A Time Share...

Well…many years ago we got into the hype and advantage to purchase a time-share. It is now paid in full and we pay the yearly maintenance fees for a place in Whistler, Canada. We have not used it in years and have no plans to in the future. How in the world do we get out of this situation? Can I just fairly pay the last maintenance bill and note that we are releasing this “property?” I hate to go through some kind of service - I feel like they may take advantage with their fees and are not necessarily good businesses. If I just simply stop paying, what will that action do to my credit score? Will there be any repercussions? Help! TIA!

I don’t know much about time shares other than the fact that it seems everyone I have ever talked to who has bought into one has always regretted it or basically never uses them.

I don’t have any resources I can personally vouch for but while doing my real estate training course they mentioned a website https://www.sellmytimesharenow.com/ when they were talking about the topic of timeshares and the contracts/legalities involved with owning them.

I don’t know if selling it is an option that works based on your situation but that is the website the course mentioned that a lot of people sell theirs on.

Hope you can find a good solution that works best for you!

I have no experience with timeshares, but if you can sell it you should definitely sell it. Better to take a sunk-cost loss on fees and a bad investment than allow the money to sit stale and present further opportunity costs.

Failing to pay would adversely affect your credit score though.

Depending on your situation, you should probably talk to a real estate lawyer to see how you can get out of it. This doesn’t need to be expensive and services like LegalShield will give you great consults for like $30/mo last time I used it.

Footnote for others: fractional ownership of a consumer good like a vacation property is never a good way to use money because at the time of purchase, you can never predict the future and how much you’ll want to use the goods / services / vacation home in the future. Also: for vacations in particular, you generally want to explore new places to going to the same resort for the rest of your life is a huge commitment. There are exceptions to this where if you did a fractional ownership of a private jet that might be useful due to the flexible nature of its use (it literally can fly to you anywhere in the world) and its potential ROI.

https://goodmoneygoodlife.com

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You should look at your contract and see if you can sell the timeshare back to the resort. You won’t get back what you paid but at least you will be free of it.