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Timeshare Contract Cancellation | Pros and Cons

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Are you one of the many people that purchased a Timeshare without reading the fine print?  Now you have all those unexpected costs to take care of. While owning a timeshare can be a wonderful way to have your own little vacation spot every year,  such a purchase doesn’t come without assorted costs. Timeshares are very attractive and may seem to have advantages, do those advantages outweigh the disadvantages? To find out, let’s take a closer look at the things that draws us to wanting to purchase a timeshare. For one, knowing that you’ll always be able to vacation at a resort that you’ll enjoy. You’ll have much more living space than you would in a traditional hotel room, including having a kitchen, living room, and separate bedroom. That all seems nice so what are the disadvantages?  The unexpected cost that your sales representative might have failed to tell you about and could lead to you wanting to participate in our timeshare contract cancellation program.

One of the things you’re probably not aware of is you will have an annual fee. The typical range for an annual fee is $300-$400, and larger shares or peak season shares are often more than $1000. This fee goes towards things like landscaping, upkeep of the pool, roof repair, maintenance, utilities, and taxes. In some cases however, the annual fee doesn’t cover property taxes, leaving you responsible for that as well. Unfortunately, this payment is due whether or not you choose to use your timeshare at all that year. The annual fee is also not locked in when you sign your timeshare contract, and several resorts tend to increase their annual fee 15-30% every year.

Another advantage is if you own a timeshare at a large resort, you have the ability to exchange your unit for one at another location, as long as it is owned by the same name. By doing this, you don’t have to vacation at the same location every year. There is however, a catch. These exchange options have a membership fee that are either charged annually or when you use the program.

Like any other real estate transaction, there are closing costs to consider as well. These fees include document preparation fees, transferring the ownership paperwork, and the attorney fees.

Another fee most people overlook is the cost of travel. With the unpredictable prices of fuel, the increasing cost of living, and the cost of maintenance to make sure your car can make the trip, you might spend more on the travel than the vacation itself. This is especially true if you’re timeshare is in a state with higher gas prices. You can always fly to your timeshare, but then you have to either pay for a rental car or pay an Uber driver. It’s pointless to own a timeshare if you can’t afford to get to it.

Not only do the disadvantages outweigh the advantages, many of the disadvantages you don’t discover until it’s too late. Luckily there is a way out of your timeshare and your hidden fees. American Consumer Credit has been helping people just like you with their timeshare contract cancellation since 2004. Whatever your situation is, the experts at aconsumercredit.com are prepared to help you navigate out of your timeshare contract. Even when it seems impossible, our attorney staffed company will work to find any way they can to get you out.