Vacations are some of the most important, if not the most important part of our lives. Yes, work will make you money, but what’s the point in making said money if you never enjoy yourself?
For many they have decided to buy a timeshare, thinking that would be a way to go on vacation more often, possibly saving money in the process.. But, they soon find out that not only was it not a good investment, but it’s one that is incredibly difficult to get out of. So here is how to get out of a timeshare.
What Is A Timeshare?
A timeshare is a part ownership of a vacation home, or rather the rights to the said home. Most of the time you get 1 week with said property and usually the same week per year, though many have some exchanges of weeks.
On top of the initial investment (which can range from nothing to hundreds of thousands), you also have maintenance fees to pay yearly. Though this isn’t always excessively high, they can be sometimes even more so than the cost of the timeshare in the first place.
Why Would You Want To Get Out Of A Timeshare?
Though for some people having a timeshare is great (my aunt and uncle have had one for as long as I can remember) there are others who would gladly give it away for nothing, why? Because of the fees involved, and the restrictive nature of said timeshare.
Like I mentioned earlier the fees are always excessively high sometimes $500 to $1000 a year. However, it can become much much more making it not cost effective to keep the timeshare. Consider staying at an Airbnb with the cost of $75 a night. This would come out to only $525 for a week saving you thousands over the maintenance fees, and more so considering you have to make an initial investment.
How To Get Out Of A Timeshare
If you have just got your timeshare you may still be able to get out of it. Most timeshare contracts have a grace period where you can cancel so the first thing I would check if trying to get out of a timeshare is if I was still in that grace period.
If that isn’t a viable option find out if it’s possible to sell the timeshare. You may call a real estate agent who is familiar with your area or even in timeshares themselves and asks for their advice. They may even have sellers in mind looking for a place.
If selling seems impossible then give it away. This may feel like throwing money away, but it may save you money in the long run since you no longer have annual fees to pay. Be up front with whoever you are giving it to as to the reasons why. Especially if it is a friend of family member, never sacrifice personal relationships for money it’s too high a price to pay.
Join the Thousandaire newsletter
Subscribe to get our latest content by email.