Monday, September 18, 2017

Three Reasons to Sell Your Timeshare

CondoOwning a timeshare is like owning a vacation home or property. The resorts behind these homes offer larger units with enough space for your family and friends and smaller units that are suitable for just two people. Though some function more as vacation clubs and let you visit different destinations and book different unit types, many require that you stay in the same place and the same unit year after year. Even if the resort makes it hard for you to terminate your contract, you may still want to sell your timeshare and end that contract for a few clear reasons.

  • Your Lifestyle Changes
    A common reason to get rid of your timeshare is that your lifestyle changes. While a small timeshare in a romantic destination might be great during the early days of your marriage, you may need more space once you begin having children. If you own a timeshare in a party city, you'll also want to sell because that resort doesn't offer opportunities or activities for kids. Timeshare termination can also happen because you recently separated or went through a divorce and no longer want to visit the same place you visited with your former spouse.
  • Medical Issues
    When you learn that you have a serious medical issue, you may want to stay home and care for yourself rather than travel to another part of the country. The same thing is true when your spouse receives a diagnosis of a serious medical condition. Caring for your loved one is more important than taking a vacation. Medical conditions can also limit the amount of money that you have to spend on your travels too. You'll need to pay for hospital visits and medications and won't have the money to fly to your timeshare resort.
  • Loss of Income
    Another reason why you might want to sell your timeshare is that you lose your job, take on a new job or have your hours cut back at work. As you make less money, you need to prioritize how you spend money. Paying for a timeshare and a luxury vacation will take a backseat to paying your mortgage and putting food on the table. 
Depending on the contract that you signed, timeshare termination can be easy or it can be really hard. Thankfully there are experts who can help you terminate your contract or find a buyer willing to take over your timeshare.