5 Reasons to Consider Exiting Your Timeshare Contract
There’s a reason nobody is buying timeshares in 2017. In fact, there is a long list of them. Here are just five, which also double as reasons to consider exiting yours.
- Free Yourself the Financial Burden of Annual Fees
Annual fees are one of the most cited reasons why timeshare owners decide to get rid. In summary, annual fees refer to the sum of money almost all timeshare owners are (as part of their timeshare agreement or contract) legally obliged to pay every single year towards supposedly maintaining their timeshare property, and in some cases the communal areas surrounding it and / or the resort on which it resides.
Whilst annual fees might seem a reasonable thing, the actual amounts of money timeshare owners are charged can rise rapidly over the years and is often in the hundreds if not thousands to begin with. Hence, many people who buy into timeshares could save themselves a great deal of money by simply exiting their timeshare and buying a holiday each year.
- Stop Having to Take the Same Holiday Every Year
Speaking of buying holidays, there has been no better time to do so than right now. The internet has made finding and bagging bargain holidays (from month long backpacking adventures to two week all inclusive luxury retreats) a cinch, and an affordable one.
To see for yourself the wealth of choice out there visit the likes of the Thompson Travel Agency website. Meanwhile, to discover more alternative means of holidaying give the My Favourite Holiday website article: 3 Alternatives To Buying A Timeshare For A Great Holiday a read.
- Accept that Timeshares are Not a Financial Investment
For something to be describable as a potential investment it has to offer at least some potential financial return. As reiterated and explained in more depth via the Timeshare Consumer Association website and specifically in their article: Timeshare is Not a Financial Investment, timeshares offer no potential financial return what-so-ever.
Despite being commonly referred to as ‘timeshare investments and their owners as ‘timeshare investors’, timesharing does not even offer enough potential of any return to be referred to as a ‘bad investment’. Suffice to say, you are more likely to make a profit in the bookmakers than you are by buying or owning a timeshare.
What is more, you may even lose less in the bookies as timeshare do not only offer no potential return, worse yet, timeshare actually depreciate in value over the years. Hence, it might be time to really cut your losses, especially when doing so cold mean affording to better invest or even just better enjoy your money from then on.
- Stop Being the Target of Scammers
Timesharing is synonymous with scams and scammers, and not without reason. The speed with which timesharing grew into an industry made it all too easy for scammers to also jump on the bandwagon. Scams and cons relating to timesharing became so rife in fact that mistrust in the industry is today one of the main reasons why people are no longer prepared to buy timeshares, despite the fact they sell for cheaper now than ever before.
It is important for timeshare owners to realise though that already owning a timeshare does not mean that scammers will leave you alone. The opposite in actual fact is true. Due now to the amount of people wanting rid of their timeshare, scammers are just as if not more likely to target those desperate to sell as those eager to buy – not least because currently there are an estimate 400 people desperate to be rid for every 1 person desiring to buy.
Hence, whilst this is a reason to be rid of a timeshare, it matters to make sure you do it properly – or else you could lose more than you stand to save. Fortunately the Citizens’ Advice website has all the information you need, as well as providing drop in sessions across the UK for those who feel they need to seek individual advice.
- If You No Longer Use Your Timeshare
If you own a holiday home and do not use it year on year, it is likely that you will none the less be glad to own it. Meanwhile, because owning a timeshare rarely involves ever actually owning property, those who own one and do not use theirs stand to lose a lot of money annually. What is more, as discussed above timeshares unlike property depreciate in value over time meaning that simply owning one is in no way providing yourself or your family with anything to ‘fall back on’.
Hence, if you own but no longer use a timeshare, it is surely time to exit it. To learn how, continue your reading over at The Independent website by reading their feature: Safe escapes from the timeshare snare.