Timeshare contracts are the ones whereby, for a certain period of time (which is typically very long – at least a few years!), you acquire the right to use one or more accommodation facilities in holiday resorts.
However, you must be aware that the purchase price of a timeshare is not the only amount of money you get out of your pocket; there are different additional annual fees and maintenance costs added to the timeshare price. Most people are surprised by these expenses as they occur, though they should have known of their existence from the start. As such, the timeshare concept is surrounded by incertitude, information which is only half-correct and generates additional expenses and sometimes it is unfortunately related to real scams – sellers who want to obtain advantages on our own expenses.
If you want to cancel your timeshare, here is how to get started with the cancel my timeshare process.
The seller from whom you bought your timeshare must provide you with a standard form that you can use. You do have the right to withdraw from the contract within a certain cancellation period after you signed the contract. Check your state’s law for more information about it, or contact the local consumer protection office, but be quick, as the cancellation period expires sooner or later. Within the cancellation period, the seller is not allowed to request advance payments, guarantees, etc.
When you buy a timeshare, the biggest risk is not whether you are allowed to cancel your contract, but that you will never be able to recover your money.
A lot of people believe that timeshares are incredibly flexible. They purchase a timeshare, expecting to have a blast during their vacation and then forget all about it. After all, they don’t use it that often, so why should the expenses be too big? Also, the people who sold them the timeshare assured them that they could flexibly change the date when they can have access to the property, depending on when they choose to get their vacations next.
Unfortunately, none of this looks as good in reality as it is on paper. Timeshares are still real estate investments that have to be paid with real money. That money may even come from loans that you have to pay back over time. Also, timeshares that are traditionally sold at resorts are extremely expensive to maintain and repair. And finally, when you commit to paying for your timeshare, you also have to commit to paying the high taxes that come with such a high revenue property.
Finally, selling your timeshare will not be easy, since many people already know about the pitfalls of timeshare investing and purchasing a timeshare for leisure purposes. So make sure you do enough research, consult your CPA, and get a free consultation with a company that specializes in helping folks, asking how do I cancel my timeshare contract, to avoid all the hassles of getting out of it on your own.
If you want to make wise investments, there’s no one better to ask than your accountant. Even though you might be looking for a fancy resort to spend your summer, timeshares are often seen as a seemingly low-cost, but risky, opportunity that only those who have enough money to waste will consider.
While a timeshare can be a good idea if the terms and expenses fit your lifestyle, it’s still a good idea to ask your accountant about the following:
What are the main financial risks involved? In most cases, they will tell you to look at the various additional fees, such as broker fees, recurring payments required for maintenance, financing costs and other related charges.
How will it affect my taxes? Your CPA should be able to give you a rough estimate of how much you might be expected to pay and whether or not there are any complications involved.
What should I be aware of before buying the timeshare? In most cases, a CPA will draw your attention to the risks of falling victim to fraud and recommend that you check with the Better Business Bureau, as well as do some research on the seller and the resort, before considering signing the contract.
If you are looking to get out of your timeshare contract, tax refund season is a great time to do that. Call the professionals at https://www.timeshareterminationteam.com/.