What to Do With a Timeshare You No Longer Want
Filed under: Debt, Family Money, Travel
Buying a timeshare property may have seemed like a good idea when you signed the timeshare contract. But if you’re taking yet another “staycation” this summer – and really haven’t been able to travel as much as you’d like the rest of the year as well – you may have realized that you aren’t truly benefiting from your timeshare purchase.
Some people buy timeshares as potential investments. But that’s often an unwise move, since timeshares aren’t investments in the traditional sense, and they don’t offer the typical benefits that, say, stocks or bonds might, such as price appreciation or dividends.
Many timeshares also don’t function as traditional real estate investments either, since most timeshare buyers only own a specific and limited portion of a property for a specific week or month during the year.
That’s why most people enter into a timeshare agreement simply to enjoy the privilege of having a vacation home at their disposal. Owning a timeshare, however, comes with a lot of inherent financial risks and may not always be your best economic move – especially in a slow economy.
Fortunately, you do have some options if you’ve signed a timeshare agreement and want to get out of it.
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