Even as the costs of owning timeshare continue to soar, a small number of frustrated owners hope there is some way to hold on to their timeshare and make it work for them or any of their family members. Unfortunately, in most cases keeping their ownership just doesn’t make financial sense anymore. Owners are becoming more and more concerned about the long-term financial commitments that will pass on to their nexr of kin.
To even approach making financial sense timeshare weeks must be used every year. With every missed year the cost of ownership continues to increase with no end in sight. If you are using your timeshare every year it might make sense to keep it. If you are not using it every year your should make a serious effort to look into getting out of it.
The Timeshare Owners Alliance can help you navigate these tough decisions.
Know the Facts
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Keep Your Timeshare To Rent
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To successfully enter the rental market you must own at a highly demanded resort and have a highly demanded fixed week. Both a summer week on the beach and a ski week during Christmas are examples of highly demanded weeks.
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Most renters only request weekends leaving you little chance of renting full weeks or weekdays.
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Most owners don’t realize that they remain liable for any damages done to their condominium by a renter making it hardly worth the risk over the return.
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In most cases, the rental income does not even cover the maintenance fees.Think about it. You bought your timeshare to enjoy family vacations not to rent out to possibly cover maintenance fees.
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Try to Sell Your Timeshare
- Selling a timeshare may be a possible option for a very small percentage of owners who own a highly demanded fixed week in a highly demanded resort (a summer week at the beach or a ski week in a prime area).
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The number of timeshares on the resale market increases daily, resulting in the supply of resales continuing to greatly exceed the demand and making the resale market pretty much nonexistent.
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For example, one of the largest resale companies has nearly 1 million timeshares listed by owners to sell.
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According to data from the Federal Trade Commission, only 3.3 percent of owners reported successfully selling their timeshares over the past 20 years. For every year that your timeshare does not sell, you have to pay another maintenance fee.
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Time is of the essence! Owners need results and they need them now. How long are you willing to wait to exit your timeshare? We all understand that time is money. Ten years from now you could very easily be in the same position you are in today.