If you’re a travel enthusiast, timeshares may seem like an appealing way to save money on vacations. After all, they offer affordable accommodations at resorts that can’t be found on the rental market. But what many people don’t realize is that the value of a timeshare depends on several factors, including where and how you buy, and whether you actually use it regularly.
The average price to purchase a timeshare was $22,942 in 2018,2 and that doesn’t include annual fees or financing charges. It’s also important to remember that timeshares aren’t “real estate investments,” but rather prepaid vacations. And as such, they can lose value over time.
Timeshares are typically spacious, residential condominiums that offer home-like amenities such as a washer and dryer. But they also come with hotel-like benefits such as a swimming pool and restaurant options.
Because of this, timeshares can often feel less like a vacation and more like an expensive housing expense. When you add in the fact that resales on the secondary market are often significantly lower than resort retail prices, it’s easy to see how timeshares can end up not being worth it for some buyers.
It’s not just the cost that’s a problem, but also how restrictive timeshares can be when it comes to vacation planning. Many people find that they’re stuck taking their vacations during certain times of year or at specific resorts, even if those locations aren’t where they want to visit. This can be very frustrating, especially for families who may have children with special needs or specific vacation preferences.
Luckily, there are ways to make your timeshare more flexible and more fun. One option is to rent your timeshare out to other travelers who are looking for a place to stay during a certain period of time. This can help offset your annual maintenance fees, and it’s often possible to earn an extra income from renting out a timeshare through companies such as Centerstone Group.
Another great option is to explore a timeshare exchange program. This can allow you to stay at different resorts and destinations around the world for a fraction of the original purchase cost. This is a great option for those who don’t feel comfortable staying at just one location or would like to experience new cultures.
Finally, there’s always the option to get out of a timeshare contract completely by donating it or transferring it to a family member or friend. This can be a big decision, and we recommend that you talk to an expert before making it. We can help you explore all of your options for getting out of a timeshare, and we can also provide you with the information you need to find someone who wants to take over your ownership. Contact us today to learn more about how we can help you turn your timeshare into a lucrative investment!