At Resort Advisory Group, our specialists speak with hundreds of owners that want to
cancel their timeshare contracts or obligations with timeshare developers. The owners
cite misrepresentations they heard during the timeshare presentation as the main
reason. We also listen to their perceived drawbacks of owning a timeshare as well.
Perhaps you’ve experienced the drawbacks of owning a timeshare and want to cancel
your timeshare contract. Do the following reasons apply to you?
Maintenance:
Although a timeshare owner only has access to the real estate for a limited period of
time, the contract clearly states that timeshare ownership is a form of real estate
ownership. And owners need to maintain real estate. Workers need to keep the paint,
carpets, and landscape up to date. People need to service the pools. When damage
occurs, owners are responsible. The owners of timeshares won’t be the ones with the
paintbrush or rake in hand, but developers will require all owners to pay a portion of the
maintenance fees. Those maintenance fees currently average nearly $1,000 per year,
and in many cases, the maintenance fees are higher. Owners sometimes complain that
the developer didn’t fully explain how the maintenance fees would burden them for a
lifetime.
Special Assessments:
If a storm comes, and the storm causes structural damage to the development, the
owners may receive a special-assessment fee. Those unexpected and unanticipated
costs burden timeshare owners.
Hard to Sell:
As any Internet research will show, there aren’t many buyers for timeshares on the
secondary market. The Ebay website offers countless timeshares for sale with the
opening bid being a penny. Timeshares don’t sell well on the secondary market
because they lack the atmosphere that high-pressure, manipulative techniques require.
Taxes:
Unlike other types of real estate, timeshare ownership doesn’t provide much in the way
of tax incentives. For example, if owners sell their timeshare for a penny, the IRS will
not allow the former timeshare owner to take a loss deduction on the taxes. Other types
of real estate ownership have tax advantages that do not apply to timeshare owners.
If you would like a free consultation about cancelling your timeshare contract, please
contact us. Our team at Resort Advisory Group will be happy to extend a series of free
consultations to explore your options. Please call 1-844-493-5992.
