When you bought a timeshare, you likely had grand visions of annual family vacations and the ability to pass the tradition down to your children and grandchildren. But before you put your timeshare in your will, there are a few things you should seriously consider.
Sure, the idea of a guaranteed vacation spot is enticing. But when you consider schedules, available dates and cost of travel, that guarantee often remains an idea rather than a reality.
Even if you have managed to get good use out of your timeshare, you have to consider the lifestyle and availability of the people who would inherit your timeshare.
Handing Down Costs
It’s important to remember that along with the timeshare’s benefits, you’ll be leaving the costs to your family, too.
If you’ve had your timeshare for any length of time, chances are you’ve noticed those maintenance fees rising year after year. These costs, which continue to rise, will be handed down to your loved ones with the timeshare.
No Investment Value
Many people think about handing down their timeshare from an investment viewpoint. It seems like a good investment—not to mention it’s often touted as one when they sold it to you.
But the truth is there is little to no investment value to be found in your timeshare. There really is no re-sale value in a timeshare. Just check eBay for some disheartening examples of people attempting to sell their timeshares for less than a dollar!
Timeshares depreciate at a faster and steeper rate than any new vehicle you’ve ever bought. While it can cost you tens of thousands of dollars annually, they are worth next to nothing for resale. This goes beyond lacking investment value— the depreciation of the property itself could easily lead to a vacation spot that feels less and less magical year after year.
At the end of the day, you’re likely leaving behind a legacy of expense and hassle as opposed to relaxation and convenience. The beneficiaries of this intended gift will face maintenance fees, annual costs, dwindling value and a lot of legal red tape.
Instead of writing your timeshare into your will, consider taking the necessary steps to get out of it instead. Not sure where to start? Timeshare Termination Team can help you get our of your timeshare legally.