Timeshare Ownership: The Real Cost
There are so many misconceptions about timeshares. Most people think that they’ll pay a flat monthly fee and that’s it. Further, people believe that timeshares are a great vacation option. Both statements couldn’t be further from the truth. This article will discuss the real cost of timeshare ownership and prove that they’re not worth the money.
Interest Rates
One of the things that makes timeshares so costly is their insane interest rates. You can’t buy a timeshare for a one-time price and forget about it; that’s not how it works. Timeshare owners make payments toward the property and it involves interest rates. Timeshare interest rates are ridiculous. They increase dramatically as the years go by. The worst part is, most people who own timeshares are unaware of how crazy the interest rates are because they’re hidden in the fine print of the contracts. If you own a timeshare, you must prepare for your payments to increase at a moment’s notice. Extremely high and unpredictable interest rates are just one reason you should cancel your timeshare immediately.
Annual Fees
The annual fees for a timeshare are insane. Owners must pay maintenance fees, utility bills, and other expenses just to stay in good standing with their contract. People don’t realize how astronomically high these fees are until they become locked into an agreement. These annual fees can add hundreds of dollars to your bill every year. If you can’t make your entire payment when it’s due, you could end up foreclosing on your timeshare. A timeshare foreclosure can severely affect your credit score and impact your chances of being able to get a loan in the future.
Peace of Mind
Perhaps the biggest cost of owning a timeshare is your peace of mind. If you always feel worried about being able to make the payments every month, you’ll never be able to enjoy your vacation property. So please, try your hardest to cancel your timeshare. You deserve to have a stress-free vacation. No one should be anxious over interest rates and annual fees. A vacation property should be a relaxing spot you can go with your family to escape the stressors of everyday life. Keep your peace of mind and cancel your timeshare as soon as you can.