An unused timeshare is more of a headache than it is a piece of paradise. When owners regularly visit their property, they reap the rewards of their effort. However, when you don't visit the property, you're paying for an experience you never get to enjoy. If you've been holding on to a property that you haven't visited in some time, take the time to look at what you're spending.
Most timeshares come with a maintenance fee that is meant to cover the cost of upkeep for the property as well as any necessary upgrades. Depending on the terms set by the management company, you will either pay a lump sum once a year or pay a smaller monthly fee. Either way, it's easy for this fee to exceed $1,000 a year.
A small detail sometimes overlooked with a timeshare is the fact that it's a physical property that you own. As a result, there are property taxes that must be paid. On average, the more exclusive the area where the timeshare is located, or the more tourist-heavy the location, the greater the rate for property taxes.
When the management company decides to perform an extensive upgrade, such as building a state-of-the-art spa and gym or clubhouse, some of the money can come from the annual fees property owners already contribute. However, the company can also assign what is known as an assessment fee to help cover the cost of these projects. Assessment fees typically come out of nowhere and can range in value.
It Might Be Time to Sell
If you own a timeshare, you're paying all of the above-mentioned fees and more. Rather than pay these fees, now might be the right time to sell. Timeshare selling is not as hard as you might think. When you partner with a resell company, they typically handle every aspect of the process for you, from marketing the property to closing the deal.
In some instances, the resell company will actually buy the property from you, which is an even easier process. No matter the procedure, you get to walk away from the stress of ownership and more money in your wallet.
There is no need to spend money and not receive anything in return. Whether your family has outgrown the timeshare, your time for vacations is limited, or anything has occurred that has prevented you from visiting as often, now is the time to start thinking about selling your timeshare.