Getting stuck in a timeshare sometimes feels like getting stuck in a black hole.
When an annoying, high-pressure timeshare salesperson offers their “best deal ever” for a timeshare property, the first reaction should be to run — as far and fast as possible.
There are far better things to do with your as a family to experience enjoyment, save money, and grow wealth. Here are three things to consider:
1. Skip the limits when traveling
Why pay thousands of dollars for a place that’s only available one week each year? Plus, whether owners visit the property during their scheduled timeshare week or not, there are annual fees for maintenance, utilities, and taxes. Recurring fees and no equity for timeshare owners can be an expensive headache.
In addition to being limited to the specific timeshare unit, being tied to a timeshare also means being tied to the same overall location. This means being tied to the same locale, activities, foods, and cultural feel.
Traveling helps families expand horizons, try new things, and collect varied experiences—none of which should be limited.
It’s possible to avoid the limits of a timeshare. There are plenty of timeshare alternatives that offer the benefits of timeshares without the expenses, risks, and obligations in perpetuity.
2. Free up finances for the family
Some families feel trapped by increasing timeshare fees and see the “investment” as a money pit rather than an enjoyable vacation. The idea of annual family vacations gave birth an industry where families can visit the same destination each year. However, many were misled by this engaging idea as there are many out of control situations that can stop families from using a yearly timeshare property.
A common reason families are unable to use their timeshare is the inability to afford travel costs to arrive at their destination. Adding travel costs to timeshare ownership costs often make “the best deal ever” a simply unaffordable unattainable destination each year.
Once committed to a timeshare, there are ways to get out of timeshare contract to free up the family’s finances and ongoing burdens. This also frees the worry produced when thinking about recurring payments for a rarely used property and the ability to use valuable funds for something more important.
3. Invest in something that offers a return
Stocks, bonds, 401ks, real estate — even investments in learning and expanding a personal business are options. Bottom line: it’s important to consider financial investments with assets that add value instead of depreciate and incur additional costs like timeshare ownership.
Jeff Rose, Forbes Contributor notes, “When you invest cash instead of spending on depreciating assets, you set yourself up to have more financial freedom and better outcomes later on.”
That’s what families want — financial freedom and better outcomes.
Timeshare ownership lacks freedom and adds complications by tying families to a commitment (often made hastily) forever. Existing a timeshare contract sooner rather than later enables families to cut losses, choose more fruitful investments, and experience greater freedom.