So, you’ve inherited a timeshare – now what?
Inheriting a timeshare can be a bittersweet moment. There’s sentimentality attached to it, but deciding whether or not to keep it can be complicated. Here are some things to consider when making your decision.
Weigh Your Options
When it comes to inheriting a timeshare, you have options.
Keeping the timeshare might be worth considering if you think you could get good use out of it.
If you don’t want it, you can try to deed the timeshare back to the timeshare company. But keep in mind that this is sometimes a complicated process to take on yourself.
Or, if you know you want to get out of it, you can work with someone who has helped many people get out of their timeshare contracts quickly and efficiently.
Is There a Mortgage Involved?
This is one of the first things you should know. If the timeshare is paid off, your financial responsibility drops significantly. That isn’t to say there’s no financial responsibility—just less. If the timeshare is not paid off at the time that you inherit it, you need to consider what kind of financial investment is involved.
You should also be aware of the maintenance fees. At a minimum, you’ll be responsible for those costs annually. Keep in mind that these fees will likely raise over time; it’s not guaranteed to be a fixed cost.
If you love where the timeshare is located enough to visit there annually and get your money’s worth, it might be worth keeping! But we always recommend that you consider what else you could do with that. There are many other ways to travel nowadays without the need for a timeshare. That doesn’t mean getting rid of the timeshare is the right choice for you, but it is something you should consider.
Look Long Term
As we said, those fees aren’t fixed. In fact, they traditionally raise 4-5% every year. What’s affordable for you this year may become prohibitively expensive the next. Consider if that’s something you want to adjust to keep up with or not.
It’s also worth considering the impact of a timeshare on your vacation long-term plans. Are you comfortable and happy with the idea of visiting the same locations year after year, or would you rather have the freedom to go wherever you want?
When you inherit a timeshare, considering the short- and long-term impacts on your lifestyle is important. We understand that getting rid of something that was left to you by a loved one can be an emotionally charged decision. But if the best choice for you and your family is to rid yourself of the timeshare, you don’t have to do it alone. Call us and schedule a consultation today, and we’ll help create a plan to get that timeshare off of your hands (and out of your wallets) for good!