Many eager vacationers purchase timeshares with an unrealistic vision of what the commitment actually entails. And many of them are blindsided by unforeseen costs. These costs add up over time and can often lead to desperate financial situations. While timeshare cancellation attorneys exist to ease this burden, it is important to know what you are actually purchasing when buying a timeshare.
What costs are included in a timeshare?
- Initial Cost
The average price of a new time share is $20,040. This is the cost that every buyer is familiar with, and many think that it is the only cost. Specific prices vary by timeshare location and type.
- Maintenance Fees
These costs are often the reason that timeshare owners want to cancel. According to the American Resort Development Association, the average maintenance fee is $660 per year, adding up to over $19,000 in fees over a 30 year ownership period. But the timeshare company can control this fee and is free to hike it up. Sometimes fees can reach over $1,000 per year.
- Assessment Fees
Similar to maintenance fees, these costs can be high and unexpected. The timeshare company may charge you for property damage, resort upgrades, weather damage, and a change in ownership. Again, these fees are at the discretion of the company, so they can rise at any time.
- Travel Costs
Many timeshare owners purchase their share and then realize that they don’t have the money to get to it. This is especially true if the property is located in a remote area or if plane tickets to this area become more expensive during tourist season.
What if I can’t afford these costs?
Many share owners can’t afford their timeshare costs and look for a way out. Remember that there are scammers who take advantage of people who are desperate to sell, so watch out for any solicitors. If you do want to get out of your share, your best option is to work with timeshare attorneys. Their expertise can help you navigate your legal options as well as timeshare closing costs.
Wanting to cancel a timeshare and not being able to can be discouraging and often frightening. But with the right legal help, you can try to exit your timeshare contract without making any other detrimental mistakes. Once the high timeshare costs are gone, your patience will be worth it.