Owning a timeshare was once a fantastic way to explore the world in style! Luxury apartments were available all over the globe with great exchange programmes available. But what has changed and why are many timeshare owners wanting to exit?
Timeshare Exchanges – Limited Availability
Excited new owners soon discovered that the high demand in timeshare exchanges left them with not much options when booking their holidays. Hundreds of resorts to choose from is not so great when everyone wants to go to the same place. Many owners found themselves unable to book the destinations that they wanted, leaving them only a handful of resorts across Spain and the Canary Islands to choose from.
No longer able to travel
Not everyone has had a bad experience owning a timeshare. For many, the ability to travel abroad is now not an option. When people purchased their timeshares, they were more than likely sat in the sunshine thinking of all the holidays they would now be taking. In reality, people only think about the near future and do not plan what could happen years down the line. People become older and travel insurance becomes more expensive, heath problems can develop and flying can become too much stress and pain to bear.
Customers are left paying maintenance fees for holidays they can no longer use.
No longer exclusive
Many timeshare resorts are now being advertised on cheap hotel booking sites. This is not very good for timeshare owners as many were sold on the basis that they were buying into an exclusive holiday club! However, they now find themselves paying more in maintenance than it costs to book the same accommodation online and without the upfront fee.
Maintenance fees increased above inflation
Maintenance fees have increased so much over the years that in many cases the same accommodation can now be booked for less on hotel booking sites or package holidays. Owners are now trying to recover the money that they have spent or relinquishing their timeshares in order to book cheaper holidays and save money in the future.
Timeshare resorts are not able to keep owners forced in unwanted timeshare contracts. However, there will be termination fees for breaking a timeshare contract.
For more information please read our post regarding costs to get out of a timeshare contract.
Anna Collinson from the BBC did a report covering many of the issues timeshare owners are now facing as they struggle to give their timeshares away! Read full article here www.bbc.com/news/
Are you amongst the many timeshare owners wanting to exit?
Arrange a FREE telephone consultation and speak to a specialist in regard to terminating a timeshare contract or submitting a claim. We can put you in contact with a specialist in the industry. All telephone consultations are free of charge, allowing owners to receive the advice that they need as well as what costs are involved in exiting a timeshare contract early.