Timeshare resale prices
People have been taking to the internet to ask about the legitimacy of buying a timeshare for pennies on eBay or other websites.
They are concerned that the offer of a week in the Tenerife sun every year could not come as cheap as 99p or even 25p. And their suspicions would be right. It doesn’t come as cheap as that.
Even though they are being sold for peanuts, the original owners of the timeshare are not just selling their ownership. They are also selling the maintenance contract that comes with it.
They are effectively handing over a debt of hundreds or possibly even thousands of pounds which has to be paid every year when they try to sell their ownerships.
These fees are often extortionate, sometimes coming in at £3,000. They are passed from owner to owner, with the new owner becoming responsible for them as soon as the transfer takes place.
Maintenance contract fees are one of the most common reasons for people wanting to get out of or sell their timeshares. If you find an appealing timeshare online and it’s an apparent steal at just a few pence or a couple of pounds, be very cautious. You should always ask the seller what the maintenance contract fees are before getting involved in timeshare.
And if they sound manageable now, there’s a good chance that in a few years they won’t be. Timeshare maintenance contract fees are known to increase in price almost every year, sometimes almost doubling.
The most complained about issue with maintenance contract fees is the fact that they usually need to be paid forever. Most maintenance contracts now feature perpetuity, which means that they must be paid for the entire life term of the owner and even longer.
Owners’ children and other heirs are then expected to pay these fees following the owner’s death. Although there have been recent court rulings which classify these contracts as illegal, it hasn’t stopped the timeshare clubs.
If you are unhappy with your timeshare maintenance contract, contact Timeshare Help. We could have your maintenance contract terminated in a few weeks. Our specialist legal team performs this duty everyday. We have a huge amount of experience and know exactly how to achieve this.
Timeshare Help is here to assist you in getting rid of the burden of maintenance contract fees. Call us for a free discussion about your options.