A timeshare is a vacation property that gives you the right to use a specific place and date for a certain amount of time each year. They are typically offered by resort companies.
While timeshares are a great way to take vacations, they can be expensive. Buying into a timeshare can make you pay monthly mortgage payments, annual maintenance fees, and other charges. If you aren’t sure if you should purchase one, here are a few things to consider.
The primary draw of owning a timeshare is that it can be cheaper than renting a vacation home or even an Airbnb rental. If you have extra money in your budget, purchasing a timeshare may be worth it.
Another benefit of timeshares is that they are often located near where you live. For example, one family owns a timeshare at a beachfront resort 20 minutes from their house. The family uses their timeshare for pool membership, a private beach clubhouse, and gym access when they’re not traveling.
If you’re considering purchasing a timeshare, it’s best to do your research before you sign on the dotted line. Taking the time to do your homework could save you thousands of dollars in the long run.
Many timeshares have a rescission period in which you can cancel the contract and get your upfront fees back. This rescission period is usually less than two weeks, but you should check your contract to see what the exact terms are.
When you want to cancel your timeshare, you will need to send the timeshare company a cancellation letter within the rescission period. If you do, they must refund the upfront fees you have paid. However, if they require you to pay additional cancellation fees or you cannot find a way to get out of the agreement, it’s important to seek legal assistance.
Depending on the company, you may be able to sell your timeshare and get your money back. This process is often a lengthy and hands-on endeavor, but it can be done.
Another option is to rent your timeshare out, but you will need to ensure you find renters who can pay on time. This is a difficult task, but it can be done with the help of a professional.
You can also opt to sell your timeshare and put the money into a different type of investment. The downside to this strategy, though, is that you’ll be giving up your ownership rights.
This could result in you not being able to enjoy your vacation or use the property, which can be frustrating. The best way to avoid these issues is to purchase a timeshare with a company that is willing to offer a refund if you decide to cancel.
You can also opt to sell your timeshare on the secondary market. The resale market for timeshares is large and has been on the rise, as people are looking to cash in on their investments.