Timeshares may seem like a good idea at the time of purchase, especially when you are told that you can rent out your property to make money. However, it is very important to think carefully about a product you are purchasing and to ensure that it will be worth the money. This is where the resale market has an important role to play and where people can save thousands of dollars.
Many people buy a timeshare with the intention of using it as a vacation home. They may even attend a timeshare presentation and be convinced that the property will appreciate in value over the years. Unfortunately, a timeshare is not an investment property and it usually depreciates in value over the years.
It is also possible for timeshare companies to jack up the price of a timeshare in order to compensate for expensive sales presentations and resort management fees. It is for this reason that you should be very careful about attending a timeshare sales pitch.
Often, timeshares are located near beaches or tropical areas and the property is susceptible to hurricanes, flooding, and other natural disasters. This can lead to additional special assessment fees. These fees can significantly add to the cost of a timeshare and cause the owner to be overwhelmed with recurring costs.
In addition to these recurring costs, it is very important to understand the upfront costs of a timeshare before buying one. Oftentimes, the up-front sales charges are not advertised.
If you are interested in a timeshare, it is recommended that you look for a resale company rather than working with a company that specializes in selling new timeshares. A resale company will offer you a much more realistic picture of what you can expect from a timeshare and will be able to help you decide if it is a wise purchase for your budget.
A resale company can also assist you with getting rid of your timeshare, something that is not always easy to do with these types of properties. When you sell your timeshare, you can often avoid the high maintenance fees and special assessment fees that are associated with the property.
The best way to get out of a timeshare is through a deed-back or surrender program, but this option can be complicated and often requires a lot of patience. You can also try donating your timeshare to charity, but this is not an easy option and can be quite frustrating. Finally, you can also use a timeshare exit company, but be very careful to avoid companies that charge hefty fees and ask you to purposely stop paying your fees. With a little bit of research and a mountain of patience, you can find a safe and effective way to get out of your timeshare.