As a travel buff, you will want to give in to your wanderlust throughout your life. Owning a property at a luxurious resort may sound like a dream. You have a place to land whenever you feel like traveling. All you need to do is book the weekend in advance. But you must think twice before buying a timeshare. There is more than one reason to skip the idea and stick with the conventional accommodation options. Let us explain the downsides of timeshare ownership you must know before signing on the dotted line.
Notorious for a hard sell
Timeshare salespersons are notorious for being hard sellers. They often end up convincing prospects who do not intend to buy. You may go for a presentation without any intention to buy, but easily give in to slick sales pitches. Before you know, you will have a property in your name, even without considering the pros and cons of the decision. It is vital to research the facts before attending a presentation so that no one takes you for a ride.
More than upfront costs
You will probably find the upfront cost of timeshare daunting, but it is only the tip of the iceberg. The property is not an asset as it appears. It can burn a hole in your wallet in the long run. You have to pay hefty maintenance costs every year, whether you use the property or not. The more painful part is that these annual costs may increase year after year.
Exit is a daunting challenge
At some point, you will want to sell your timeshare. But exiting from timeshare isn’t as simple as selling real estate. You may not find a buyer, and getting out of the contract is a daunting challenge. Fortunately, specialist timeshare exit companies can show you the way out. These professionals have the relevant experience, handling negotiations for a smooth and fast exit. You can rely on them to get you out of the fix at the earliest.
Perpetual ownership isn’t a benefit
Timeshares are forever, and they pass on to your children after your death. But perpetual ownership isn’t as beneficial as it seems to be. No one wants to inherit a property that comes bundled with a hefty annual expense. It is the worst gift you can give to your children. So it makes sense to get rid of the property during your lifetime. Your children will thank you for the decision!
Limited vacation options
If you are a travel enthusiast, you will want to see the world. A timeshare makes your vacation options limited, even if it is a luxurious one. Spending a week at the same destination year after year does not make sense. It is even less relevant in pandemic times because you may have to stick with nearby destinations or ditch the timeshare resort due to travel restrictions.
Consider these downsides of timeshare ownership before buying one. You will probably not land into a fix in the first place. Even if you do, get rid of it at the earliest.
