Around 7% of American households own a timeshare or another type of shared vacation ownership product, according to the “2016 U.S. Shared Vacation Ownership Consolidated Owners Report.” Many people in the United States own timeshares so that they have a regular place to stay when on vacation. Others, however, may purchase them solely for investment purposes.
Throughout the United States, there are 1,547 timeshare resorts, 25% of which are located in the state of Florida. On average, a new timeshare will cost $20,040.00, so it is not surprising that this industry is worth $70 billion.
Initially, purchasing a timeshare may seem like an excellent idea. However, 5% of buyers regret this decision for these and other reasons:
Maintenance fees alone account for the reason that many timeshare owners want to get out of their contract. A 2016 survey found that 66% of timeshare owners indicated that the maintenance fees were “too high.” This was also cited as the “most important” reason for 46% of the timeshare owners wanting to find a way out of their contracts.
When timeshare owners encounter financial hardship, they often want out of their contracts. Ernst and Young conducted a timeshare industry study that showed 56% of reclaimed timeshares were due to foreclosure. Basically, this means that the properties reverted to the timeshare developer for failure to pay.
Timeshare fraud is also a significant concern for many individuals. Given the existence of timeshare scams, potential and/or current timeshare owners may feel confused about their individual contracts and feel some level of distrust for their timeshare holder. Furthermore, they may also develop distrust in the industry at large as a result of their personal experience. If intimidation tactics are employed when timeshare owners question their contacts, this may point to illegal business dealings.
Are you interested in learning more about timeshare cancellation? If you want to learn how to get out of a timeshare contract, you can contact an attorney that handles this area of the law. While you meet with an attorney to handle a timeshare cancellation, they will be able to advise you on how to legally get out of timeshare contract.