Everyone loves a vacation by the sea, and dreams of owning their own beach cottage getaway. Specially when they’re on vacation in a favorite place, they may even be looking out for possibilities. Unscrupulous time share companies take advantage of this weakness with high pressure sales tactics to persuade people to sign contracts. However, buyers don’t get the complete story. It takes a while figure out how much is a timeshare, when maintenance costs kick in. These are high and can force many owners to try and get rid of their time share. It’s not easy to cancel a timeshare contract, but experienced attorneys can help owners to explore options.
A holiday by the sea
Most people love the idea of a holiday by the sea and many have their favorite places where they return year after year. Over half or 52% of respondents in a survey said that they planned a vacation by the sea within the next year. Many people even dream of having a little vacation getaway of their own and even keep their eyes open when on vacation for a suitable property.
For many people a time share contract sounds like the perfect solution, where they only have to pay for the time they are actually using the home. Seniors are especially vulnerable to such offers, and may be tempted to put their savings into a time share vacation home. However, it’s only when they begin paying maintenance fees that full time share costs become evident.
How much is a time share?
Most people who sign time share contracts don’t know all time share costs at the time of signing. That’s because maintenance costs can quickly escalate, making the contract an unbearable burden. On average, a new timeshare costs $20,040, but this doesn’t reflect recurring maintenance fees.
These fees quickly add up, and are the primary reason why people decide to try and end their contracts or sell their timeshares. A survey conducted in 2016 found that 66% of timeshare owners said that maintenance fees wear too high, which was a reason why they wanted to get out of their timeshare contract. For 46%, it was the most important reason. However, it’s when they finally learn how much is a time share and are ready to finally abandon their timeshare that people discover that there’s no easy way to cancel a timeshare.
Canceling a time share contract
Buyers are not told upfront how much is a time share. Many people who want to be rid of their time share contracts try and sell them, but it’s not easy to do. That’s why often you can see time shares for sale for just one dollar on eBay. The owners are desperate to be rid of the contact and to avoid paying recurring annual maintenance fees. Time share contracts are deliberate designed to be difficult to cancel, and bind the owners and their heirs in perpetuity.
There’s no easy way to cancel a timeshare contract, but if anyone does want to look at the option, it’s a good idea to use a licensed attorney who is experienced in the field. They may also be familiar with the major time share companies and have some flexibility in negotiating with them.
Buying a time share in a vacation home may seem like the perfect solution for many people seeking a holiday getaway. But time share owners quickly discover the problems with timeshares. They are not told how much is a time share upfront, because the cost does not reflect the recurring annual maintenance fess, which can become burdensome. There’s no easy way to sell a time share or cancel a contract, but an experienced attorney can help owners to explore their options.