• February
    05
    2019
  • 3 min read

Timeshare Risk: Should You Dare?

timeshare risk

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Should you take the timeshare risk? Find out below!

Given the high cost of timeshares, you’d think they would come with a guarantee. But unfortunately, they don’t. In fact, when you buy a timeshare, you enter a risky contract with no end in sight. With so much at stake, do you want to take the timeshare risk?

Timeshare Risk #1: Natural Disasters

Timeshare resorts are located in beautiful places like scenic beaches and alpine slopes. But many resorts are also at high risk for natural disasters. Hurricanes and tropical storms are frequent unwanted guests. If your resort suffers a hit, you may have trouble traveling to your timeshare or damage to the resort may make it uninhabitable. However, you’ll still have to pay your loans and maintenance fees. You might also be on the hook to pay for damages in the form of special assessments. Since you can’t avoid Mother Nature, this risk is very real.

Timeshare Risk #2: Scheduling

Whether you have a fixed week, floating week, or points-based timeshare, scheduling issues are always a risk. With a fixed week timeshare, your week is guaranteed but there’s no guarantee that you’ll be able to get there every year. Floating week timeshares offer a bit more flexibility. But if life gets in the way, you might have to miss your week. Points-based timeshares offer the highest level of flexibility. But with that flexibility comes the risk that all the weeks you want might already be taken by other owners or other vacationers. And no matter what, you’ll still have to pay.

Timeshare Risk #3: Financial Instability

You know what would be cool? If we all made more money this year than we made last year. But life doesn’t always work that way. You never know when or how your finances could change. You could lose your job, become disabled, or incur other costs you can’t absorb. And while you can adjust your budget accordingly, you can’t adjust or refinance your timeshare fees. And you face serious consequences such as foreclosure if you don’t pay.

Timeshare Risk #4: Unpredictable Fees

In addition to the risk of your own financial instability, you don’t even know what fees you’ll owe from year to year. Your maintenance fees are almost guaranteed to go up, but no one can tell you what you’ll pay next year. Also, there’s nothing stopping your timeshare company from adding on additional fees over time or raising existing fees.

If you took a timeshare risk that didn’t pay off, don’t worry. Contact us for a free no-risk consultation to find out how we can help you get out of your timeshare.

Image Source: Kay on Unsplash

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