It’s a mere fact that most of the timeshare buyers are dissatisfied with their timeshare purchase and are really frustrated with the dramatic difference in the timeshare costs what they thought they were committing to and the actual annual cost of owning it. Actually, these frustrated buyers are looking for chances to cancel timeshare contract to get back to a peaceful living.
Initial Borrowing Cost
First, you have to make the payment for initial timeshare purchase with the first apparent monthly cost. According to the American Resort Development Association, the average sales price for a one-week timeshare is approximately $19,000, plus average annual costs of $660 for maintenance, utilities and taxes.
The closing cost of a timeshare includes the transfer of timeshare ownership, legal costs and closing activity and this can vary by state to state. It doesn’t include costs involved in preparation and registration of state tax forms, outstanding fees, taxes, assessments, insurance policies or other liabilities.
Increasing Maintenance Fees
Maintenance fees will be levied annually and cover you for maintenance of the grounds and common areas, interior housekeeping such as maid service, insurance for storm damage or liability, utilities, management, replacing furnishings and appliances every few years, replacing broken items, new roof etc. These costs tend to escalate 5% per year on average and this depends on the duration and condition of the resort or timeshare property.
With all these hidden costs, many consumers find themselves unable to pay for their timeshare property. Hiring a professional timeshare attorney helps you to exit the timeshare contract without impacting your credit score.