vacation weeks. Unless the resort is cutting edge and a premiere high-demand destination, finding a timeshare buyer is a lot harder than sifting through all the sellers online, with starting prices at $1 for property transfer. This is why so many timeshare owners opt to cancel their contract.
10. You Want to Buy a Conventional Vacation Home
After experiencing how a timeshare property does not provide a return on your investment, you may be considering the purchase of a conventional vacation home. An investment in real estate, particularly in a resort, lake or beach area, is a true and better investment, than pouring tens of thousands or more into a timeshare you will never be able to claim as an estate asset. Timeshares do not appreciate, like real estate does, and some owners are very quick to make that decision, and opt to cancel their timeshare instead.
Timeshare owners are often not aware of the options available to them, regarding assisted timeshare cancellation, or their legal rights pertaining to fraudulent contracts. That’s why at Aconsumercredit™, we provide a free initial consultation so that you can learn how it works, and start acting to end your financial obligation and timeshare contract. Call us today at 1-800-587-EXIT.