Are you currently thinking about investing in a timeshare property?
There are thousands of timeshare owners who regret signing a contract because they ended up facing obligations and expenses they were not expecting.
Before purchasing a timeshare we advise you to think carefully about your decision.
There are different types of timeshare contracts.
In shared deeded contracts, each owner gets a percentage share of the vacation property. One property can have a maximum of 52 owners with each owner having access to the property for 1 week every year. In this type of contract, the ownership usually doesn’t expire and the owner can freely sell his share whenever he wants.
In shared leased contracts, the owner leases a portion of the property for a long period of time. These contracts usually come with an expiration date for the lease.
So, timeshares have their pros and cons. Before entering into any kind of timeshare contract, the owners must be aware of the different responsibilities which come with the contract.
- Timeshare owners who have deeded fee interest ownership will be responsible for the liabilities which arrive in conjugation with the timeshare property.
- If any decisions are to be made about the property, all the owners have to give their approval. The decision process can get quite long and complicated especially if there are multiple owners who are divided in their opinions.
- In majority of the cases, shared deeded contracts will be tied to a single property. This arrangement can be limiting since you have to travel to the same destination every year. Exchange programs are available for some properties but it can be quite hard to find a suitable match. Further, exchange contracts usually have many rules and requirements which must be followed by the owner. This is often accompanied with additional fees.
Getting Out Of A Timeshare Contract
There can be multiple reasons why an owner would want to get out of a timeshare contract.
- The owner no longer travels like he used to or wants more freedom and flexibility in his vacation choices.
- Timeshare properties are known for charging hefty maintenance fees which increase every year. The owner might no longer find it reasonable to bear these expenses.
- Exchange club programs might be quite difficult to access so the owner is restricted to a single destination every year.
- Burden of additional fees like property fees, utility fees, taxes and other hidden charges.
Because of this, many people find themselves wanting to exit their timeshare contracts. It is extremely important that you know what you are getting into and a rough estimate of the total expenses before you decide to purchase a timeshare.
We see many timeshare owners exit their contracts due to the lack of research or because they simply don’t have a use for it anymore. Of all the timeshare companies, Club Wyndham which is one of the largest and most popular timeshare companies, is known to have many owners exit their contracts.
Many Wyndham timeshare owners end up having mixed feelings about their investment because of the following reasons,
- Lack of education about the contract terms and conditions before investing.
- Unfulfilled promises or wrong information communicated to the owner by a Wyndham timeshare salesperson.
- High maintenance fees.
- Not getting a valuable return on the investment.
It can be quite difficult to get out of a Wyndham contract for a few reasons.
- Many Wyndham timeshare owners don’t qualify for Wyndham’s exit program because of associated debts and fees.
- Owners will find it difficult to sell their timeshare if they owe a mortgage on it. Timeshares with loans attached to it are obviously not a popular choice in the market.
One of the best ways to get out of Wyndham timeshare is by consulting a well-reputed timeshare exit company.
A diamond timeshare cancellation is also difficult to cancel because Diamond Resorts’ only source of money is timeshare sales, so letting people cancel contracts is not in the company’s best interest.
A good timeshare exit company will help you avoid resale scams where companies charge huge fees for selling your timeshare. If you were purposefully given wrong information about your timeshare contract, a timeshare exit attorney will help you represent your case in court.
If you did end up purchasing a timeshare uninformed and want to exit the contract, seek professional help. Make sure you select a timeshare exit company that has years of experience and provides you with a written contract for their services.