• January
    23
    2019
  • 3 min read

Top Timeshare Exit Reasons

Timeshare Exit Reasons

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Protect yourself! Watch out for these top three timeshare exit reasons.

As consumer advocates helping timeshare owners with the timeshare exit process, we hear a lot of complaints about timeshares. Here are some top timeshare exit reasons to be aware of before you buy.

Maintenance Fees

Maintenance fees continue to top the list of timeshare exit reasons. And it’s no wonder. First, these always increase over time. In fact, according to the ARDA, average timeshare fees have doubled since 2005. Right now, the average owner pays around $980 in annual maintenance fees. Who knows what you’ll owe in another 10 years? Many owners simply don’t want to find out and choose to exit while they still can. Other owners can no longer afford the rising fees, so they seek an escape.

Another issue can be how resorts spend the maintenance fees. Most fees cover routine maintenance, housekeeping and repairs. However, some resorts also put money towards payroll, marketing, and other initiatives. Or the changes and upgrades are unwanted or substandard. And unfortunately, most owners don’t have a say in any of it. This is especially true for resorts whose HOAs are dominated by the timeshare company. Owners have little to no power over any expenditures. Many choose to cut their losses and get out.

Lack of Availability

Although the timeshare industry would like consumers to believe that timeshare ownership is dynamic and flexible, many owners find the opposite to be true. Owners of floating week or points based timeshares must often compete with other owners to reserve their weeks. Since there are only a limited number of units, it can be difficult to book those highly sought after intervals. Many owners settle for less than convenient weeks or units. Still others can’t get any reservations. Or they end up having to pay more when the only available openings cost more points than they have. We hear complaints like this all the time. Who wants to pay for a timeshare they can’t use? No one.

Competitive Resale Market

For many owners seeking to get rid of an unwanted timeshare, the resale market is their first choice. It’s an attractive solution because it offers owners the chance to recoup at least some of their costs without having to pay any additional money. Unfortunately, the reality of the timeshare resale market for sellers is somewhat bleak. Most timeshares resell for only a fraction of the initial price. In addition, the crowded market makes it difficult to find a buyer. Many sellers find themselves having to offer deals and enticements to stand out from the crowd. And if they do find a buyer, many encounter all manner of fees and closing costs.

We can help no matter what timeshare exit reasons you have. In fact, many of our clients wish they’d called us sooner! Contact us for a free, no-risk consultation today to see how we can help.

(Image source: Pixabay)

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