Reasons Why Owning A Timeshare May Not Be The Right Choice

Written by Legal Videos on . Posted in Cancelling a timeshare, Getting rid of a timeshare, How to get rid of a timeshare in florida

How to legally get out of timeshare contract

Are you interested in purchasing a timeshare or do you already have a timeshare? If you are hesitating on your purchase, are you nervous about the prospect of owning a timeshare? On the other hand, if you already own a timeshare and you are hoping to cancel your timeshare, you might be wondering how to get rid of a timeshare. Timeshares may seem like a good idea at first, but in the long run they can be costly and time-consuming purchases. Before you purchase a timeshare or if you want are interested in cancelling a timeshare, always speak to a timeshare attorney first.

Take advantage of the opportunity to learn more about timeshares, how they may not be the best purchase for you or your family, and how a timeshare attorney may be the answer you are looking for to your timeshare issue.

How much do you really know about the timeshare industry in the United States? Do you feel like you trust the industry enough to spend a large amount of money on a timeshare somewhere in the country? If you are starting to doubt whether or not this is the best purchase for you, it is important that you weigh the pros and the cons before acting. Otherwise, you could make a purchase that does not turn out as you expected.

Currently, the timeshare industry continues to have a foot in the door of the United States market. In the United States alone, around 7 percent of households own a timeshare. The U.S. Shared Vacation Ownership Consolidated Owners Report from 2016 found statistics that show the 7 percent breaks down into 9.2 million households across the United States. The report states out of that 7 percent, some of them even own multiple shared vacation ownerships.

With so many different options to choose from, it is no surprise that the industry is doing so well. Right now, you can find around 1,547 timeshare resorts spread out across the country. That explains why the industry is able to bring in around $70 billion dollars every year. So, who is the industry targeting specifically?

In the United States, timeshare owners average the age of 46 years old. With the average price of timeshares costing around $20,040, that means these mid-forty-year-olds have to have earned enough money to be able to allocate room in their budget for a timeshare. Around 25 percent of the time, these individuals are looking for a timeshare in Florida, too. The prospect of living in a warmer place near the water draws them into the idea of purchasing a timeshare.

However, 85 percent of timeshare buyers are not satisfied once they have completed the purchasing process and the own a timeshare. There are a multitude of reasons timeshare owners cite for regretting their purchase. They range from money issues, to fear, to confusion, to intimidation, to distrust. No matter what the reason, the second someone feels uncomfortable with a large purchase, they should reach out to a timeshare attorney to handle timeshare sales issues.

Even if the issue is that maintenance fees are too high, a timeshare attorney can still help with this problem. It is actually a very common issue that comes in relation to individuals wanting to get out of a timeshare contract. In fact, around 66 percent of timeshare owners agree with maintenance fees issues. In nearly half the cases cited in a 2016 survey, maintenance fees were actually the leading reason they turned to timeshare lawyers to handle their case.

Whether you have already purchased a timeshare or you are still in the process of deciding to purchase a timeshare or not, always consult with timeshare attorney first to discuss your options. They can help explain to you some of the concerns that come up with timeshare contracts and why it may not be easy to end your contract if you are dissatisfied with your timeshare in the long run. Have you ever bought a timeshare and successfully gotten out of your contract? Let us know about your experiences in the comments.

Leave a comment

You must be logged in to post a comment.