The timeshare industry is as complex as it is controversial, and if you have a lot of questions about timeshares, then you certainly aren’t alone. In fact, countless timeshare owners wish they had asked more questions before getting locked into a contract that will last a lifetime (and often beyond). So if you have questions like “How much is a timeshare?” or “What are the best timeshare companies?”, then you’ve come to the right place. Keep reading for answers to some of the most frequently asked questions about timeshares.
What is a timeshare?
Timeshares are a luxury vacation ownership option. Once you purchase a timeshare, you generally purchase interval use of a resort unit. This time interval can range from a week to several months. Some timeshares also operate on a points system, in which owners can trade points for accommodations.
How much is a timeshare?
According to the American Resort Development Association, the average price of timeshare is $19,000 with an average maintenance fee of $660. This price can vary greatly, and maintenance fees are often subject to change.
Why would someone want to cancel a timeshare?
The maintenance fees mentioned below are a common reason for timeshare cancellation. These fees can become too much for owners to handle, and they can often increase significantly.
What about selling timeshares?
Once you purchase a timeshare, it can be difficult to sell it. Unfortunately, there are scammers that pose as resale companies. They claim to have a buyer lined up, take the owner’s money, and disappear. Since these resale scams are so common, it’s essential to do your research and hire an attorney before trying to sell.
When can I cancel my timeshare?
Every timeshare contract should include a rescission period, as dictated by the state. If you choose to cancel your contract within this timeframe, you can do so without penalty. The best timeshare companies will honor this legal contract and refund your money. Before you send your rescission letter, be sure to hire an attorney to assist you.