You're not necessarily stuck in a bad situation.
Buying a home is a huge financial undertaking. You need to look at properties, apply for a mortgage loan, and commit to a new whole set of expenses.
It's for this reason that people don't tend to just dive into homeownership without thinking things through. But when it comes to buying a timeshare, people may be inclined to act more impulsively.
A timeshare doesn't constitute the same financial commitment as a primary home purchase. And if your timeshare seems to fit nicely into your budget, then you might easily justify that purchase by saying you'll pay for a timeshare instead of a hotel or rental every time you go away on vacation.
Unfortunately, though, it's easy enough to outgrow your timeshare after a period of time. In fact, Dave Ramsey says that 85% of timeshare owners end up regretting their decision.
If that's the boat you've landed in, don't stress. You're not necessarily going to get stuck with your timeshare. Here are some options to consider.
Selling a timeshare isn't always so easy. And there may be certain rules you have to follow in the course of finding a buyer. But if you own a timeshare in a popular location, then you may find that another buyer is willing to take on the expense, thereby freeing you of it.
Maybe the costs of your timeshare are getting to be too much for you. If that's the case, but you're having trouble selling your timeshare, you can try renting it out instead. Of course, you'll need to make sure this is allowed, so speak to your timeshare management company first. But if you're able to rent out your timeshare, you may be able to recoup some, most, or even all of your costs.
You may have purchased your timeshare thinking you'd want to return to the same vacation spot year after year. If, at this point, you've grown tired of visiting the same destination, but you're not necessarily struggling with affordability issues, then you may want to look at swapping timeshares with another owner. That way, they can enjoy a different destination, as can you.
4. Let friends use it
Maybe you're really done vacationing in the area your timeshare is in, but you're in a good spot financially and can afford to keep paying for it. In that case, you have a prime opportunity to make your friends' lives wonderful by letting them use your timeshare for free. If you have grown kids, you could also offer them the option to vacation at your timeshare so that they can save money in the course of their travels.
It's not uncommon to buy a timeshare and then regret that choice after the fact. But rather than bemoan your decision to purchase a timeshare, do what you can to make the best of the situation at hand -- and know that while selling a timeshare can be tricky, it may very well be an option.
