Will Coronavirus Knock Timeshares Out For Good?
COVID-19, Timeshare Agreements
3 min read
Businesses go under, it happens and it’s something every owner and manager need to be aware of. It doesn’t matter how large you are, you can easily lose your momentum and be surpassed by another company or even another industry. Think of a company that was a leader in selling cameras. They may still be around but how bad has their business been hit since everyone’s cell phone has cameras now? This type of thinking also applies to timeshares. As a business, no one overthrew timeshares, although Air Bnb’s certainly have come up to be a challenger. However, timeshares are in more danger than ever and it’s due to the coronavirus pandemic, something they couldn’t have expected but something that could end their reign.
Again, it wasn’t a competitor that caused these problems, it was the hit on the travel industry overall. Other companies are also struggling because of this including airlines, car rental companies, hotels and theme parks to name some examples. However, all of these businesses have options to stay afloat, additional methods of income, government assistance and stockholders who do not want the companies to fall flat. What do timeshares have? Owners, owners who are sitting at home during this pandemic and refusing to pay for their property when they can’t even go there. These resorts are struggling in a way like they never have before and it’s something that needs to be considered if you are an owner as this does not apply to regular foreclosure rules.
What happens if the company you’re working with goes under? What happens if your resort in Orlando or Las Vegas goes under and you no longer have any claim to that property? That’s the big question and unfortunately, you’re probably not going to like the answer. You lose, you lose your property and the investments you’ve been making towards it. Remember, you do not own your property so there’s no way of claiming your spot if the company who does own the property goes under.
So, should you continue to pay for a timeshare that may or may not even be around in a year? Probably not, and like most people you probably aren’t a fan of the fact that you’ve had to keep paying during the pandemic to begin with. Rather than continuing to send money for a vacation spot you may never use again, perhaps it’s time to cancel this deal. If that’s what you would like to do or at least learn more information about, make sure to contact Primo Management Group for a free consultation.
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The timeshare industry has spent a tremendous amount of time and money to delay, confuse and deter you from canceling your timeshare contract. Your team of timeshare elimination experts act as your consumer advocate and will work tirelessly to free you from your timeshare contract, mortgage, and maintenance fee bill.Give it a try