It seems like a steal, a weekend in a fabulous hotel for only a fraction of the price you would have paid otherwise. The only catch is that you need to attend a 90-minute sales pitch for the timeshare company running the promotion. Unfortunately, what follows is a long and high-pressure sales meeting, likely involving a number of time share representatives and only one potential buyer: you.
Considering how long that “90-minute” sales pitch meeting can drag on, it might be hard to believe there might be information that you don’t know about the timeshare agreement you are signing. But the truth is, there is a lot of information that they won’t tell you, and a lot of it can have a real negative effect on your life.
In this post, we’ll look at some of the most important facts about timeshares that timeshare cancellation attorneys wished you knew.
Timeshares Have Little Resale Value
There is a pervasive myth that timeshares are an investment for the future. But unlike conventional real estate opportunities, timeshares have almost no resale potential. In fact, a quick search will turn up thousands of owners selling a timeshare for well under the market value of the timeshare, some as low as $1. For these people, they are willing to eat the loss simply to get rid of timeshare maintenance fees.
Cancelling a Timeshare is Incredibly Difficult
In most states, you have an incredibly small window in which you can cancel your timeshare. When we say incredibly small we mean that there is a very good chance you won’t have even finished your vacation yet by the time your window expires.
After that, it is incredibly difficult to get out of a timeshare, even for experienced timeshare cancellation attorneys. Even dying does not void the contract. Instead, your loved ones will be saddled with the expense. Unless you want to mount a lengthy and expensive lawsuit against the company, or unless you can prove that you were defrauded, you might very well be forced to have your timeshare foreclosure in order to escape.
Owning a Timeshare Gets More Expensive Every Year
When you own a timeshare, you are responsible for maintenance fees. These fees are typically around $700 a year. But these fees are raised each year by around 8%, meaning that in less than a decade you will be paying more than twice what your original maintenance fees. Considering the average timeshare costs $20,040 up front, it is hard to say that such maintenance fees are fair in the long run
There is a lot that the timeshare representatives won’t say during their sales pitch that can have a huge impact on your quality of life. Unfortunately, by the time most people learn about it, there is little timeshare cancellation attorneys can do. That is why it is important to inform yourself before attending any sales pitch.