For as long as timeshares have existed, timeshare owners have been unhappy with their purchases. People regret buying a timeshare for all sorts of reasons, but among the most common is the constant onslaught of fees: annual maintenance fees, special assessments, and club membership fees, among others.
The financial pressure exerted by timeshare fees steadily increases over the years, and it will never go away. Timeshare owners, given a bad sales pitch by dishonest timeshare salespeople, think they can turn to the timeshare resale market to get rid of their units, only to find that no such market really exists.
If you are one of those owners, you might think that things look pretty grim. In this article, we’ll take a look at exactly why timeshare ownership causes so much regret in buyers. We’ll also talk about using Centerstone Group’s innovative strategies to get you a timeshare exit that lasts.
When you regret buying a timeshare, it sometimes pops up in emotional and unexpected ways. You should pay attention to your feelings where such a serious financial matter is concerned. Timeshare regret takes a number of forms. If you’ve noticed yourself doing any of these things, you may be experiencing buyer’s remorse:
All of these cases of buyer’s remorse share a common theme: The timeshare company sold you a dream, and you’ve discovered over time that it is in fact a nightmare.
A study at the University of Central Florida found that 85% of owners regret buying a timeshare. So, it is fair to say that most owners regret signing those timeshare contracts. Here are a few common reasons why.
First and foremost are the fees mentioned above. Annual maintenance fees are a constant cost, ever rising and subject to inflation. The American Resort Development Association (ARDA), which is an organization of timeshare companies, estimated that average fees ran $1,260 per year in 2023. When you consider that the yearly average for timeshare fees was $1,000 in 2018, that means there was a huge 26% increase over a five-year span. With numbers like that, it’s no wonder that owners regret their purchase. Plus, these numbers seem to be underreported. Many timeshare owners often report annual increases in the double digits.
Chances are that your purchase agreement also came with a membership in a so-called timeshare exchange like Interval International. Those fees can add up to over $100 per year. And, if your timeshare resort wants to make a repair or improvement, you may be billed by the resort homeowner’s association (HOA) for a special assessment of hundreds of dollars — and even thousands of dollars in many instances.
Salespeople are known for making wildly inaccurate or even untrue statements at timeshare sales presentations. Not only do they say that timeshares are an incredible value, but they also claim a timeshare will gain in value over time and can even be sold for a profit. But this is simply not true.
In other words, you’re not going to get a big offer on one of thousands of Florida timeshares around Disney World. If the salesperson told you otherwise, you’ll understandably regret buying a timeshare.
Timeshares are a terrible investment. Even seasoned, experienced real estate brokers can have trouble selling them. Desperate to unload these expensive burdens, many owners turn to websites like eBay and Craigslist to “sell” them for $1 — essentially giving them away — and fail to do so.
The fact that timeshares sell so poorly has also led scammers to target unhappy timeshare owners with fake timeshare sales companies that then steal thousands of dollars in upfront fees, only to never be heard from again.
And if you think, “Well, I’ll just rent my timeshare to someone else,” then think again. Timeshare rentals are often prohibited by timeshare developers. Even when they aren’t, expect more fees for renting it out that will eat into any meager profit you manage to scrape up.
Setting aside the fee and investment issues above, it can be maddening to even try to use your timeshare. Making reservations can be especially challenging when you have to compete with the resort renting out timeshare rooms to non-owners, who are then able to use the resort you are paying for.
Yes, if you regret buying a timeshare, you do have options to cancel or exit the agreement.
If you just recently signed a timeshare contract, you might still have time to cancel or rescind under state law. In that case, it’s important to speak to an expert, like those at Centerstone Group, immediately. Even if that legal window has passed, experiencing regret shows that you still need to explore your exit options with an experienced professional.
But even if you have owned your timeshare for a few years, you still have options. Centerstone Group has helped thousands of timeshare owners over the years get rid of their timeshares with tools like a proprietary pressure campaign or a top-notch transfer program.
And if your case is a legal one that requires the services of an attorney, we can help you there too. We have relationships with top lawyers and law firms that can give you the legal advice you need at a discounted rate.
With a timeshare exit, there is no “one-size-fits-all” solution. Centerstone Group’s professionals have decades of experience in a variety of different cases, and they will use that experience to find the best way for you to escape your timeshare.
As you know, timeshares can disrupt more than your vacation plans. They can take a heavy toll on your finances and even your emotional wellness. Planning for a timeshare exit, therefore, has to include these points as well.
If your finances have been wrecked by timeshare fees or even a foreclosure, there are fixes available. Centerstone Group has credit repair services and support that can get your credit score back where it needs to be so that you can access the financial products and credit solutions that you need in the future.
Of course, while taking care of these financial matters, don’t overlook your health needs. Timeshare ownership causes a great deal of stress, which can lead to emotional, psychological, or even physical issues.
If you find yourself struggling with any of these effects, check out the University of Colorado’s list of internet resources and apps where you can find emotional support. Or reach out to your healthcare provider to get the help you need.
It is all too common to regret buying a timeshare, but you don’t have to live with it if you don’t want to. Centerstone Group has managed to get freedom for thousands of its clients in the past, saving them millions of dollars, which is reflected in the company’s A+ rating and 4.77-out-of-5-star review average on the Better Business Bureau (BBB) website.
Don’t just regret your timeshare purpose. Let us help you fix it. Every situation is different, but no situation is hopeless. Contact Centerstone Group today so that we can give you a free consultation and look at the best options for you.
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