Even though your better judgment told you it was a mistake, you may have succumbed to a timeshare presentation and purchased a property you can’t feasibly afford. And unfortunately, you’ve now passed the period of legal timeshare cancellation. You may have assumed you were stuck; perhaps you made every effort to enjoy the property and try to make it work. But now, you’re realizing that you need to know how to get out of a timeshare. That can be difficult enough, especially without help from reputable timeshare lawyers. You may know you can’t afford to keep your timeshare, but getting rid of it can be a huge expense as well. However, what you’ll pay to get rid of your timeshare will pale in comparison to how much it would cost to keep it. Therefore, it’s important to know how to get out of a timeshare while minimizing the monetary damage you might incur.
Let’s get one thing straight: a timeshare is never a good financial decision. The average price of a timeshare is $20,040, and the sad truth is that paying for just the maintenance fees every year can be a huge monetary burden for any family. Most importantly, you’ll never be able to sell your timeshare for a profit. In fact, most people can’t get rid of timeshares for even close to what they paid. Finding a new buyer for your timeshare can be tough on its own, but even if you do end up selling it, you aren’t home free. Many families end up owing money to the original company even after timeshare sales due to depreciation. You could even fall victim to a scam if you aren’t careful.
This scenario might seem like a no-win situation. And in many ways, it is. However, it’s going to be much more cost-prohibitive to keep your timeshare than it is to cancel or sell it to someone else. It’s likely that you’re going to end up in the hole either way — but the costs associated with cancellation are going to be less painful in the long run.
If you’ve convinced yourself it’s better to get the most you can out of this “investment” since you’ve already paid for it, you’ll need to change your perspective. The concept of “sunk cost fallacy” convinces us that we’re obligated to see something through when we’ve already paid for it. But falling victim to this line of thinking will end up costing you more in the end.
There’s no definitive answer to the costs associated with canceling a timeshare; this figure will vary depending on your specific situation. But knowing how to get out of a timeshare starts with working with an experienced timeshare attorney. To find out more, please contact us today.