Investing in real estate is considered a good move, but this is not always the case for timeshares. While owning one may mean having a piece of vacation property (usually a resort condominium unit) that you can use at least once a year, timeshares are not your typical real estate investments. This is because you can’t make money on such type of properties.
A Host of Problems
It’s also noted that the value of your timeshare is likely to depreciate after you buy it. This is true even if the vacation property is located in a prominent destination. Other than the fact that timeshares don’t generate income, they also require you to pay an annual maintenance fee that covers repairs, taxes, insurance, staffing, and upkeep.
Getting out of the contract by selling the timeshare is also difficult. This is because the supply of timeshare is significantly greater than the demand in the market. If you’re fortunate enough to sell yours, you’re likely to receive less than what you paid for it. It’s also common for secondhand timeshares to sell less than 30 % to 50% of what they originally cost.
The sad part is owners only notice these problems after some realizations following the purchase. This is why many people want to cancel their timeshare and get out of the contract. If you own one and you want to do the same, it’s best to get the services of a timeshare lawyer. This is to review your contract carefully and identify illegal or misleading areas. This can help increase your chances of winning the case.
It’s also advisable to have a lawyer by your side when canceling a timeshare, as the process can be tricky. You have to keep in mind the timeshare companies don’t just willingly take back the property if you don’t want it anymore. A timeshare lawyer will inform you about the law and your rights and keep you from making unnecessary payments to the timeshare developers or resort companies.
While some people are happy with their timeshare properties, most people want to get rid of theirs. If you belong in the latter group, it is important to act quickly to avoid being stuck in paying the fees. Work with a timeshare lawyer today to cancel your contract.