Is There Any Way to Get Rid of My Timeshare?
How much are timeshares worth? This question is in the minds of a lot of people who invested in one of these vacation properties. It can be a loaded question and one that is difficult to answer. Let’s unpack some of what it means to get rid of a timeshare or attempt timeshare resales.
Who Has Timeshares?
About 3% of all households in the United States own some kind of timeshare. The average age of an American who owns a timeshare is nearly 47. Across the country there are over 1,500 timeshare resorts, however 25% of those timeshares are located in the state of Florida. The timeshare industry is currently worth $70 billion. How much are timeshares worth? A new timeshare currently runs just over $20,000.
How Do People Get a Timeshare?
Although some people will take the initiative to acquire a timeshare, most people buy a timeshare after hearing a sales pitch. The timeshare resort industry has come under fire for practices that are at best slightly misleading, and sometimes downright deceptive. When a person goes on vacation, they are often offered a free gift of some sort in exchange for sitting through a sales presentation. The free gift might be tickets to a theme park, free nights in a hotel, or even a small appliance. During the presentation, the person is put through a high pressure sales situation which often lasts far longer than was originally promised. Through clever sales tactics and pressure, some people are convinced to buy a timeshare.
Why Do So Many People Want to Know How to Get Rid of aTimeshare?
One of the biggest reasons that people want to know how to get out of a timeshare is simply financial hardship. A study done by Ernst and Young found that 56% of all timeshares that end up being reclaimed are reclaimed because of foreclosure. One of the big reasons for this financial hardship is the ever-increasing maintenance that comes with timeshare ownership. A survey done in 2016 found that 66% of those who own a timeshare want to get out of it precisely because the maintenance fees are too high, and 46% said that the maintenance fees were the most important reason that they were leaving their timeshare. Maintenance fees are one of the biggest money makers for timeshare resorts, so it is not uncommon for the fees to simply skyrocket year after year.
How Much Are Timeshares Worth?
Again, this is not an easy question to answer. A secondhand timeshare can be very difficult to get rid of because there really is no resale market for these properties. Timeshare developers have specifically gone out of their way to make sure that no secondary market exists for their properties and many write very stringent rules into the agreements and contracts with buyers that make it all but impossible for a buyer to get rid of the timeshare. Some timeshare owners even find it difficult to give away a timeshare to charity or to sell it for as little as a dollar, though they are desperate to do so just to get out of the maintenance fees.
What Are My Options?
Authorities and the law are increasingly concerned that the timeshare market be fair to all involved. Timeshare attorneys have now become skilled at looking at contracts to determine whether or not the property was fairly represented when the initial sale was made and whether there are any contingencies that allow for a desperate owner to legally get out of a timeshare contract. If you are stuck in a timeshare that you cannot afford and don’t want, there may be options for you. The key is finding the right timeshare attorney you can help you navigate your contract and understand your legal rights and options.
How much are timeshares worth? To the timeshare resort owners, more and more every year as maintenance fees increase. To the new buyer, just about $20,000. To those who can’t wait to get rid of their timeshare? Not much, so find out whether you can cancel your timeshare today.