We all fall victim to impulse buying. But while a two-for-one deal on new shoes won’t throw your bank account out of balance, a big purchase like a timeshare can.
In theory, timeshares sound like the perfect way to travel. But in reality, they cause stress and financial problems because people aren’t aware of what they are signing up for. In 2019, CNBC listed timeshare purchases as the top thing people wish they hadn’t spent their hard-earned money on.
Can you cancel a timeshare purchase? Absolutely.
Why are so many timeshare owners terminating their contracts? Let’s explore the top reasons for canceling a timeshare.
1. You’re Struggling Financially
Timeshares are not a cheap investment. While it’s nice to have a spot where you can escape reality, not everyone can keep up with the costs that accompany owning a timeshare. When the expenses get too high, it’s important to know how to cancel your timeshare.
Affording a timeshare is more than paying the initial downpayment. Owners must pay continuous fees, high-interest charges, and maintenance costs to keep the timeshare intact.
Timeshares come with special assessment fees, also known as liability bills. These fees may be sent to owners at any time and for any amount. The unexpected invoices can become major financial burdens, which leads to people canceling their timeshares.
2. Visiting the Timeshare Feels Like a Chore
Why cancel a timeshare? In theory, a timeshare seems like a great way to vacation with your family. But in reality, timeshare rental periods are tricky to navigate.
In many cases, owners are not allowed to choose the time in which they vacation at the property. Being unable to have control over when you visit your timeshare makes it difficult to coordinate schedules and get time off work.
Thus, many people feel like visiting their timeshare becomes a chore rather than a much-needed getaway. Instead, it’s better to pick when you want to vacation and find a hotel deal or Airbnb that fits your schedule.
3. You’re Fed up With Property Management
One of the leading reasons people cancel timeshares is due to frustrations with the management company.
First, personal needs are often not upheld by property managers. The property may not include ramps for senior citizens or utilities for those with medical conditions. Unfortunately, many owners don’t realize their personal needs will not be met at the property until after they’ve signed the timeshare contract.
Another stressor is the management staff themselves.
Many timeshare staff are trained in sales. They consistently pester owners to upgrade their packages, add more features to their property, or find ways to suck money from owners’ pockets. The persistent phone calls and emails can be so frustrating, property owners sever ties completely.
Canceling a Timeshare and More Informational Articles
A timeshare is a nice idea in theory, but it doesn’t work for many people’s budget or lifestyle. Fortunately, canceling a timeshare is possible.
Whether you’re looking for timeshare help or other types of lawsuit information, we’ve got you covered. Browse our blog for more expert-written articles.