In the past few years, timeshares have become more and more accessible investments. But as great as they sound, they only bring complication and loss instead of making you money. If you are interested in or already have a timeshare, you need to make your exit NOW.
Why Timeshares Are Bad Investments
Timeshares usually catch people’s attention because… well, who doesn’t love going on vacation?
As much as we all love lounging on the beach, investing in a timeshare is far from the way to do it.
About 10 million US households own a timeshare, and average prices for timeshares have gone up 30% since 2019.
But a new study found that as many as 85% of buyers regret their purchase.
The biggest reason for their regret?
TIMESHARES ARE NEARLY IMPOSSIBLE TO GET OUT OF
The moment that buyers sign their timeshare contract, the value of the property depreciates between 90-100%.
Besides the value depreciation, even if owners manage to exit the timeshare and return the deed of the property to the timeshare company…
THE BUYER IS STILL RESPONSIBLE FOR ANNUAL MAINTENANCE FEES.
These fees average $1,170 but can get over $5,000 annually.
Oftentimes, timeshare owners will list their properties for resale FOR FREE to get rid of the financial burden.
Ultimately, you want to exit your timeshare, sooner than later.
When deciding to invest in real estate, you need to be able to control how much you put in. With timeshares, some other company is making all of the decisions for you.
As Grant Cardone says…
The best investment you will make in your life is in the awareness of who YOU are and what YOUR purpose is.
Don’t let other people, or timeshare companies, decide for you.
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