Timeshares are attractive to avid vacationers. They eliminate the hassle of competing with other people for rental accommodations. They can offer desirable benefits, like onsite storage, which makes seasonal traveling less stressful.
Are timeshares worth their price? Although timeshares surely have benefits, they are not suitable for everyone. For example, people who want to change their vacation goals regularly are not qualified candidates for timeshare ownership. On the other hand, those who fancy a conventional, hassle-free vacation can profit from dividing a timeshare with other owners.
If you are considering the idea of buying a vacation timeshare, you are not alone. Each year, many Americans decide to acquire a timeshare property. Multiple people usually own these resort properties, making them an affordable vacation alternative.
Every owner of the timeshare has the power to use the resort for a certain period annually. These investments usually have more than one bedroom. In addition, many people can share them at one time. Timeshare owners who cannot visit their property during their registered period can lease or give away their particular timeshare dates to others. They can also switch dates with other buyers of the timeshare.
However, it is not uncommon to experience buyer’s remorse after pulling the trigger on the purchase. After all, owning properties for specific dates of the year is not exactly practical to fickle-minded and indebted individuals. If you wish to discontinue your timeshare deal, here is what you need to know:
Cancellation Is an Option
In Florida, any expert in timeshare cancellation law will say that terminating the contract is generally a buyer’s right. This is true even in areas with no specific legislation granting this freedom. The agreement itself may provide a cancellation clause, setting a clearly defined procedure in place to discontinue the timeshare deal.
Time Is of the Essence
Timeshare transactions are universally time-sensitive. In most (if not all) cases, buyers need to act in less than 15 days if they are to cancel the deal. If you take more time than the contract allows, you will be obligated to abide by its contents.
Although you can still turn the timeshares you bought into cash one way or another, you will get far less money in return. No thanks to their popularity and abundance, they can depreciate similar to cars.
Legal Advice Is Recommended
Timeshare laws spell out specific instructions to terminate the deal. One mistake can affect your chances of backing out of the agreement. It is wise to talk to an attorney to navigate tricky procedures and process burdensome documents. It might cost you money, but the expense pales in comparison to the financial implications of being stuck in a bad timeshare deal.
In the end, signing on the dotted line is not the end of story. You should think twice before making such a significant decision. Otherwise, you might waste lots of time and money. With that in mind, you should ask a qualified attorney to review your timeshare contract and determine the best way to proceed.