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Dumping a timeshare is not an easy process.
Coach Hal, from Coach Connections, helped his clients get out of a timeshare they held for years.
There wasn’t anything wrong with the property, the problem was it no longer fit within their financial goals.
The benefits of a timeshare
A timeshare is, in a very basic sense, the ability to share a property with others under a time-sharing agreement.
Primarily used for vacations, people buy into a timeshare so they can rely on having a fantastic location with which to return to every year without having to buy the property outright.
Many of these locations also offer amenities that a second-home buyer would not receive:
- Prime resort locations
- Added security
- Ability to “share” other timeshare locations by using points
The disadvantages of owning a timeshare
However, there are a few downsides to owning a timeshare that must be considered
- Additional maintenance fees
- Your preferred dates are not always available
- They are extremely difficult to get out of
Coach Hal, one of our Financial Wellness Coaches, has a client that purchased a timeshare property a few years ago. They have come to a point in their life when visiting the same location every year, and the associated costs, no longer made sense.
They contacted the resort to ask if they would sell the timeshare and were informed it was not a service they would provide. However, they were offered an upgrade instead.
Coach Hal suggested they speak with the people in the management office on their next visit.
What they found was the management office were able to give them some advice to help them get out of the timeshare.
Here are ways to get out of a timeshare:
- Stop making the payments and let it get repo-ed due to unpaid taxes
- List the timeshare on eBay
- Deed it back to the property/resort
Note: Every situation is different and you should consult with a professional before trying dumping a timeshare.
This is just one of the ways a Financial Coach can help.
It’s not just about budgeting and saving money – it’s helping you get through life’s financial challenges.
If you want unbiased assistance from a trusted 3rd party who can speak into your financial life then visit FinancialWellnessShow.com/coaching
