From a distance, timeshares seem like an interesting idea. But when you actually buy into one, you start to see why timeshares have the reputation they do, and why the sales pitches are so aggressive. According to Timeshareguru, 53% of timeshare owners spent $10,000 or more on their timeshare. These are expensive in more ways than one. Let’s dive into a few.
Financially speaking, timeshares are expensive not only because of the initial purchase price but also because you have yearly fees for the rest of the contract. And those contracts are long-term; you’re not paying for just a few years. A one-week stay at a timeshare can cost, on average, $21,455. That’s not something you pay for a five-year deal. Instead, you’re stuck for decades in many cases, required to pay fees that can increase yearly. If you’re going to be on a fixed income eventually, that’s bad.
When you buy a timeshare, you are buying a set vacation spot. You are agreeing to have this one spot for your vacation. If you have one week off work, you either go to the timeshare or lose money. So, if you don’t want to lose money, you can’t go see other places, you can’t visit family in other cities or states, and you can’t go to amusement parks that aren’t nearby. You lose out either way.
Timeshare contracts are notoriously hard to get out of. You could sell your share, but finding a buyer is tricky as many people do not want timeshares. You could try working with a company that will find a buyer, but there’s no guarantee of them doing anything other than taking your money. Or, you could contact a timeshare exit expert who can help you get out of your contract. This is the easiest route much of the time as a timeshare exit expert works specifically to help you get out instead of making you wait for a mythical buyer. Contact a timeshare exit expert to see about getting released from that expensive contract.