Timeshare Foreclosures

timeshare foreclosures

Why You Should Get Rid of Timeshare

Owning a luxurious timeshare vacation spot may seem like a good investment, but in reality, it only drains your savings. The money you spend towards maintenance fees, assessment fee etc may not be worth it, while your enthusiasm to vacation at the same location every year is bound to wane. Here are some reasons why you should get rid of timeshare properties, especially in this weak economy.

Save on maintenance fee

If you are planning to save for your retirement, your child’s education or other important investments, the first thing to do is to get rid of timeshare property, if you own one. You can save the amount that’s being spent as maintenance fee (which typically increases by 4% every year) on your timeshare to invest more in your retirement plan or in a more permanent real estate option.

Escaping a monotonous vacation

Stop spending money on maintaining your timeshare just to vacation at the same resort over and over again. Instead, you can use the amount saved to visit different and more exciting locations every year. A timeshare vacation is usually an exciting idea in the beginning, but soon you and your family will get weary of it. If you think that timeshares provide cheaper vacation lodgings, you’ll be surprised to know that some of the best hotel accommodations in many holiday spots will cost you lesser than that.

Problems in scheduling your vacation

Timesharing allows you to use a particular vacation property for an exact number of days, mostly during the same time every year. This means that you have to plan your vacation at least 12 months in advance. If your resort has the fixed week ownership system, you may have to take a vacation at the same time each year, whether it is feasible or not.

Timeshares only depreciate

Timeshares cannot be considered an investment, because you are only paying to own and use them for a few days every year. Unlike your home or any other real estate properties you own, timeshare properties only depreciate in value over a period of time. This makes it almost impossible to get rid of timeshare without a loss, especially if you’ve had it for a long time.

Impact on credit score

You may already know that it is an extremely challenging task to sell a timeshare unit. The difficulties involved in maintaining or selling your timeshare may tempt you to abandon it. But if you stop paying the fees while you still own it, you will lose your credibility and a timeshare foreclosure will affect your credit score. If you are unsuccessful in selling your timeshare, donate it and get it off your hands instead of just abandoning it.

To get rid of timeshare, engage the services of a company that offers effective solutions to sell timeshare. Search online and enquire with friends and colleagues to find a suitable timeshare resale company.

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CLICK HERE to learn more about Timeshare Divestiture and how we can help you! It’s not easy to sell timeshare on your own. Timeshare Divestiture will help you get rid of your timeshare by finding the best exit solution for you.