There’s no doubt that one of the best ways to relax is to take a vacation. Having a place all to yourself every year seems like the perfect setup for a getaway. A timeshare is one way to get this, but there are many hidden costs that come with them. Here are four hidden costs you need to be aware of if you’re thinking of getting one or are already in one.
Your Life and Your Freedom
That may sound a little dramatic, but owning a timeshare can be a drain on your time, money, and happiness. Once you’re in, it’s very difficult to sell and the fees don’t stop coming. Once you’re in, you also know where you’ll be vacationing every year whether you like it or not. As if that wasn’t enough, owning a timeshare doesn’t cover the cost of traveling there, which may be difficult with ticket and gas prices.
Depreciaton
When you bought your timeshare, you were feeling great. You were likely told about how, with all the restaurants and entertainment venues around, your property would be a great investment. Think again. The truth is, timeshares hardly ever go up in value. More often than not, they lose value year after year and you’ll still be on the hook for maintenance and upgrade fees.
Yearly Fees
A timeshare attracts taxes and yearly utility and maintenance fees. In 2019 alone, maintenance fees for timeshares averaged more than $1,000 per month; added up over a year, that’s enough to stay at several luxury resorts. These costs tend to go up after you buy the timeshare and that increase can depend on a lot of factors. If the fees are too much, you may want to consult with timeshare exit services.
Assessment Fees
Any business that continually needs to make a profit may need upgrades now and then. That can happen with timeshares and you don’t always have a choice about that. If features or renovations are added to your timeshare, you may be on the hook for the cost. A call to timeshare exit services may be in order if you find yourself unable to afford your timeshare.
If you’re feeling trapped by the hidden cost of timeshares, you don’t have to be. Talking to timeshare exit services can go over options with you to dump your timeshare and regain your freedom.
