Timeshare Myths: Separating Fact from Fiction
Buying a Timeshare, Guides, Tips, and Hacks
3 min read
Looking for someone to help you with a timeshare problem? You’ve come to the right place. As consumer advocates, we’ve seen it all. Let’s look at some common timeshare problems and possible solutions.
With the average costs of timeshares topping $20,000, many owners finance the initial cost of the timeshare. And from time to time, owners have trouble making their payments. First, contact your loan holder and try to work with them. Possible options include refinancing or taking out additional loans. However, if you can’t work things out, you may face damage to your credit score and eventually foreclosure.
Like everything, maintenance fees go up over time. If you’re lucky, they increase slowly and at the same rate as your income. Unfortunately, sometimes they increase a lot and quickly. And even more unfortunately, there isn’t much you can do about it this year. Your timeshare Homeowners Association sets your fees and timeshare companies control many HOAs. However, owners do have a voice in some HOAs. If yours does, get involved and see if you can influence future fees.
Special assessments can be very unwelcome surprises. Like maintenance fees, special assessments are set by the HOA and like maintenance fees, you are required to pay them. While you can plan for maintenance fees, special assessments are not predictable. If you can’t pay, contact your timeshare company immediately. They may be willing to work with you on a payment schedule. However, you will probably lose access to your timeshare until you can pay.
If your timeshare company offers exchange programs, you may be able to access a different more appropriate resort. Many companies offer a range of resort types and locations. Something closer to home or someplace with more accessible amenities might be available to you. You will probably pay a fee to be eligible for using the exchange as well as a fee to make the exchange. You may also have to upgrade your plan or purchase additional points if you’re exchanging for a premium resort or interval.
Timeshare contracts last a long time—a lifetime in some cases. It’s only natural that your family’s tastes will change. And if your timeshare caters to a specific niche or activity, you may grow out of it. You have a couple of options if you own a timeshare you don’t want to go to anymore. First, if you have access to an exchange program, you may be able to go to a more appropriate resort. As we already mentioned, exchanges will charge additional costs. Or, you might be able to rent out your timeshare to someone else. While you’ll remain the owner and continue to pay maintenance fees, you may be able to make back enough money to vacation elsewhere.
If you’re unable to solve your timeshare problem, it may be time to consider timeshare cancellation. We’re a consumer advocate company helping people like you get out of their unwanted timeshare safely, legally and forever. We’d be happy to talk to you about what we can do for your. Contact us for a free consultation today.
(Image Source: Canva)
How to choose the right company to get me out of my timeshare
We know how stressful timeshare contracts can be. What once sounded like a dream resort package turned into a nightmare. When you don’t know where to turn, look to PMG to relieve you of your timeshare burden. We pride ourselves on open, honest, and frequent communication with our clients.Free Download
Their high-pressure tactics
Our knowledge and experience gets you OUT. We offer a high-touch, boutique level of service, keeping you informed with frequent updates throughout the process—which is why we have numerous 5-star reviews and are rated “A” (Excellent) by the Business Consumer Alliance (BCA).Learn More
Still not sure what’s the next step? Our dedicated team can review your agreement and guide you through the process. The Primo difference is all about service. Our timeshare elimination consultants have one mission: To serve our clients and bring the peace of mind that comes from relieving their timeshare obligation.Get Started
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