Timeshares can be a great vacation getaway for you and your family. But in many cases, what was once considered a personal luxury can quickly become an expense costing you time and money.
Interval Relief thinks that understanding the problems that can arise with timeshares and the things you should consider will help you make the right decision about your timeshare should you decide that it’s time to move on.
Increasing fees and a diminishing value can make it hard to enjoy your timeshare. The following will give you the information you need to make a decision in your timeshare ownership.
Trouble With Timeshares
A timeshare is distinct from other types of property ownership. It gives you the right to use the property for a specified time period each year while sharing the ownership with other individuals.
A timeshare is an attractive option for someone looking to establish a familiar vacation destination. Because you use the property for only a portion of the year, you end up paying a smaller initial cost than you would with traditional properties.
This also keeps you from having to pay many of the costs that come with owning your own vacation property.
But timeshares have their own maintenance fees. And these can go up over the time. Also, remodeling and upgrades can add to the cost of owning a timeshare. If you’re unable to stay current with the fees, you may end up facing a foreclosure on the property.
What to Consider
Timeshares are difficult to abandon. This makes them a very risky investment for those who haven’t fully considered what it means to own one. Unexpected issues related to your income or financial standing can create problems when trying to meet the obligations of a timeshare.
If you’re looking to remove yourself from a timeshare, you’ll have to work with the Owner Services department at the resort location.
More importantly, the value of timeshares will decrease after the initial purchase, which makes it hard to see a return when trying to sell it.
How to Get Out of a Timeshare
In order to make the best decision about what to do with your timeshare, there are some things you need to consider.
If your timeshare still has a mortgage on it, the resort owners will be less likely to buy back your timeshare. However, if they’ve already made all of their money from your purchase, then reacquiring it gives them an opportunity to resell it at a full profit.
Any outstanding maintenance fees will also get in the way of your removing yourself from the timeshare. Be sure to have all fees current in order for the resort to consider your resale.
In some cases, a resort may offer a policy to buy back your timeshare. You’ll likely only receive a small portion of the price you paid, but in most cases this is the only option you have to walk away without losing any more money.
The best option is to seek professional assistance from timeshare experts. Timeshare contracts can be complicated agreements, and having an expert to guide you can help you walk away easily while minimizing the real costs for you.