Timeshare is a great way to travel if it works with your lifestyle. If you have the time to get away, if you can still fly and long to revisit that beach in Cancun or Florida, your timeshare is something you should definitely hold on to. If this no longer sounds like you, then you’re not alone. The reality is that sometimes life happens and even though you might be happy with your timeshare or your timeshares, you may no longer be in a position to hang onto them.
Here are five signs that it might be time to get out of your timeshare:
1. You’re overwhelmed by rising maintenance fee costs
Maintenance fees go up every year, regardless of the location of your resort. Sometimes they go up by about 2%-4% (think of a cost of living raise) and other resorts can increase maintenance fees by over 10%-15% a year. That increase can make a huge difference in your spending habits and planned savings for the year, nevermind if you own multiple timeshares. What was once an affordable and reliable asset has turned into a potential money pit, and not everyone can afford or justify paying those pricey fees. Vacations should be a way to de-stress, and if they no longer bringing your life joy, it might be time to get out of your timeshare.
2. You’re ready to start travelling differently
You’ve been spending your allotted vacation time at the same beach year after year for the last ten years. Maybe you’ve been inspired by glamping and want to spend your summer in the woods roasting marshmallows and swimming in the lake. Airbnb has made it really easy to find places to stay in even the most remote locations around the globe. The truth is that the travel industry has changed in a way that empowers you to travel the way you want, when you want. Sometimes timeshare no longer fits into that plan.
3. You’ve never used your timeshare or you never wanted your timeshare
We have all been in this situation at least once in our lives with a purchase made with the best of intentions, and for whatever reason, it just didn’t work out the way you thought it was going to. Remember that time you went to the gym to start a membership and to this day you have only seen the inside of the lobby? We’ve all been there. You pay to keep the membership month after month, but you never go. Maybe it’s not the right time, maybe it’s just not the right gym. Sometimes it’s better to call it quits until the right thing comes along that you use it all of the time.
4. You no longer use your timeshare
When you bought your timeshare twenty, thirty, or even forty years ago, life looked a lot different. The kids have moved out and have children of their own, and maybe the timeshare unit that you use is too small to fit everyone. It could be that happens and you can no longer endure the 4 hour plane ride. Maybe you’re experiencing health problems that make you nervous to be too far away from your family doctor for too long. Whatever the situation, if you are no longer able to travel, it might be a good time to look into getting out of it altogether.
5. You don’t want to leave it to your kids or other family members
Perhaps it has to do with some of the reasons listed above - you don’t want to burden your children with rising maintenance fees for a destination that they rarely venture off to. It’s highly possible that your kids travel differently. With things like Airbnb, it makes it really easy to travel all over the world without paying the pricey fees of resorts and hotels.
The truth is that the travel industry has changed in a way that empowers you to travel the way you want, when you want, and timeshare isn’t necessarily something on their bucket list. A lot of millennials want to travel to different places every year, and travel affordably. They aren’t necessarily looking to make a lifetime investment into one location or one resort.
Whatever the reason may be, make sure you take the time to evaluate where you are in your life and what you want out of it. If something is no longer working, take the time and do the research to make the choice that best suits you and your family.