There are over 1,500 timeshare resorts in the United States. With thousands of units in each one, these timeshares have given Americans the opportunity to access great properties without having to pay the full price.
But timeshares aren't always as great as they seem. In fact, many Americans are canceling their timeshares.
If you've got a timeshare, and you're unsure about it being worth it, keep reading. Here are some valid reasons why you can cancel a timeshare.
1. You Didn't Read the Fine Print
Most people get swept up in the excitement and possibility of a timeshare, and they don't realize what a huge commitment it is. And for the first few years, they try to make the most of it.
But after enough time, you realize you've made a mistake. And that's okay! You don't have to live with this mistake.
It's not always easy, but it is possible to get a timeshare cancellation. Get in touch with an expert to guide you through the process.
2. Endlessly Increasing Fees
Part of owning a timeshare is contributing to the maintenance fees. These are often an additional cost, on top of the fees for the timeshare itself.
Even once you've paid off the mortgage on the property, you'll still have to pay the maintenance fees. And when these continue to rise, it can be more than you can afford.
Don't go into debt for the sake of a property you can only visit once a year!
3. Poor Timeshare Upkeep
To make matters worse, sometimes you're paying a fortune for a timeshare and it's not even being looked after well.
As buildings get older and costs change, the priorities of the building managers change. For example, they might focus on providing good facilities or improving the resort grounds and communal areas.
Regardless of the reason, it means many of the buildings aren't looking as good as they used to. If you no longer feel like the money you're paying is worth the quality of the place that you're staying, it's time to cancel your timeshare.
4. Lack of Flexibility
This depends on the types of timeshares available and the contract you signed when you bought it.
While long-term commitment makes sense when signing up for a timeshare, it doesn't work without some flexibility down the line. Over the years it's normal for your job requirements to change. And as a result, your available time changes.
You might still love your timeshare and want to continue using it. But if you can't negotiate new weeks to visit based on your current lifestyle and availability, then you're never going to be able to visit - and if you can't visit, it's a waste of money.
You can always look at canceling your timeshare and trying to find a new vacation timeshare that better suits your needs.
Or cancel the timeshare and use the money you save to travel elsewhere. If you're someone who travels during the year anyway, then this is probably the cheaper option in the long run.
5. Lifestyle Changes
When you sign the contract for a timeshare, you don't expect the curveballs life will throw at you. The most common ones are either family changes or health challenges.
Your family could look very different from when you bought the timeshare, or what you expected it would look like. If you don't have the kids you expected, or they've grown up and moved away, the timeshare might be too big. Or the family is bigger than you ever expected, and there's no way everyone can fit in the timeshare.
Or maybe you're not in a condition where you can visit the timeshare at all. Health challenges for you or your loved ones might make travel extremely difficult, to the point that visiting the timeshare doesn't seem worth it.
There's no shame in canceling a timeshare because it didn't work out the way you thought it would. You can cancel your timeshare, and use the money to better adapt your life to your current situation.
6. Financial Constraints
With a global pandemic and looming recession, a lot of people don't have the funds for a timeshare anymore. People lost their jobs, and the cost of living is soaring.
When you've got to look at your budget, luxury items are the first things that you should cut to save money. A timeshare that you can only visit once or twice a year, and you've got to spend money traveling to, is more than most people can afford to keep.
If you've been hit by financial struggle, it's a good reason to cancel your timeshare.
7. You Don't Like It Anymore
Sometimes you don't even need a reason to justify canceling your timeshare. If you no longer enjoy it, that's enough of a reason!
As you get older, your tastes and interests change. The timeshare might have been perfect for you when you got it, and you've had your good times in it, but now you're ready to move on.
Don't hold onto it for the sake of your history with the place. If you're ready to spend your money on something that better aligns with your current interests, then do it!
Cancel your timeshare and free yourself up for more exciting options.
Reasons Why You Should Cancel a Timeshare
It's not impossible to cancel a timeshare. If you realize this commitment is more than you can afford or something you don't want anymore, then it's important to take the steps to end it.
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