Top Reasons To Cancel Your Timeshare
Timeshares are more trouble than their worth. These shared vacation properties never live up to your expectations. You’ll likely feel disappointed after signing a contract because salespeople make promises they can’t keep. This article will explain some of the top reasons to cancel your timeshare. Do yourself a favor and research different exit options today.
Current Events
The COVID-19 pandemic has completely changed the way everyone lives, and the timeshare industry has not escaped the effects of the crisis. Many businesses are still closed because of the crisis, meaning that, even if you decide to use your property, any attractions that typically come with it aren’t available. Thus, many vacationers have postponed their plans. Furthermore, some states require you to quarantine for fourteen days when you arrive home from a trip. Given these circumstances, not many people are taking advantage of their shared vacation properties this year.
Since the pandemic has made travel nearly impossible, your best option is to get out of the contract. Not only aren’t you using the property, but if you decide to visit, you could be putting yourself in jeopardy. The CDC recommends staying six feet apart from other people you’re not in regular contact with, and most places now require individuals to wear face coverings. These precautions are necessary, but they make traveling more challenging. Timeshares are also shared vacation properties, so owners must put a lot of faith in the resort and other owners to keep things sanitary—there are a lot of risks involved. Unfortunately, there’s no telling how long COVID-19 will be around, so do your best to end things now.
There Are Better Options Out There
When life finally does return to normal, there are better vacationing options out there than a timeshare. Consider renting out a beach house for a week instead of purchasing an entire property. Renting a home is a smart financial decision because it’s not permanent and, typically, only requires a one-time payment. Renting a house offers more flexibility schedule-wise, as well. Timeshares operate under a fixed or floating schedule. In a fixed contract, you must use the space the same week every year. A floating plan allows you to change the week, but popular dates go quickly, so you must act fast. If neither option seems appealing to you, stay away from shared properties altogether.
Expensive Maintenance Fees
Another top reason to cancel your timeshare is that maintenance fees are expensive. Owners must pay for the space’s upkeep, even when they aren’t visiting. There’s also no guarantee that the costs are stagnant, so prices may increase as the years go on. You may be responsible for damages caused by other people since timeshares are shared properties. The bottom line is that the picture salespeople paint during their pitches isn’t the one you end up with. Your costs will go up, and if you’re unable to keep up with payments, creditors will hound you. Escalating maintenance fees should be a convincing enough reason to end your agreement.
They’re Not Valuable
Timeshares rarely increase in value as time goes on. For starters, the timeshare buying market is relatively small. Furthermore, people that are going to sign a contract will likely want a new property. Thus, owners with used properties have trouble getting rid of them. Some people try to rent them out; however, resort companies make this nearly impossible because they don’t want to see reliable owners who make timely payments leave. Another alternative is to sell your timeshare and donate the proceeds to charity. Yet, the properties rarely appraise well, so you’ll end up losing a significant amount of money in the end. Since they’re not a wise long-term investment, you ought to think about researching exit alternatives.
They Pass Down To Loved Ones
Unfortunately, most timeshare contracts don’t end when you die. Instead, they pass to your loved ones. Thus, a compelling reason to cancel your timeshare is so that you don’t pass that burden on to your family. Refusing a timeshare inheritance is complicated because new owners only have a small window of time to do so. Moreover, they must hire lawyers to help them through the process, and those legal fees can be costly. One of the worst things that can happen to someone who inherits and can’t make the payments is foreclosure. A timeshare foreclosure does significant damage to a person’s credit and affects their ability to get a loan in the future. Unless you want to leave your loved ones in a tough spot after you pass, try to cancel the contract while you can.
There Are Resources Available
You not alone in the process of canceling a shared vacation property. Rather, there are many trusted exit companies out there that want to help you get out of a bad situation. Preferred Cancellation Services is one such business. Over the years, PCS has helped individuals like you regain their lives and get out of manipulative contracts. Our advocates understand the tactics that salespeople use to try to get you to stay. Our team will help you prepare for these strategies so that you don’t get roped in again.
The experts at Preferred Cancellation Services will exhaustively look through your agreement. It’s much easier to prove a case if the resort violated the contract in any way. Our professionals know what to look for, and we’re also familiar with industry jargon that may come up in the courtroom. Give us a call if you want out and are confused by the legality of the procedure. Resort corporations don’t care about you. Preferred Cancellation Services, on the other hand, operates with integrity in mind and values of all its clients.
Hopefully, these compelling reasons have made you rethink your timeshare agreement. The current climate is stressful enough. Millions of people have lost their jobs, and everything feels so uncertain. Consider taking one stressful thing off your hands by canceling your timeshare contract. The pros at Preferred Cancellation Services value honesty and want to help you get back to your normal life. The team will work tirelessly to get you results so that you can focus on more important things like staying safe in the current climate. Remember, if you’re more anxious than excited to go on a vacation, that’s probably not a good sign.
