Hello friends! We’ve compiled a list of 7 reasons to consider a timeshare transfer. None of these considerations are entirely new, but they seem to be just as true today as ever. Unfortunately, we continue to hear these same complaints from our customers on a daily basis, but hopefully, a few of you will read this blog and take a moment to evaluate your options.
1. Timeshares Are NOT an Investment
As expressed time and time again, timeshares are a liability, and their financial value depreciates over any given period of time. This means that the instant you purchase a timeshare, the value plummets, along with the resale value. Yet, even with diminishing value, timeshares are nearly impossible to sell, as the secondary market has eroded significantly in recent years.
2. Rising Timeshare Maintenance Fees
Fees that you thought would remain manageable can begin to spiral out of control rather quickly. Along with general maintenance fees that will surely rise, there are other fees to keep in mind, such as special assessments, taxes, membership fees, and exchange-transaction fees. The owner must pay these fees whether they use their timeshare or not. By choosing to transfer your timeshare, and thus avoiding these fees, you could save tens of thousands of dollars over the life cycle of your property.
3. Travel Expenses (The Cost of Getting To Your Timeshare)
Another item that is often overlooked by overzealous timeshare purchasers is the question of travel. Sure, it might seem like an affordable vacation locale if one can account for the annual taxes and fees, but people often forget how expensive it is to travel to certain destinations. As anyone with a timeshare can tell you, airfare is not cheap and neither is fuel. If you choose to transfer your timeshare, these expenses could likely be covered with the money once used to cover resort fees.
4. The Timeshare Industry Is Complicated
The timeshare industry is extremely complicated, and entering into any sort of agreement should be approached with caution. Many timeshare exit companies are counting on their prey not to do their homework, thus making owners vulnerable to scam tactics or general poor service. If one isn’t well versed in the language of timeshares (e.g. fixed-week, point-based systems, leased timeshares) or the legitimacy of these companies, it becomes even easier to fall victim to manipulation and predatory tactics.
5. You’ll Likely Never Break Even
Timeshares are marketed as being cheap at the initial purchase, but when compared with the cost of staying in practical hotels over the lifetime of the contract, it’s likely that you’ll never reach a break-even point. Consider that you’re paying annual maintenance fees in addition to a large up-front purchasing fee – money that could be spent on other vacation options.
6. Little Vacation Flexibility
Trading your time for a unit in a new vacation location is not as easy as you may believe. It could require nearly a year’s worth of advanced planning, and trading costs can add up quickly. Further, there’s no guarantee that you’ll be able to procure your desired location during your desired time. If you transfer your timeshare, there will be no extra costs or added stress in pursuing more flexibility in your vacation plans.
7. Timeshares Are Nearly Impossible to Get Rid Of
A timeshare is a liability, not an asset. Therefore, the value will only depreciate over time, which makes the resale market virtually non-existent. There are many listing agencies and exchange companies who will make empty promises about the value of your property and the abundance of buyers lining up to purchase it, only to cash a large check without providing adequate service. The bottom line is that it is nearly impossible to sell a timeshare; the market has decreased significantly and shows no signs of rebounding.
This list is by no means exhaustive, but it should be a starting point for anyone interested in taking an honest look at the viability of a timeshare transfer. Timeshare ownership can be a wonderful experience for many families, but it is important to do all the necessary research if you’ve decided that you’re no longer interested in owning your property. If you or someone you know is locked into a timeshare contract and looking for an exit solution, please contact us at (877) 354-4321.