According to a 2016 survey, up to 66% of timeshare owners said that the reason they wanted to get out of a timeshare contract was due to high maintenance fees. In fact, nearly half (46%) of the timeshare owners who responded cited maintenance fees as their top reason for wanting a timeshare cancellation.
Although maintenance fees can be difficult to manage, there are a number of other frightening factors that are a part of owning a timeshare. Of course, just like maintenance fees, few timeshare buyers were warned ahead of time. Here are just a few reasons timeshare buyers should beware:
- Approximately 82% of timeshare contracts are for life. According to the 2016 Market Report by the American Resort Development Association, the majority of timeshare contracts are for in perpetuity. In some cases, a timeshare contract may even be passed from a parent to their child after their death.
- The average price of a timeshare has increased by 21%. Between 2011 and 2016, the average sales price of a timeshare has increased to $20,040.
- The average timeshare rental is for less than a week. Up to 37% of families say that vacations make them happy, which is often why an unsuspecting family will think buying a timeshare is a good idea. But the average timeshare transaction is actually less than a week per year. That’s no time at all to enjoy a resort that you’re paying so much money for.
- The average annual maintenance fee is $920. There’s a reason why maintenance fees are considered the most important reason why timeshare owners want out. Per weekly interval, the annual maintenance fee for a timeshare resort is nearly $1,000.
- Timeshares aren’t worth reselling. Many timeshare owners believe it may be possible to resell their timeshare when they decide they don’t want it. But it turns out, timeshares aren’t worth much of anything when the time comes to potentially sell it. It’s for this reason that timeshare resale scams and timeshare donation scams are commonly heard about.
How can I get out of a timeshare agreement?
If you’ve been asking yourself how can you get out of a timeshare contract, you’re not alone. Up to 85% of timeshare buyers say they regret their purchase.
Fortunately, you may be able to get out of your timeshare contract by using legal timeshare services. For more information on legal timeshare services, contact a timeshare cancellation attorney at the law offices of Susan Budowski today.