Timeshare or Vacation Ownership is shared holiday ownership where you purchase a particular period of time in a resort property. Ideally, these have a divided form of ownership or use.
Timeshare is particularly enticing for those who wish to have a “home away from home” in a destination they love, but cannot necessarily afford complete ownership. Typically, resorts offer a week’s ownership with an option to purchase additional weeks at the same resort, or others, should the developers be the same.
The buyer selects the dates or weeks and buys the right to use this property during the blocked period each year.
The concept of a timeshare has numerous benefits but the biggest one being, the guaranteed availability of a holiday home with reduced financial risks. Whilst the whole concept sounds great, there are downsides to timeshare owing to which owners feel trapped in their timeshare contract. Some of the reasons why these owners cancel include:
#1 Maintenance Fees
Probably one of the number one reasons why owners cancel their timeshare contract. Timeshare maintenance fees go up almost every year along with every other cost of things. The downside of timeshare contracts and maintenance fees is that you end up paying this fee regardless of whether you use the property or not.
Tiffany Wells from SquareOneHelp.com explains that many timeshare owners are not aware of the hefty maintenance fees they will be paying when they sign the contract. Additionally, these prices are unpredictable too.
Consequences of not paying up depend on your local laws but generally implicate an affected credit score or even foreclosure.
#2 Limited or no availability of homes
Whilst the initial presentation of a timeshare is all sing and dance on the concept, the truth is far from reality.
Many timeshare contract owners do not realize how limited the availability of resorts is.
After years of not being able to fully access these properties and for the money spent on maintenance, people eventually approach companies to safely, legally and permanently exit. The first few “coincidental” fails in lack of availability are brushed off by timeshare companies are a one-off.
#3 Lack of Flexibility
Whilst visiting the same property every year at the same time feels possible, things change and life happens. Sometimes routines change or health effects will require a switch in dates, which may not be possible in the traditional fixed week timeshare contract.
This lack of flexibility leads to you being stuck with the same pre-agreed week and not being able to visit your dreamily paid vacation home. What’s a vacation without you in it?
Visiting the same place every year can bring about a sense of comfort and familiarity. However, with the increasing change in vacationing behavior, people want to visit a variety of places.
Being stuck with the same resort, every year, can restrict exposure to new cultures, food and everything wanderlust carries.
#5 Inherit the contract
Another tricky legal knot is that you can pass on the contract to your children if you own a timeshare contract. Some countries do not support this and it’s important to be informed of the clauses.
However, if you are looking for an exit process from the timeshare, for different reasons doing thorough research to find the company can help a great deal.