You’ve likely heard what could have seemed like convincing sales tactic in order to get you to sign on the dotted line for your new timeshare. Statistics show that the timeshare industry has a worth of nearly $70 billion. However, large portions of this revenue are rarely seen by those who rent these buildings. In fact, statistics gathered from a study conducted by Ernst and Young found that 56% of timeshare that was reclaimed took place due to financial hardship. It’s important to avoid situations throughout life that have a high likelihood of costing you large sums of money. Considering that, here are three reasons why you should consider staying away from timeshares.
- Timeshares Lose Immense Value After Purchases Occur
You’ve likely heard about how much value a brand new automobile loses once it leaves the car lot. Likewise, timeshares lose their value the minute you decide to purchase one. One of the most common reason that people cancel timeshares is due to the fact that they realize having one of these opportunities doesn’t make any income. Therefore, you could think of purchasing a timeshare as a bad financial decision that you should not make.
- The Issue of Maintenance Fees
Statistics gathered from 2016 found that 66% of those who owned a timeshare felt that the maintenance fees were the main reason they wanted to get out of their contracts. Maintenance fees are one of the biggest aspects of owning a timeshare that people are surprised to learn about. While it might seem like you’ll only pay for a condo while you’re using it, this isn’t true. On the contrary, people owning condos receive bills for maintenance fees throughout the year in order to keep the timeshare in optimal condition. One reason people contact timeshare lawyers to cancel these contracts is due to living in fear of when the next bill for maintenance fees will arrive in the mailbox.
- Difficult to Get Out of Contracts
You’ll likely have noticed that the previously mentioned statistic had to do with people wanting to get out of their timeshare contracts. Unfortunately, many people find it hard to cancel these contracts without the right kind of help. Many people find resistance when they attempt to cancel timeshares. Sadly, timeshare companies can try to employ all sorts of tactics to get people to cancel timeshares unsuccessfully. Considering that, many people find it beneficial to have timeshare cancellation attorneys on their side. These attorneys will help work to ensure that you properly represented and have the assistance you need to potentially get yourself out of a timeshare contract.
To summarize, there are several reasons why spending money on a timeshare is a bad idea. If you are already in one of these contracts, it’s wise to contact a lawyer that works to help people cancel timeshares. These properties drop in terms of initial value the moment you sign a timeshare contract. In a similar manner to new automobiles, these properties drop in value. The difference between a timeshare and a vehicle is that you can drive an automobile nearly every day while you’ll get much less use out of a timeshare. One of the biggest reasons people stay away from timeshares is due to the high maintenance fees associated with these properties. It can be notoriously difficult for people to cancel timeshares, making it wise to avoid these properties altogether. In the event that you feel trapped with the timeshare you’ve signed up for, you’ll want to contact a timeshare lawyer right away.