Timeshares give families the chance to travel to their favorite vacation destinations, but they’re not right for everyone. Sometimes, timeshares can turn out to be a bad investment. These are some signs that your timeshare is going to waste.
You haven’t visited in two years or more.
The point of a timeshare is so that you can go on vacation to your favorite destination without worrying about finding accommodations. Maybe it’s with your family or just for a bit of time alone to gather your thoughts, but if you haven’t had the ability to visit in two years or more, it may be time to get rid of your timeshare. This could be a sign that your timeshare location has grown a little dull or that the family has become too hard to gather for a proper vacation. Regardless of the reason, after two years, it’s unlikely that you’ll use the timeshare often.
You’re facing a financial burden.
Timeshares are certainly not a cheap endeavor. Even if you visit the location on a regular basis, the fees could quickly become a financial burden. On average, the sales price of a timeshare is around $19,000 per week with an annual maintenance fee of $660. Could this money be spent better elsewhere? It’s hard to say how much you can get for your timeshare if you attempt to sell it, but it could be smart to use the money for other things.
Your loved ones may inherit an unwanted timeshare.
Your timeshare location may have been perfect for you, but what about your loved ones? As you grow older, you should begin to think about our property and who it will go to when you pass. Your loved ones may inherit an unwanted timeshare, which can be difficult to get rid of without the proper information. It can be particularly challenging to sell it during a stressful time. It may be easier to get rid of your timeshare now and use the money another way.
You’re no longer interested in the timeshare location.
People change, and it’s no surprise that you may have become bored with your timeshare over time. Maybe a cabin in the Colorado mountains was perfect when you were younger, but now a beach house in Florida is more suitable to your lifestyle. One of the biggest signs that you should consider selling your timeshare is if you’re no longer interested in visiting the part-time home. After all, it’s designed to be your ultimate vacation spot and the perfect destination for you. If you don’t like the thought of visiting, you should get rid of your timeshare and either find another or save the money.
You wanted an investment opportunity.
Some people choose to purchase a timeshare as an investment opportunity, but these houses aren’t as profitable as stocks or bonds. In fact, some experts consider timeshares to be one of the worst investment opportunities out there. They don’t function like traditional real estate and they introduce you to a lot of financial risks rather quickly. Instead of holding out for a profit, it may be better to cut your losses and get rid of your timeshare for better opportunities.