7 Key Reasons Why You Should Exit a Timeshare
- July 31, 2021
- 7:19 am
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Owning a timeshare often seems like a great idea, but in the long run, it may not sound as appealing as you currently think. It is pretty easy to fall into the promising salesmanship of the company. In fact, the idea of lavish vacationing lures us like nothing else. But sooner or later, you will come across the cons of buying a timeshare. The sooner you realize its drawbacks and start the process of exiting, the better it is for you and your future generations. Here are the top seven reasons why leaving a timeshare could be the best decision you could take.
Table of Contents
1. Stress Caused by Owning Timeshares:
People who have never purchased a timeshare must be aware of how time-consuming and complicated it is to go through the paperwork before signing. Resorts will go to any extent to protect your membership. They ask you to sign numerous papers, making it contractually binding and impossible if you ever want to get out of your contract. This paperwork is often filled with industry jargon, such as the Right of Refusal Clause, the Right of Survivorship Clause, and Perpetuity Clauses.
All of these clauses make it harder to find substantial ways to get out on your own without hiring a lawyer. The salespeople will explain certain details to you but will try to confuse you with high-level terms. They will notoriously distract you from what it is actually like owning a timeshare to get you to sign the contract.
2. Property Upkeep Has Fallen:
Many timeshare properties that were built a long time ago have started to degrade due to the lack of maintenance.
From lessening responsibilities to the age of the resort, there are various reasons for this downfall. However, you are supposed to pay the rising maintenance fees if your facilities are not up to the mark. The overall quality of the property will keep on deteriorating, but you are responsible for paying for the inadequate services through rising maintenance fees.
3. Lack of Use:
Many times, you can’t use your timeshare for vacationing on dates you choose. If you don’t use it, you might want to get rid of it. This will not only save you money, but you can find new places and be self-reliant on when and where you want to travel.
This reason alone should definitely make you rethink your timeshare because nobody wants to pay high expenses for something they are not using.
4. Change in Financial Circumstances:
During the purchase of your timeshare, you might be financially stable but, like everything else in our lives, financial strength can change. Due to the current pandemic, you might have lost your job or have gone through your savings.
Maybe your spouse got sick, or you have a stack of medical bills to pay. There can be plenty of other reasons all of which you could reconsider vacationing every year. Suppose you are having a hard time financially. In that case, the best thing you can do is to get out of your timeshare because it will save you a lot of money in the scope of things. You could then invest that money in something that is much more important than a yearly vacation.
5. No Longer Suits Your Needs:
Who doesn’t like the idea of a guaranteed holiday every year and to fulfill that. But there are various timeshare companies that can trick you into their lucrative offers. You could find yourself stuck at the same resort with the same timeshare every time you think of a trip, making you feel disheartened after a while.
This is the biggest reason why some people want to get rid of their timeshare contracts. They want to explore different countries or places and make different memories, rather than going to the same place every year.
6. Boredom:
As timeshare contracts last forever, they may outlast your desire to visit the locations provided by them as it’s a lifetime commitment. One of the significant drawbacks of timeshares is that they don’t have enough options to keep you entertained.
Even if your resort options are fantastic, and they have many places to offer you, in the long run, after the first 5 or 10 years, you may feel bored and have exhausted every option.
7. Rising Maintenance Fees:
The topmost reason why people want to exit their timeshare are because of the rising annual maintenance fees. At the time of the deal, the information about the maintenance fees is not shown prominently, but once you spend a year or two, the company will start raising the prices each year. Which will ultimately force you to upkeep and pay the increases in order to continue the contract.
If you desire to exit your timeshare contract for one of the reasons mentioned above or for a different one, then contact Forza today to learn more about our expertise in timeshare cancellation.
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