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.