Making a Decision About Your Timeshare

Timeshares can be a great vacation getaway for you and your family. But in many cases, what was once considered a personal luxury can quickly become an expense costing you time and money.

Interval Relief thinks that understanding the problems that can arise with timeshares and the things you should consider will help you make the right decision about your timeshare should you decide that it’s time to move on.

Increasing fees and a diminishing value can make it hard to enjoy your timeshare. The following will give you the information you need to make a decision in your timeshare ownership.

Trouble With Timeshares

A timeshare is distinct from other types of property ownership. It gives you the right to use the property for a specified time period each year while sharing the ownership with other individuals.

A timeshare is an attractive option for someone looking to establish a familiar vacation destination. Because you use the property for only a portion of the year, you end up paying a smaller initial cost than you would with traditional properties.

This also keeps you from having to pay many of the costs that come with owning your own vacation property.

But timeshares have their own maintenance fees. And these can go up over the time. Also, remodeling and upgrades can add to the cost of owning a timeshare. If you’re unable to stay current with the fees, you may end up facing a foreclosure on the property.

What to Consider

Timeshares are difficult to abandon. This makes them a very risky investment for those who haven’t fully considered what it means to own one. Unexpected issues related to your income or financial standing can create problems when trying to meet the obligations of a timeshare.

If you’re looking to remove yourself from a timeshare, you’ll have to work with the Owner Services department at the resort location.

More importantly, the value of timeshares will decrease after the initial purchase, which makes it hard to see a return when trying to sell it.

How to Get Out of a Timeshare

In order to make the best decision about what to do with your timeshare, there are some things you need to consider.

If your timeshare still has a mortgage on it, the resort owners will be less likely to buy back your timeshare. However, if they’ve already made all of their money from your purchase, then reacquiring it gives them an opportunity to resell it at a full profit.

Any outstanding maintenance fees will also get in the way of your removing yourself from the timeshare. Be sure to have all fees current in order for the resort to consider your resale.

In some cases, a resort may offer a policy to buy back your timeshare. You’ll likely only receive a small portion of the price you paid, but in most cases this is the only option you have to walk away without losing any more money.

The best option is to seek professional assistance from timeshare experts. Timeshare contracts can be complicated agreements, and having an expert to guide you can help you walk away easily while minimizing the real costs for you.

4 Complaints Timeshare Owners Have About Their Properties

Owning a timeshare can bring you vacation highs and ownership lows. Many timeshare owners grow disenchanted with their properties over time for a variety of reasons.

Whether it’s the sales process itself or the costs that add up over time, you can end up having more complaints than glowing reviews for your timeshare property.

Here are four of the biggest complaints that timeshare owners have told Interval Relief about their timeshare properties.

The Cost is Too High

The maintenance fees required for timeshares on an annual basis can be very high. Over time, they can make your timeshare feel like a financial prison rather than a leisurely escape.

When compared to other vacation properties such as hotels, a timeshare can fail to measure up as an attractive vacation destination given the costs.

A timeshare requires that you pay a mortgage and maintenance fees and limits you to a fixed schedule and only one location. This makes ownership feel less like an investment that you can actually enjoy.

The Unpleasant Sales Process

Much like the auto industry, timeshare salesmen have developed a reputation for high-pressure tactics that can lead to poor purchasing decisions from buyers.

Creating a false sense of urgency by limiting the time of an offer is a common sales maneuver in many industries. But purchasing a timeshare should be done with careful consideration without unnecessary pressure from a salesperson.

So-called “cancellation waivers” are used in exchange for a lower price to entice buyers. But these are not legally binding in the United States. These and other tactics can be detrimental to the trust that buyers need in making a large purchase.

Buyers who get swept up in the high-pressure sales experience can end up feeling remorse over their purchase—usually when it’s too late.

No Resale Potential

A timeshare can lose up to 75 percent of its initial value immediately after you’ve bought it. Also, many units can be overpriced relative to their true value to begin with. 

This makes it difficult to resell a timeshare. For owners who can no longer afford to pay the mortgage and associated fees, this situation could set the stage for a financial disaster.

It’s Difficult to Get Out Of

United States law allows buyers a period in which they can cancel a purchase without any penalty. This protects timeshare buyers who decide they’ve made a wrong decision.

There are also laws that help regulate the contracts associated with timeshare purchases within each state. A seven-day cancellation period is allowed in the state of California, while Florida provides ten days to change a buying decision. Mexico grants a five-day grace period.

When buyers fall victim to slick sales tactics, they can be in for a big surprise when they realize the terms they've agreed to and the fees that will result from them.

Timeshare contracts must be understood before making a decision. But most people lack the professional expertise to fully grasp all of the intricacies involved in a timeshare agreement.

These are just some of the complaints that timeshare owners have and the reasons that many choose to get out of their properties. But this isn’t as easy as it sounds, and it might require the help of an expert in timeshare contracts.

Knowing the complaints that owners have with timeshares will help you avoid some of these costly issues and ensure that you make the right investment for your future.