Three Reasons to Cancel Your Timeshare Contract

Very few people purchase a timeshare without thinking it through or without ensuring that it's something they really want and need. When you buy a timeshare, you essentially become a part-time owner of that property. The payment that you make every year gives you the right to visit the property at least once a year. You and your kids will enjoy staying in the same place each year and taking part in all the local activities that you love. As much as you love that timeshare though, there are three reasons why you might decide to terminate your contract.

Loss of Income

A common reason why many owners terminate their contracts is because of changes to their incomes. When you first buy a timeshare, you might make a large sum of money and have little outgoing expenses. Once you have kids, buy a home or purchase a new car, you may find that you have less free cash each month. Ending your lease lets you save some money, which you can put back towards a more affordable vacation for your family.

Too Many Rules

Many people do not realize that timeshare resorts often have a large number of rules that they must follow. There are even some resorts that will not let owners bring their kids with them because these resorts cater only to adults. Other rules may relate to whether you can bring in outside food with you, the type of clothing that you can wear in shared areas and even whether your friends and family can come with you. You may face rules regarding when you can visit and how to pick the dates of your stay too. If the property has too many rules, you can opt for a timeshare cancellation.

Changes in Area

Another reason to cancel your timeshare contract is when the area near or around that timeshare goes through a number of changes. As you come back year after year, you may find that the number of things you can do on your vacation drops because local companies shut down or change owners. The area may go through some economic problems that leave you feeling nervous about staying there. Canceling your contract lets you walk away from that timeshare. Though you likely had good intentions when you bought your timeshare, there are times when you'll want to cancel your contract.