Looking to learn more about the basics of timeshare vacation properties in the United States? The entire industry could perhaps best be summed up in two simple words: buyer beware. While there are some satisfied timeshare owners out there, the industry is rife with conflict, confusing lifetime timeshare costs, and seemingly impossible to cancel contracts.
Keep reading to find the answers to three of the most common questions heard by our timeshare cancellation lawyers.
How Much Does a Timeshare Usually Cost?
Timeshares are one of the most common types of investment properties in the country, with a total of 1,547 timeshare resorts in the United States today. When researching timeshare costs, keep in mind that there are two primary ways that timeshares are sold. Often, these properties are sold by weeks, with each owner setting weeks that they will own it, or a floating week they will access the property. In effect, the buyer is purchasing the rights to the property for a limited amount of time each year. The second common method is “ownership points,” with buyers purchasing and earning points that can be redeemed at a network of properties.
The average price on a new timeshare is about $20,040. You can find many timeshares for rent in more tropical or attractive locations, as that’s where timeshares companies tend to start.
Are All Timeshare Contracts Structured the Same Way?
A timeshare can be filed under two types of ownership: deeded and leased. A deeded timeshare is very similar to owning a second house. You are the owner of a fractional resort, and you own a specific week and unit number. Or, if you are under a floating contract, you own a floating week or unit. This deed can be passed down and has no limits on the length of its ownership.
The second type , leased, allows you to own the property for a certain number of years. This is typically set for 30 years, total. Like a deed, you would own a “fraction” of a resort, and it would be usable pursuant to the terms of your lease. However, after an agreed upon time, your ownership ends. Timeshare attorneys often have to deal with both types of timeshare contracts, and both can be equally burdensome.
Why Is Timeshare Contract Cancellation So Difficult?
There are many reasons that people decide to cancel their timeshare contracts. It could be buyer’s remorse, excessive timeshare costs, or hidden fees that they didn’t know about. Occasionally, a timeshare resort will be neglected, and a once pristine piece of beach-side real estate will become derelict and dangerous. Regardless of the conditions, as a timeshare owner you are under obligation to pay taxes, fees, and other assessments. If you want to cancel your timeshare contract, you may quickly discover that your options are limited. You also need to follow the correct procedures when you go about the cancellation process, which is usually designed to be extremely difficult. The contract should have a stated cancellation period, but many owners choose to work with timeshare cancellation lawyers.
Timeshares can be a good investment if you’re not too concerned about timeshare costs and hidden fees, but many buyers quickly feel overwhelmed. If you feel like your timeshare property has become a financial burden weighing you down, then contact us today for advice on how to move forward.