When you first come across a salesman offering a timeshare deal, you are more likely to slip than not. The idea of owning a share in an exotic property and enjoying a holiday there every year is alluring. Even better, it stays forever, and you can even pass it on to your children. The deal sounds too good to be true, and you will want to grab it sooner rather than later. But you will soon realize that there's much more when you scratch the surface. It may not be an inheritance that your children will want to get or you will want to pass on. Let us explain why you should keep them from falling into the timeshare trap.
Low-value and high-cost asset
Even if you see timeshare as an incredible gift to bequeath, it actually isn't. It is rather a low-value and high-cost asset. The value of the property plummets year after year and depreciates faster than you can imagine.
Even worse, you have to pay hefty maintenance fees even if you do not use the property during the year. The maintenance costs of these properties run high, and they can increase unexpectedly down the line. The property ends up being a pain for you, and even a bigger one for your children who even do not want the unwanted gift.
Lack of liquidity
When your children inherit an asset they do not want, they will prefer to sell it for liquid cash. Another downside of timeshare properties is that they lack liquidity. They wouldn't sell quickly, and even if you find a buyer, the price will be far lower than your expectations. The best thing to do is get rid of it during your lifetime rather than retain it for the next generation. While the process sounds challenging, you can connect with a specialist timeshare exit company to offload easily. But it is vital to ensure that you collaborate with a legitimate one. For example, you can check wesley financial group reviews to learn more about this provider. The company has an impressive track record, so you can rely on them to save your children from a redundant asset.
Different lifestyles and circumstances
Your children will probably not have the same lifestyle and circumstances as you. They may not have time and money for annual vacations. The pandemic has made travel uncertain, and similar situations in the future may throw life off-track. Imagine saddling your children with a gift that will empty their wallets and not fit into their budget and lifestyle! They cannot keep it, and offloading it is even more troublesome. It is best not to buy a timeshare in the first place or if you already have it, it is better to cancel my timeshare.
Make sure that you do not pass it on as inheritance. As a parent, you will want to do the best for your children when you are alive and even after your death. A timeshare isn't a great inheritance to bequeath, so make a conscious effort to avoid the burden and stress for your children.