Timeshare cancellation is a process that requires a fair amount of time and patience. It takes time to research and understand your options, communicate with the resort, and weigh a variety of different factors. In the end, it’s a matter of cost versus value. If you can save money by getting out of your timeshare sooner, it’s a worthwhile investment to make.
The Cost of Timeshare Cancellation
The most common reason why people choose to cancel their timeshare is because they realize how much it’s costing them. These costs include the maintenance fees and the service fees associated with the property. The total expense of cancelling a timeshare can be anywhere between $1,000 and $5,000.
This number will depend on the type of company you work with, the strategy they’ll implement and how long it will take to complete. A good exit company will be able to put together an exit plan that’s customized for your situation, which can help you get out faster and avoid future expenses.
One of the most significant elements to consider is the company’s experience and history in working with timeshare owners and cancellations. Look for a team that has been in the business for a long time and is known for their ability to provide excellent results.
A good vetting process will also be important for any timeshare exit company you consider hiring. They’ll go through a lengthy and detailed qualification process before they accept any clients, which will ensure that they have the right skills and expertise to get you out of your timeshare quickly and safely.
Timeshare Rescission Period
Most states have a rescission period for timeshares, which allows you to cancel your purchase within a limited window of time. This window is generally between three and 15 days, but it can vary from state to state.
It’s also important to note that if you do decide to go through with the cancellation, it must be done in writing. This is especially true if you have a verbal agreement with the resort that allows you to rescind your purchase.
The letter you send should be written in bullet points, and it should list all of the reasons why you want to cancel your timeshare. You may want to include things like high maintenance fees, inflexible dates and a bad rental history.
Regret is another common reason why people choose to cancel their timeshares. They feel that they were sold something they never really wanted, or that they were pushed into a purchase they did not fully understand.
In some cases, people have been misled by resort salespeople or pressured into purchasing a property that wasn’t in their best interest. This can be an extremely frustrating and emotional experience, which is why it’s so important to know your rights as a timeshare owner.
Many resorts are infamous for misleading or even deceptive sales presentations, which is why it’s so important for you to take the time to thoroughly review your contract. This will ensure that you’re aware of your rescission rights and can take the proper steps to ensure that you are protected and that you receive the compensation you deserve.