The number one complaint that timeshare owners have about their properties is the cost of timeshare maintenance fees. It is also the number one reason that people eventually decide to try and get rid of their timeshare since these fees often tend to go up and rarely will go back down once they do.
Maintenance fees are exactly what they sound like – money that is used to maintain a timeshare property. They can be used for routine maintenance, landscaping, pest control, utilities, and other everyday costs of running a timeshare. They also sometimes include special assessments, which are tacked on to maintenance fees to update facilities and amenities and for repairs not covered by insurance. Developers usually assess and announce these fees at the end of each year and divide them among all owners of the property.
While they are a necessary part of timeshare ownership, the cost of timeshare maintenance fees are what tend to cause people to get angry because they are often a guess of what things will cost for the next year and often tend to go up each year. Maintenance fees vary depending on the type of timeshare you own and how many weeks you have purchased and can be as little as £100 or as much as several thousand. Since these are rarely covered in detail during timeshare sales presentations, new owners are often surprised when they receive their first bill. Failing to pay timeshare maintenance fees can result in timeshare foreclosure and serious damage to your credit, which is why many people often choose to get rid of their timeshare before they get in over their head.
If the cost of timeshare maintenance fees has gotten to be more than you can handle, or you can no longer warrant paying these fees for a property you rarely get to use, we can help. We have been helping timeshare owners just like you get out of their timeshares for several years. As highly rated and reputable, licensed professionals can assess your timeshare and recommend the best way to release you from your timeshare quickly in order to avoid having to pay any future fees or assessments on your property, and we do so without charging any upfront fees. This means that you don’t pay a penny until you can be sure of no longer having to be in possession of your timeshare and your satisfaction is 100% guaranteed!
Our consultation is absolutely free, so you have nothing to lose when you contact one of our experience timeshare termination specialists. We will review your situation and recommend the best timeshare solution to suit your unique needs. The road to timeshare freedom is only a click away!
What Is the Average Cost of Timeshares?
For families who want to enjoy exciting vacation opportunities around the world, many consider purchasing timeshares. But what is the average cost of timeshares? How much do they cost to buy, own, and sell should you find yourself unable to use or pay for your property in the future? These are all questions that you should ask yourself before you decide to purchase one of these vacation properties.
The price of your a timeshare is dependent on a variety of factors. Location, amenities, and size all compromise what your timeshare will cost. Because of those factors, timeshares can range from a few thousand pounds to over £100,000. Timeshare prices can often be high because they are meant to be life-long commitments, and are priced to be considered something that can be enjoyed (and paid for) over several years. Since prices can fluctuate drastically, the average purchase cost of timeshares is usually around $20,000 (£15,000)
If you really do intend to use your timeshare for a long-time, this may seem like a great deal! Your family can enjoy a lifetime of vacations for Hawaii for $10,000? Who wouldn’t turn that down? However, it is the hidden cost of timeshare ownership that often gets people frustrated. Maintenance fees and special assessments often start off low, but can quickly balloon out of control, especially if your timeshare is paid off. The average cost of fees for timeshares is around $800 per year – a cost may families are often unable to afford.
Add to these the costs of exchange club memberships, travel costs, interest and fees on possible mortgages, and the annual average cost of timeshares can be nearly $1,200, if not more.
For many families, this is money they can’t afford to lose. It is a mortgage payment, an investment for college, or savings for retirement. Because of this, many timeshare owners are turning to timeshare resale in order to relieve the financial burden of these properties.
Whether the average cost of your timeshare has become too much to handle or you simply no longer can justify paying for a property you get little use out of, we can help you get out of your timeshare quickly and with zero hassle to you!
Understanding Timeshare Sales
Timeshares can be extremely confusing for new buyers, especially because timeshares sales representative use evasive techniques to get you to buy these properties without fully disclosing all of the responsibilities associated with timeshares. Understanding timeshares sales is extremely necessary before you even consider buying one of these properties, and we are here to help you make educated decisions about your timeshare ownership before, during, and after your purchase.
When it comes to understanding timeshares sales, there are two main aspects you need to be aware of – the length of and terms of the contract, and fees and interest. In order to sell you a timeshare property, the salesperson will tell you everything you want to hear while sidestepping the sometimes less luxurious side of timeshare ownership. Owning a piece of property in an exciting location that your family can use for the rest of their lives is exciting, paying high-interest rates and ever increasing maintenance fees for the rest of your life is not.
The fact of the matter is that timeshares are designed to be owned for the rest of your life, and beyond that, in some case, as they are often inherited by family members. Interest rates on timeshare mortgages are often very high, making paying them off difficult in some cases. Add to that the maintenance fees on the property that usually increase each year, and many owners find themselves paying more in fees and interest over the course of their timeshare ownership than the unit is even worth. Understanding this about timeshare sales often cause owners to want to look into selling their timeshares to avoid having to pay for a property they find themselves unable to use for the long haul.
Understanding timeshare sales and selling your timeshare once you have had your fill doesn’t have to be a confusing mess of paperwork and empty promises. Mercantile timeshare specialists can help you get rid of your timeshare fast to help you relieve yourself of your property and the hidden costs that come with it.
Understanding Timeshares – What You Need to Know!
Timeshares can be a great opportunity for a family to have an affordable vacation place away from their homes, but they also hold the overwhelming opportunity to confuse and frustrate people. Understanding timeshares before you buy them can help you avoid having to sell your property later on as well as give you insight into what you can expect should you choose to get rid of your timeshare at some point.
The first step to understanding timeshares is to realize that these are not designed to be temporary purchases. Timeshares are meant to be lifetime commitments, and even longer in most cases as your family inherits them once you pass. However, many owners think they can just get a timeshare for a few years, get adequate use of them, and then dump the property. Timeshares can be extremely difficult, and even expensive, to get rid of so you should not be looking into purchasing a timeshare if you can’t make a long-term commitment to the property and the financial burdens that come with it.
Another large aspect of understanding timeshares is that even though you may have gotten a great deal on the initial price of the property, there are other financial commitments attached to the agreement as well. At the forefront are maintenance fees. These fees are assessed on a yearly basis by the developer or HOA and used in the upkeep of the property. These may also contain special assessments for unforeseen costs that are not covered by insurance, such as unit upgrades, storm damage, and pest control. This means that maintenance fees often increase each year and rarely go back down once they have. This fact alone causes many timeshare owners to want to sell their property since over the course of your ownership you can potentially pay more in fees than you did for your timeshare.
Despite having a good understanding of timeshares, a large number of timeshare owners still find themselves purchasing and then wanting to get rid of their timeshare at some point. Whether they don’t use the property as much as they anticipated or no longer can or want to pay the mounting maintenance fees, selling timeshares has become a popular trend in recent years.
Unfortunately, selling timeshares can be extremely complicated. The market is flooded with resale properties, and without the right professionals working on your side it can take months, even years to sell your timeshare.
Timeshare Foreclosure Laws – Are You at Risk of Timeshare Repossession/Foreclosure?
As people reevaluate their family budgets and cut the fat to save money for more important things, timeshares are often the first to go. However, many owners don’t realize that timeshares are subject to foreclosure laws, just like other pieces of property, and that in order to avoid the havoc this can wreak on your credit you must take the property steps to get rid of your timeshare if you no longer want it.
One of the biggest misconceptions that people have about timeshares is that they are not actual pieces of property. Timeshare law views these units as owned pieces of property, even though you only own a portion of it. When people no longer use or can no longer afford their timeshare, many simply quit making payments on the property. Even if you have paid off your timeshare mortgage, if you fail to pay the maintenance fees you can be subject to timeshare foreclosure law
If you are unaware of timeshare foreclosure laws and feel you may be as risk of foreclosure on your property, there is still hope. Many developers don’t want to deal with the hassle of listing a timeshare as a foreclosure and will work with you to get caught up on your payments. Even if you no longer want or can afford to keep your property, staying out of timeshare foreclosure is an absolute must, as you cannot sell a foreclosed timeshare.
Timeshare Law – What Do You Need to Know?
When people decide to buy a timeshare, it is usually a split decision. In many cases, they have attended a very persuasive sales presentation in which the representative has outlined all the wonderful benefits of owning a timeshare, but of course left out the less exciting part, including timeshare law and what you need to know before you buy into one of these properties. You wouldn’t buy a house or anything else without first knowing the rules and regulations behind ownership, what your responsibilities are, and what happens to you if you don’t hold up your end of the bargain, would you? So why do so many people do this with timeshares?
The fact of the matter is that timeshares are considered to be pieces of real estate, just like a house, and fall subject to many of the same laws. Where timeshare law is a little different is that you only own a portion of the property, however, this does not exclude it from many of the laws surrounding any other real estate property, including foreclosure if you fail to pay. Also complicating the matter is that timeshare contracts often contain a lot of fine print and it can be very easy think you know what is going on. Timeshare agreements make it very difficult for you to get out of them, can be very easy to breach, and timeshare developers are often not liable for anything since they make it a point to protect themselves from loss and trouble first and foremost.
Because timeshare law is so tricky, it is often recommended that you consult with a timeshare solicitor before you buy so that they can review your contract to ensure it is something you actually agree with. Timeshare lawyers are often property lawyers who specialise in timeshare law in order to protect people from making bad decisions. However, as is the case most of the time, people usually don’t seek the help of timeshare solicitors until they run into some hot water. Timeshare foreclosure, trouble selling the property or getting out of the agreement, and even grievances with the developer all are common reasons that people decide to contact these law professionals after they have already signed the agreement.
We understand how easy it can be to get pressured into buying a timeshare before you have had time to get proper advice and how quickly you can spot problems in your contract after the fact. This is why we have some of the industry’s most successful timeshare law experts to help you. These experienced and diligent professionals can review your case and determine the best course of action to take in order to quickly and efficiently solve your problem starting today!
Picking a Timeshare Resale Company – What to Look Out For
What should I look for in a timeshare resale company?
This is an all-too-common question, but it is probably the most important one to ask if you’re looking to resell your timeshare. After all, the Internet (as well as the timeshare industry as a whole) is crawling with companies that over promise and under deliver. How do you keep yourself from picking the wrong resale company Investigate
The first thing you should do before paying anyone – no matter what their service – is to investigate/research the company. It isn’t hard to make yourself sound good on a website. As such, you should never take any company or person by their word alone.
Here is some vital information you should research:
- How long has this company been in business?
- How many reviews do the company have? The measure of any business is the ratings and reviews left by its own customers.
- Are they licensed to do business? Are the known to the Ministry of Justice who regulate UK businesses offering such advice?
- Do they ask for upfront fees?
- Do they pressure you into making decisions?
All of the above are simple due diligence checks that new customers should be undertaken when doing business with any company. We are proud to tick all these boxes; with such excellent reviews and recommendations from our existing customers, it is simply to see why Mercantile Claims are chosen by owners and their friends and family to release them from their timeshare agreements.
Are you a timeshare owner looking for an exit strategy?
If you are looking to get rid of a timeshare that has been draining your finances, we can offer you release. Despite what people tell you there are ways to get out of your contract. Some are more expensive than others, but every method is guaranteed to save you money in the long run.
Are you in the Cooling-Off period? Run for the door now!
A cooling off period is an allotted “cool off” timeframe that lies hidden in all timeshare sales contracts. It guarantees the potential buyer has a short period (usually between 3-15 days, depending upon location) to cancel a contract without incurring any financial loss. Most salespeople skip this section of the contract entirely during presentations, so it’s important that you take the time to thoroughly read your copy of the contract.
In order to act upon the cooling-off / rescission period, all you have to do is write a formal letter to the developer stating your intent to cancel. Make sure to include your name is it appears on the contract, the date you signed the contract, as well as your contract number. To ensure the developer does not try to claim you did not send the letter within your cooling-off period always send the letter via ‘signed for’ post/mail.
Resell Your Property
If you opt to use a resale company be careful. While this is a more expensive method, you can rest easy knowing that professionals are handling your sale. Just make sure to avoid any company that asks for upfront fees, and always stick with a company with a solid reputation.
There are many untrustworthy companies out there, so we would advise you to let us set you up with a company in good standing within the timeshare resale industry.
Donate Your Timeshare
This is the last option we would recommend to you, but when you have exhausted all other resources donating a timeshare is an option if nothing else. The thing to watch out for is that some charities accept timeshare deeds, but fail to legally transfer the title once the deal is done. This can result in you paying for a timeshare you technically no longer own.
If you’re going to pursue this means, we strongly suggest doing so through a timeshare attorney. He/She will make sure that all paperwork and transfers are taken care of.
If you want to leave your timeshare contract behind, fill out the form at the bottom of this page. We’ll set you up with a specialist who will provide a free consultation, as well as help you decide the right course of action.
Sell Your Timeshare Without Paying Upfront Fees
There are many options available to anyone who wants to sell a timeshare, but finding the right option is another thing altogether. Don’t let your desperation or anxiety drive you to pay upfront fees in order to accomplish your goal. We know it’s scary looking down the barrel of the loaded gun that is timeshare ownership but stay composed. We can help.
In spite of what the well-trained salesperson told you, you are never locked in a contract with no hope of escaping down the line. Getting rid of a timeshare can be as simple, and Mercantile Claims are happy to help you.
You’ve already lost money on your timeshare, so don’t lose any more time trying to get rid of it without results.
Fill out the form on this page and we can set you up with a timeshare specialist who will help get things started. And, best of all, we work on a No Win No Fee basis. You have nothing to lose (other than that timeshare agreement!)