While a timeshare might seem like something to consider, it’s best to avoid signing up for these agreements at all costs. Perhaps you’ve heard a recent statistic that reported that timeshare industry as being worth an estimated $70 billion. Unfortunately, much of these profits come at the cost of people who find out signing a timeshare contract isn’t all it’s cracked up to be. With that in mind, here are the honest answers to three commonly asked timeshare questions.
- How Much Do Timeshares Cost Monthly?
You might have been given a recent sales presentations about timeshares. Unfortunately, these presentations often paint quite a different picture of what to expect when owning a timeshare versus what it is actually like. One of the first questions many ask is how much do timeshares cost monthly? Sadly, maintenance fees are often skimmed over during a timeshare sales presentation. Making matters worse, these maintenance fees are rarely fixed costs. This means that maintenance costs often increase as time goes by. In fact, a 2016 survey found that 66% of those owning a timeshare specifically cited costly maintenance fees as the main reason for wanting to exit their timeshare contract.
- How Much Is My Timeshare Worth?
In a similar manner to new automobiles, timeshares lose their value right after they’ve been purchased. The continual amount of people exiting their contracts often means there are always vacant timeshare spots available. After many people find out the hidden fees and other drawbacks, they often want to get out of their timeshare contract. If you’ve been led to believe that this is any type of wise investment for the future, you’ll want to think again. Buying into a timeshare often means never being able to recoup the large sum that you’ve spent.
- How Can I Sell My Timeshare?
As previously mentioned, being able to have any access to a timeshare often involves signing a contract. It’s this contract that will have many people seeking to find a timeshare cancellation attorney. Hiring this type of attorney helps to ensure that a legal professional will represent you against timeshare companies. While nothing is ever a guarantee, you’ll find that a timeshare lawyer is often able to get you out of a timeshare contract. This means having freedom from maintenance fees and not feeling stuck with this type of property.
To summarize, timeshares are rarely all they’re cracked up to be. Considering that, many find themselves unhappy paying fees that never seem to end. In fact, statistics gathered from a study by EY found that 56% of timeshares that had been reclaimed took place due to being foreclosed upon. Many of those who find themselves lured into these purchases wonder how much do timeshares cost monthly? Unfortunately, these same people find that these costs can quickly begin to add up. If you need assistance in getting out of your contract, it’s wise to consider contacting a timeshare lawyer.