Do you currently own a vacation timeshare? Many United States’ households own one or more types of what is referred to as shared vacation ownership products, or timeshares. The 2016 U.S. Shared Vacation Ownership Consolidated Owners Report indicated that this was the case for approximately 9.2 million Americans. It’s also been shown that three percent of American households have a timeshare, and the average age for timeshare owners is 46.8 years.
At the last count, there were 1,547 timeshare resorts located throughout the United States.The state of Florida, for example, is home to 25% of these. This is due, in part, to Florida’s pleasant weather, its proximity to a large number of beaches, and other sites of interest.
New timeshares cost an average of $20,040.00. While this may have seemed affordable at the time of purchase, many timeshare owners discover that there are other costs associated with owning a timeshare. According to a 2016 survey, for example, maintenance fees were listed as “too high” by 66% of the timeshare owners. As a result, they wanted to cancel their timeshare contract. It’s also important to note that 46% of the survey’s participants stated that their “most important” reason for getting out of their timeshare contacts was due to these maintenance fees.
Another related reason to why people want to get out of their timeshare contract is due to financial hardship. An industry study was conducted by Ernst and Young. According to the study, 56% of the reclaimed timeshares pertained to foreclosure. Basically, this means that the property is returned to the developer. When someone’s property is foreclosed upon, this can also affect their credit score, which may contribute to continued financial hardship.
If you have a timeshare that you have been unsuccessful in canceling, have you considered consulting with timeshare lawyers? When you work with an attorney that is experienced in timeshare cancellation law, they may be able to resolve this issue for you. It is not uncommon for many individuals to feel coerced when they purchase a timeshare. If this was your experience, or if there were other issues associated with purchasing, canceling, or reselling your timeshare, you may benefit from consulting with an attorney well-versed in timeshare cancellation law. Since your attorney will be able to advise you on how to legally get out of timeshare contracts, this can make a significant difference in the overall outcome.
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