Getting out of a timeshare is never easy. There are various reasons such as feeling overwhelmed by sales tactics, reluctance to part with it, or encountering predatory agencies. Some individuals simply reach a point where they’ve had enough of dealing with their timeshare. Therefore, we will now outline the top ten reasons why people choose to exit their timeshares. Many timeshare owners find themselves trapped in contracts, left to navigate their exit strategy alone. This situation is not only challenging but can also incur significant expenses. Thousands of timeshare owners are now recounting their stories of being stuck with an investment vacation property that they struggle to use as they intended.

Without pressuring owners to cancel their timeshares prematurely, it’s essential that those seeking to exit qualify and have exhausted all other options. With that in mind, let’s explore the top ten reasons people decide to exit their timeshare contracts, highlighting common motivations among current owners relinquishing their vacation properties.

1. Limited or No Availability at their Property

Most timeshare owners feel excited and eagerly anticipate enjoying their property after the initial sale presentation. They are eager to dive in and experience vacations in new locations they’ve been eager to visit. However, many fail to consider the limited availability at most resorts. Timeshare companies often embellish the property’s value with additional details, obscuring the actual facts.

When initial booking attempts fail, resorts can dismiss it as a simple mistake, allowing them to exceed the cancellation period. Once owners are locked into their contracts, many timeshare companies assert that nothing can be done to assist them. Unfortunately, owners find themselves powerless in such situations. Sometimes, years pass without access to the property, resulting in significant financial losses. This prompts owners to seek relief from their timeshares for financial reasons.

2. Financial Burden of Timeshare Maintenance Fees

Besides no availability, another letdown timeshare owners don’t initially know about are the annual maintenance fees that ding them at the end of every year.  These maintenance fees are hidden in another part of the initial contract and are sometimes not seen by excited buyers. Instead of being seen as a necessary and expended fee, it can seem unnecessary and even dooming as an extra expense for the owner.

With each year, this cost seems to go up as well. If the timeshare owners out of pocket fees are already weighing heavily on them financially, a raised expense to their property will probably create cause for cancellation. This along with other common inconveniences, like the availability of their property, the maintenance fees easily trigger owners as reasons to get out of their timeshare.

3. Hidden Special Assessment Fees

Like maintenance fees, special assessment fees are also a expensive reminder of what it’s like to own a timeshare property.  Assessment fees may also be known as liability bills. They can be sent to the owner at any time and for a variety of amounts. These invoices can hit timeshare owners after things like major renovations, or a natural disaster. They can seem really hard  to understand as a property owner.

As they signed a contract, timeshare owners can’t really do anything about this fee even if they believe they shouldn’t have to pay it. This can make them feel like their money’s going out the window and it may also give them reasons to get out of a timeshare. Instead of continuing to pay hidden fees, this can feel like their best option.

4. Personal Needs Aren’t Met by Timeshare Property

Many timeshare property owners unfortunately overlook the details of the property they purchase. They often fail to realize that timeshare ownership does not equate to easy travel. Initially, they may not perceive it as akin to buying a home, which comes with significant responsibilities. If they fail to adhere to stringent cancellation regulations during the rescission period, they could find themselves obligated to pay for a property they can’t effectively use.

Elderly timeshare owners may eventually discover that their property no longer meets their needs as they age. Certain aspects of the property might even pose safety risks for them. Sellers often neglect to disclose such concerns, much like they overlook the needs of buyers with medical conditions requiring specific amenities or accommodations. Moreover, many timeshare owners realize post-purchase that they cannot sustain the financial obligations associated with the property. Unable to cancel their contracts, some owners may conclude that the property or its location does not meet their expectations or requirements, prompting them to seek ways to exit their timeshare agreements.

5. Realizing Timeshares Have No Resale Value

A really hard aspect when it comes to getting out of a timeshare can happen when the owner is trying to sell it. Some properties in specific places can be different, but almost all timeshare properties don’t have any resale value. A lot of buyers are made to believe that as soon as they no longer want their property that they can just sell it. When it comes to this process, owners are usually stuck with no resolution that keeps costing them money. 

After trying to get rid of the property themselves, owners typically come to realize that their last choice to get out of a timeshare is with a timeshare cancellation company. This is because wasting more of their own money trying to sell something that has no value isn’t worth anything.

6. No Ability to Rent Timeshare

Like the seller’s market, a lot of timeshare owners think they can receive income by renting their property out if it’s not working for them personally. This can even be insinuated by sales staff who are trying to sell the property to you. Thinking that there’s an existing rental market is scary for timeshare owners who are trying to have a backup plan in place when selling their property isn’t happening. From the time it takes to list their property, along with all the monthly charges occurring at the resort, owners can lose a lot of money. All while pursuing something that has no positive end result and leaving them to find reasons to get out of their timeshare permanently.

7. Pressure to Upgrade Current Timeshare

All other common problems aside, a lot of timeshare owners don’t like the constant upkeep of upgrading their current timeshare. A lot of these buyers don’t realize that the sales funnel sales people put them through never stops. All concerns and mentions of new upgrades can be held against the owners. Along with other sales organizations, timeshare companies are aware that getting buyers to sign a contract is just the first step.

Among other upgrades, features and entertainment options available, they’re all used to get the buyer to spend more. At first this can be nice, a lot of timeshare owners will soon become tired of it. Tired of new presentations and expenses being expected of them to follow through with. They quickly feel like they’re not being treated the same and can grow to have different feelings about owning their property. That’s not a great feeling as a timeshare owner and can become a new reasons to get out of a timeshare.

8. Broken Promises by Sales Team

As a timeshare owner, it can be extremely disheartening to realize that your expectations won’t be met. Overlooking the details to your amazing new property can lead you into bad situations. Such as promises being broken by the sales team of your new property. These can happen when timeshare owners upgrade to fix some problems like inconvenience of their property, or it not being as available as they’d hoped. Maybe even feeling like getting rid of their timeshare isn’t possible.  A lot of timeshare sales reps will tell you almost anything to get a sale from you. Knowing it’s just their job, but sometimes it can be hard to get past their willingness to break promises. Leading the timeshare owner to feel burned and use this as reasons to get out of their timeshare.

9. Safety Concerns or Poor Upkeep

Along with other concerns that make an owner want to cancel their contract, some may also feel like cancelling from the lack of upkeep, amenities, or safety concerns. Imagine a property owner spending thousands of dollars, expecting a luxury vacation, only to arrive and feeling like you’re in a poor situation.  Poorly kept locations and unsafe environments can lead to a lot of owners looking to get out of a timeshare. Meaning they’ll want to legally cancel their contract and forget about ever visiting the property again.

10. Owners Don’t Want Heirs to Receive a Burden

Lastly, many aging property owners commonly cancel their timeshares. They have managed their timeshares for years and many of them start to recognize they do not want to burden their heirs. This understanding is not always mutual, and it is worse when timeshare owners cannot handle this process due to their age or illness. Sometimes, children or other heirs acknowledge the transfer will happen, but they cannot assist. It is a difficult situation when owners realize they cannot resolve it with the resort themselves.

Ultimately, the owner wants to get out of a timeshare to ensure someone else doesn’t have to deal with it after they pass away. They want to avoid leaving behind that costly burden.

To continue educating yourself about the timeshare industry, read more Timeshare Exit Bureau blogs.