There are many reasons that you may want to exit your timeshare, but one thing is certain, you are not alone. There are many others that for varying reasons, are desperate to exit the burden of timeshare ownership.
The fact is that timeshare is an impulse purchase, one that most people did not intend to make and regret about as quickly as the ink is dry on the contract. The problem is that once a person is lured into a sales presentation and spends hours upon hours being convinced how wonderful timeshare is, they rarely leave empty handed. The sales agents are experts at manipulating people into thinking they will be so much happier and fulfilled and better off if they simply purchase a timeshare. In reality the exact opposite is true and most people either leave thinking “what just happened”, regret it once the buyer’s remorse hits in or are seriously underwhelmed once they start using their timeshare. So why exactly are there so many timeshare owners wanting to terminate their timeshares?
Number 1 frustration by far and most common reason people want to exit their timeshare burden is the maintenance fees. When you first purchase, they may be relatively low, however, every year without fail these fees will increase and it is not uncommon to hear people paying thousands a year just in maintenance fees. Once owners start to calculate the true cost of owning a timeshare compared to paying for package holidays, the sums just do not add up and owning a timeshare is more of a financial liability than a pleasurable experience.
They are not a cheap investment either, the initial buy in price on average is over £20,000 and most people simply cannot afford this. Who wants to pay for the next ten years of holidays upfront? Not many people when you put it that way. In order to make a sale a lot of resorts will push people into taking out finance agreements and in many cases, these are unaffordable, high interest and end up costing much more than the initial purchase price.
Finally, another reason people want to cancel their timeshares is dissatisfaction. Many people find that after a few visits the resort just does not really seem very good value for money and the prospect of having to go back year after year loses its appeal. A sales person will promise the world to potential owners but the reality is they are simply another holiday resort the only difference being you have to pay yearly fees to contribute to its upkeep when you can find cheaper holidays elsewhere.
These are just a few of the reasons there are so many dissatisfied timeshare owners, but it is not hard to find many more, from the way they are sold to people to the constant barrage of upselling owners face. Simply put timeshare leaves a lot to be desired and once you enter the timeshare trap, many people find it very hard to get out of it.