Timeshare Help for Timeshare Cancellation
Guides, Tips, and Hacks, How to Cancel a Timeshare
3 min read
If all timeshares delivered on the promises of affordable, enjoyable vacations for owners, that would be great. Unfortunately, there are a lot of bad timeshares out there breaking promises left and right. And even more unfortunately, it’s not like timeshare owners can just pack up and go elsewhere. Instead, they’re stuck in their contracts, sometimes forever. So, what makes for bad timeshares? And how can you protect yourself?
The timeshare industry is known for aggressive high-pressure sales presentations. These tactics are bad news all on their own, but there are bigger consequences that go beyond just the individual consumer to make for bad timeshares. People make poor decisions under pressure. So, when people buy timeshares that don’t suit them, here’s what happens. If they can’t afford their timeshare, they may miss loan payments and maintenance fee payments. This means reduced cash flow for the resort. Additionally, the resort must put resources into collecting these fees. And the worst-case scenario would be default, which results in permanent lost revenue. The resort will typically pass the costs of any shortfall along to the other owners.
People may also buy a timeshare that simply doesn’t suit them. In this case, they may not get along with other owners. Or they may not be prepared to follow the timeshare bylaws. Maybe your resort has quiet hours after 10 but has sold to some hard-core partiers. That could mean they’re keeping your kiddos up until all hours. In another scenario, owners may end up renting their unit. And maybe you’re okay with whoever shows up next door to you each year. But many owners are looking for more stability.
Timeshares are governed by a Board of Directors (BOD) responsible for keeping the resort up and running. However, if your BOD doesn’t do their job right, you’ll be the one to suffer. And poor management has big consequences. For example, poor housekeeping and a lack of maintenance mean unsafe, outdated, and unsanitary conditions. That’s not a dream vacation, and certainly not a vacation you want to pay for year after year. What’s more, improper maintenance costs you more money over the long term when the big repairs come due.
Any timeshare owner knows they’ll be paying fees forever, but unpredictable maintenance fees and frequent special assessments definitely make for bad timeshares. It’s pretty much a given that maintenance fees will increase year over year. But when prices leap and bound, there’s no way for you to plan or keep up. This puts you and the other owners in a tenuous financial situation. Add special assessments to the mix and things can get dire. A special assessment to cover one-time issues do happen. But if it’s happening year after year, there’s a problem. Especially when they are caused by budget shortfalls. That’s a sign that your timeshare is not healthy.
Bad timeshares often engage in overselling and double-booking. So, what does that mean? When a timeshare overbooks, it means they schedule two owners into the same unit at the same time. Then, when the second owner shows up, they don’t have anywhere to stay. In a best-case scenario, they’ll be able to get you into a comparable unit. Or, maybe they can get you into a lesser unit. In a worst-case scenario, you’re out of luck.
So, double-booking is bad enough. But what if you can’t even get a reservation at all? That’s what happens when resorts oversell. Overselling is the practice of selling to more owners than they can reasonably accommodate. When this happens, you can’t reserve a week and don’t get to use your timeshare that you paid for. And unfortunately, the benefit of increased sales revenue incentivizes this practice.
So, what can you do if you find yourself stuck in a bad timeshare? We think it’s best to get out. And we can help. We specialize in assisting owners like you in getting out of their timeshares safely, ethically, and forever. Contact us today for a free consultation to see what we can do for you.
(Image Source: Pixabay)
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