Timeshare companies do a great job of making you feel like timeshares are a great investment and you might even agree. You’re going to go on vacation anyway right? And owning a timeshare would probably save you money and also encourage you to actually go on vacation instead of putting it off. You may not even consider what it would take to get rid of timeshare if you didn’t use it because you think at the time you definitely will.
Timeshares make sense for people who plan to take at least one vacation a year and generally that seems reasonable. The timeshare company will even convince you that you will take at least one vacation a year, maybe more. However, a timeshare isn’t actually a good investment and once people realize this they will start trying to figure out how to get rid of a timeshare.
Think of a timeshare like a car. You pay payments, much like a mortgage or a car payment if we stick with the allegory. Eventually you will “pay off” your timeshare and then you won’t have any more payments, much like your car.
However you do have maintenance fees that you have to pay forever and anyone you gift your timeshare or bequeath your timeshare to would have to take on those fees as well. It may seem reasonable because ultimately fees are often still less than the cost of a standard vacation. However, fees go up each year. The problem is that if you pay off a car or a house, you at least have that car or that house.
You can sell it. With a timeshare you don’t have anything tangible and while there are options to sell or exchange them, you won’t get anywhere near the money you have put into it. Many resorts also have strict restrictions on how and who you can sell it too.
Like a car, timeshares decline in value as soon as you buy them and most people could just start their own timeshare rather than buying yours. If you’re starting to think that it might be difficult to get rid of timeshare, you are right. If you don’t know how to get rid of a timeshare or know the right timeshare exit team to call, it can be a challenge.
Timeshares are a lifestyle investment not a financial one. If you have extra money and time and have the luxury of traveling when you want to, it can make sense. For many people it really is nice to have for at least the first few years. However, that’s not the case for everyone. In addition, unlike paying for a house or a car that is still there whether you use it or not, if you don’t use your timeshare each year it is just money down the drain. You don’t get it back, you can’t make up that lost time, and you’re still paying maintenance fees for a property you never even used. That’s why many people start trying to learn how to get rid of a timeshare.
Don’t get caught in the trap of thinking your timeshare is a great investment and trying to initiate a timeshare cancellation will just waste the years of money you have put into it. You wouldn’t continue to put money into a rundown car that you never use just because you already spent so much money on it. Cut your losses and got out of that timeshare so you can invest your money in something that is really worth it.
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