There are roughly 9.2 million households that own at least one type of shared vacation ownership product, according to the 2016 U.S. Shared Vacation Ownership Consolidated Owners Report. While there are 1,547 timeshare resorts located throughout the United States, 25% of these are in Florida. On average, new timeshares cost $20,040.00. In addition to the cost of the timeshare, however, there are also significant maintenance fees. These fees are one of the primary reasons why so many timeshare owners want to get out of their contracts.
The results of a 2016 survey revealed that 66% of timeshare owners stated that their maintenance fees were “too high.” This was one of the reasons they provided for wanting to get out of their contracts. The “most important” reason for 46% of the participants wanting out of their timeshare contracts was due to these high maintenance fees. Since these fees tend to increase over time, many timeshare owners don’t feel that the added costs are warranted.
According to an industry study by Ernst and Young, financial hardship is one of the reasons that timeshare owners want to get out of their contracts. The study showed that 56% of the timeshares that were reclaimed by developers were due to foreclosure. When this occurs, it can adversely affect someone’s credit score and create other issues for them.
If you’ve purchased a timeshare and realize that you no longer want or can afford it, an attorney experienced with getting rid of timeshares can assist you with this process. One of the major reasons for choosing to work with a timeshare lawyer is that they can assist you with getting rid of timeshares legally. In some instances, timeshare attorneys may recommend more than one way to handle a timeshare contract release.
After you get rid of timeshares with your attorney’s assistance, you will be better informed on how these timeshare companies operate. Given this, if you have a friend or family member that also wants to get rid of timeshares, you will be able to direct them to your attorney for legal assistance.
