Sales for timeshare properties in the U.S. have increased at an annual rate of 10 percent and are fast-approaching the $10 billion mark. You would think with all that demand it would be easy to unload an unwanted timeshare. However, that is not the case.

If you own a timeshare that you no longer want, your first recourse should be to sell it. If that doesn’t work, you can rent it or donate it to charity. If all that fails, there are other options.

Timeshare Property

A timeshare property is owned by multiple parties and it comes with specific use limitations. A timeshare provides larger accommodations compared to a typical hotel room. You get more amenities such as a full-sized kitchen and laundry room. Buyers believe they are getting an investment that in the long run will save them money on vacation expenses.

Timeshare Sales Presentations

Timeshare sales representatives are not always transparent when it comes to describing how a timeshare works. They educate buyers on the general use of a timeshare, but fail to inform them of the difficulties they may face when trying to upgrade to a more desirable location. They sometimes over-promise on peak-season availability.

Timeshare sales presentations often promise the property will increase in value over time and advise buyers to look at it as an investment. Promises are often made that the timeshare can be freely exchanged, transferred, or sold.

Timeshare Challenges

Timeshare owners are contractually shackled to their purchases for life. Maintenance fees are the biggest challenge timeshare owners face. The fees are never-ending and they always seem to be increasing. If you wondered why anyone would ever donate their timeshare, there’s your answer.

Break Free from your Timeshare

Timeshare companies would have you believe your contract cannot be cancelled for any reason. That simply is not true. Even if there is a perpetual clause that binds you and your heirs to the contract forever, there is a way out.

Consumer protection laws are on the books for a reason. They serve to protect consumers from unfair and deceptive sales practices. Such practices are sometimes used in timeshare presentations to encourage buyers to commit. Misleading tactics can be used to make timeshares seem like great investments that will result in huge gains.

If you believe you were tricked into buying a timeshare and you want out, you may be able to legally cancel your contract. You can use consumer protection laws to declare a breach of contract or claim consumer rights violations. The law states that you have the right to a fair settlement if unfair or deceptive practices were used for financial gain.

Final Word

The key to getting out of a timeshare is seeking the proper legal representation. Although there are more than 1.2 million licensed attorneys in the U.S., less than one percent specialize in timeshare law. Work with an established company that can hook you up with an experienced attorney.

Companies like Timeshare Exit Team and Lonestar Transfer specialize in ridding people of unwanted timeshares. They will connect you with an attorney who specializes in timeshare law. You can be free of your unwanted timeshare and all the fees that come with it. If you won’t do it for yourself, do it for your loved ones. Someday you will be gone; your loved ones shouldn't be saddled with the consequences of your poor judgement.

Photo credit: Pixabay The Eggstack Blog will never post an article influenced by an outside company or advertiser. Our mission is to help you overcome uncertainty about retirement planning and inspire confidence in your financial future.