You probably would not be surprised to hear that there are more unhappy timeshare owners than satisfied ones. The main reason being that once a consumer enters the world of timeshare, they soon learn that they are way more trouble than they are worth. The problem with timeshare starts right at the beginning when they are first sold to people who are promised far and above what a timeshare resort delivers. Most timeshare owners regret having signed a contract because once they have and the rescission period ends, they are legally bound to that timeshare for the foreseeable future and all the extortionate fees that they come with. For many people who do attempt to get out of their contracts through the resort, they will find that they are met with one obstacle after another and no realistic option but to keep on paying up. So, what are the top reasons people want to get out of their timeshares and to be free to choose their own holidays whenever and wherever they want:
Maintenance fees: Undoubtedly the number one reason people want to get rid of that pesky timeshare. Every year timeshare owners face a huge bill to pay for the upkeep at their resort. And it is anyone’s guess as to how much they would have increased by. Typically, they start off quite modest around the £400 mark, but without doubt the following year they would have increased, and this trend continues every year, above the rate of inflation, and can end up costing an owner over £1,000 a year. If an owner is also making loan repayments to pay for the initial cost of the timeshare, which are normally high interest, then this can end up costing in the thousands. So, if you were to add all these payments up annually, they would more than likely cost way more than the average family vacation.
There is no value in a timeshare: Apart from the odd exception timeshares do not increase in value, in fact they decrease rapidly overtime to almost nothing. The timeshare resale market is almost non-existent in Europe and you can find them listed on eBay and other similar sites listed by desperate timeshare owners selling them for pennies just to be rid of them once and for all. There is a vibrant resale market in the U.S but they still sell for way less than the initial buy in cost.
You can find cheaper online: Timeshare resorts and salespeople will tell you there is no better way to take a break than to own your own little slice of heaven in your favourite place. But with an ever-changing world and new and exciting ways to vacation being thought up all the time, does it really make sense to stick with something that ties you down year after year? Timeshares may seem like a great option because you are guaranteed a holiday every year, but for many this is simply not the case. For those who are persuaded into purchasing holiday club points and memberships, a lot of the time, they find themselves unable to book when they want and facing additional costs when they try to do so.
Travel restrictions: The Coronavirus pandemic has undoubtedly changed the way we live for nearly a year now. With restrictions slowly being lifted there may be a way out in the not-too-distant future, and we may be able to enjoy a holiday again soon. But for many people who have suffered financially because of the pandemic, taking an annual holiday may be a luxury they simply can no longer afford. This has not stopped the timeshare resorts from demanding maintenance fees from their customers, in fact some resorts have even come up with new schemes to upsell owners into purchasing different memberships whilst pretending to help those who are struggling. Because of the pandemic, more and more of us are choosing to stay at home this year and perhaps take a staycation as international travel seems a long way off. Either way a burdensome timeshare just does not seem to fit the bill in these tricky times we are all facing.