I Want Out!

I want OUT - Timeshare news

The winter gray of January is here and if you’ve been on a vacation to someplace sunny, you can bet you start thinking “why don’t I do this more often?”  It’s right about that time that timeshare staff can sniff out that sense of desperation and swoop in to invite you to a lovely breakfast at an even lovelier property at no cost to you (!!) for a ‘simple informational meeting’.  Next thing you know, you’ve signed a contract for a timeshare.  Now what?

Now, we’re not judging.  We aren’t.  We’ve all been there in that space of instant gratification and satisfaction.  A timeshare purchase in the moment feels like a reward and a treat and something perfectly predictable to look forward to when it’s gray and cold.  Besides, like it was explained in the pitch, you can always trade weeks or swap it out, right?  

What happens when your timeshare becomes a nightmare?  

Figuring out how much a timeshare costs is kind of like answering the question, “How much does a hotel room cost?” or “How much does an airplane ticket cost?” A lot of factors go into the price. One of the biggest factors is who you buy your timeshare from: the resort developer itself (direct purchase) or an existing owner (resale purchase).  Adding up the fees associated with the timeshare can start to get your head spinning.  

Here’s an example without financing or factoring in price increases and inflation:

  • Up-front cost: $25,000 cash
  • Annual fees: $1,000
  • Closing costs: $700
  • Vacation nights per year: Seven
  • Number of years: 30

Total cost: $25,000 + $30,000 + $700 = $55,700

Total vacation nights: 210

Total cost per vacation night: $55,070 / 210 = $265.23

In the example above, where you pay cash for your timeshare, it may be a reasonable use of your money. Only you know what you typically spend per night on accommodations when you travel. If you really are going to vacation at the resort every year and not get sick of it, buying a timeshare might pay off eventually. A calculation by Consumer Reports found that owning a timeshare would start to pay off after 13 years.  That’s also only figuring in fixed fees, not rising fees.  If you’ve been locked into a timeshare agreement for a while, you know those fees only go up.  

If timeshare ownership isn’t for you, but you do find yourself wooed by the seemingly endless amenities of the property, you may be able to enjoy the benefits of a timeshare without the obligations by renting someone else’s timeshare. This way, you’re not locked into a lifetime of annual fees and destination limitations.

What to do if you’re already locked into a timeshare that you are no longer in love with?  Well, contacting ExitSimple is the first best step.  We can get you out of these contracts and help keep your hard earned money where it belongs: in your pocket!  Let’s dig you out of this together.  Get in touch today.