So many people purchase timeshares without realizing what they are getting into. After purchasing a timeshare, hidden fees will make their way to the surface, problems with maintenance and home care will arise, and timeshare owners often struggle to sell their share of the property. There are also annual fees that are added onto the ownership of the timeshare, even if you don’t vacation there.
Timeshare’s Hidden Fees
There are plenty of fees hidden within the timeshare contract that many owners aren’t aware of when they sign their papers. Fees can fluctuate, sometimes even inflating each year to keep up with the rising and falling economy of the place that you’re purchasing. This doesn’t take into consideration if you’ve spent time there or haven’t spent there and can oftentimes be costing you money in the long run.
Difficulty to Sell
Timeshares are really hard to sell. If you end up not wanting your timeshare after a year or more, you will have difficulty trying to sell your timeshare to another person or gifting it. Timeshares are hard to sell because a lot of the time the value of the property goes down after long periods, making it not worth the costs in the long run.
Similar to a Hotel
A lot of timeshares are on resort properties or in hotels. This means that a lot of the time, you’re basically just staying at a hotel for more money than you’d be paying if you were to just rent a room for a night. In addition, you’re not able to use personal amenities like you would be able to at a vacation home, or at an Airbnb, and you have to share amenities with the entire resort or hotel. Kitchens are not full size, as they are in homes and Airbnbs, and often aren’t used if you’re staying on a resort anyway because of all the nearby restaurants and shops.
Fixed and Floating Times for Reservation
Timeshares are unique in that they require you to choose a time that you visit every year, or you have to reserve on a first come first served basis, which means that even if you book 3 months out, you still might not be able to book your own timeshare for the time you are looking for. In addition, it can make it hard to find vacation time for kids who are still in school, or adults working full time when you can’t determine when to vacation because of the floating times.
What Is The Average Cost To Get Out of a Timeshare?
So you’ve decided a timeshare is no longer a good idea and you want to get out, but you’re not sure where to turn. Nowadays there are several timeshare exit companies such as Interval Exit Services that may be able to assist you with a timeshare cancellation. Websites online can help you determine the average cost to get out of a timeshare. Cost is usually decided by the brand of the timeshare and any outstanding mortgage amount.
Timeshares aren’t a good idea. You should be looking to get rid of your timeshare if you have one, and expect difficulty trying to get rid of it. The negatives of not being able to reserve short notice, having the same vacation time, all the hidden fees, and the similarities to a hotel room outweigh the positives. Ultimately, you aren’t getting what your money is worth, and will now have difficulty trying to sell your timeshare to someone else.