In the United States, there are roughly 1,547 timeshare resorts, and 200,720 timeshare units. Approximately 3% of American households own a timeshare in 1 or more of these resorts or units. On average, timeshare owners tend to be 46.8 years old, and many of these individuals chose to invest in these so that they are able to go on scheduled vacations with family and friends.
Given that the average price for a new timeshare is $20,040, and that there are high maintenance fees and other issues associated with owning a timeshare, many buyers have claimed that they regret making this purchase. As a result, the average rescission rate is 15% for timeshares, In terms of annual sales, this signifies that while the timeshare industry brings in about $10 billion every year, $1.5 billion will be cancelled.
There are a variety of reasons why some timeshare owners may not be happy with the terms of their timeshares as well as other issues, such as the manner in which they were persuaded to purchase them.
For those individuals, 85% have cited the following main reasons:
Maintenance fees were a primary reason many timeshare owners wanted to cancel their timeshare contracts, according to a 2016 survey. The results showed that 66% of the timeshare owners indicated the maintenance fees were “too high.” Furthermore, 46% claimed that this was their “most important” reason for wanting to cancel their contracts. It is also possible that these fees may increase over time, which may create financial hardship for their owners.
As previously mentioned, many timeshare owners regret their purchase because they may have felt intimated by either the process or the timeshare sales staffs methods. It’s highly likely that the timeshare sales department did not honestly and thoroughly explain the terms of the timeshare contract, which resulted in confusion and other issues.
When attempting to cancel a timeshare contract, owners may encounter a variety of issues. As a result, it makes sense to have a timeshare attorney handle a timeshare contract cancellation. An attorney will be able to explain the timeshare cancellation rights to owners in detail.
There is a specific timeshare rescission period within which a timeshare rescission letter needs to be sent. A timeshare attorney will be able to review this contract and provide legal advice accordingly.
Vacations are usually happy occasions, and in many instances, it’s the activity that brings a family the most happiness. Within the next 12 months, 52% of a worldwide survey’s participants said they were planning to vacation at the beach. When these families own timeshares that aren’t what they purported to be, this can potentially ruin a vacation. It may also be likely that timeshare owners decide not to use their timeshares at all.
If you need legal advice regarding a timeshare contract cancellation, contact a timeshare attorney at your earliest convenience. Many attorneys will initially offer free legal advice prior to assisting you with the timeshare contract cancellation process.