If you’ve recently purchased a timeshare, you may wonder what you can do with your newfound timeshare money. Buying a timeshare is more than just a vacation deal, and it can save you a ton of money. But not all timeshares are created equally, and if you don’t do your research, you could wind up with a useless piece of property.
Generally speaking, the best way to get your money’s worth out of a timeshare is to rent it out. This can be a good way to generate some income, and it can help you pay off your mortgage. However, it can also be an arduous process to figure out how to do it right. For instance, you need to keep track of maintenance fees, utilities, and special assessments. You also need to make sure that you don’t lose your unit.
As a timeshare owner, you’re obligated to pay maintenance fees, which are usually around $1,000 per year, even if you don’t actually stay in your timeshare. These fees are used to cover resort management costs, and the increase of maintenance fees almost always outpaces inflation. In addition to your maintenance fees, you might have to pay a transfer fee, special assessment, or taxes.
Similarly, if you’re planning to sell your timeshare, you’ll need to account for the costs associated with closing and selling. The process is not straightforward, and there are a number of different ways to go about it. Even if you do have to take the long route, there’s a chance that you’ll be able to recover your investment.
There’s a small chance that you’ll be able to use the timeshare you purchased to sell on the secondary market. However, this can be a tricky process, and you may have to enlist the help of a third-party. Fortunately, there are a few free tools available online to help you do just that.
One of these is the Redweek’s free timeshare value calculator, which can give you an idea of how much your timeshare is worth. Another is the Timeshare Users Group, which is a popular forum dedicated to timeshare ownership. And, finally, you can find out which timeshares are on the market on an online marketplace like KOALA.
Depending on the size of your timeshare, you’ll need to factor in the cost of maintenance fees, property taxes, and utilities. It might seem like a lot of work to figure all of these out, but it’s well worth it.
When you’re weighing all of your options, remember that a timeshare isn’t a one-size-fits-all, and the best way to determine which is the right choice is to consult with an experienced timeshare specialist. Often, they can make the difference between a thriving timeshare and a complete loss.
Before you invest in a timeshare, consider your overall financial situation, the location of the property, and your own expectations. Remember, a timeshare isn’t the ticket to luxury, but it’s a great way to have access to a vacation property for a set amount of time each year.