Yes, It’s Worth It To Take On Additional Debt To Ditch A Timeshare
You might wonder what you were thinking by buying a timeshare, but it probably made sense at the time. Maybe you planned to stay in it for certain weeks out of the year while planning your eventual permanent move to Florida, even though it now seems obvious that Airbnb would have been a lot cheaper, and even staying with relatives you only somewhat get along with would have been less stressful. Perhaps you really wanted those Disney tickets that came as a freebie with the timeshare sales pitch by salespeople who wouldn’t take no for an answer. Whatever the reason, you quickly realized that the timeshare was an albatross around your neck, even in a desirable location like Boca Raton. The worst thing about a timeshare property is that it is virtually guaranteed to bring your more debt, whether you keep it or ditch it. Almost everyone who sells a timeshare sells it at a loss, but it is the first step to stopping the timeshare apartment from putting a drain on your finances. A Boca Raton debt lawyer can help you strategize about getting out of debt after you dump your timeshare.
Timeshares Are the Gift That Keeps on Taking
Lots of people buy real estate with the intention of selling it later, and selling a real estate property is never as simple as you expect it to be. The fastest way to get out of owning a timeshare is to sell it back to the company that sold it to you, but in that case, you are lucky to get a third of what you paid for it.
If you are determined to get a bigger return on your investment, then you should work with a real estate agent with a lot of experience dealing with timeshare property sales; some real estate agents in touristic areas in Florida exclusively work with time share properties. You might need to pay the real estate agent more than you were hoping to pay, but don’t compare this situation to a previous experience with selling a house; this is about getting out of a bad situation. The real estate agent might also advise you to pay the buyer’s closing costs, and you should follow this advice.
The process of getting out of timeshare ownership might be painful, but once the time share no longer belongs to you, you will feel a great sense of relief. In fact, if you have to take out a personal loan to hire a real estate agent and pay the buyer’s closing costs, it is worth the money. It is easier to pay back a personal loan than it is to keep paying the fees on a timeshare. Soon, you will have funds available to go on vacation to the destination of your choice, instead of being tied to a certain location for a certain week.
Contact a South Florida Debt Lawyer About Getting Out of Timeshare Purgatory
A South Florida debt lawyer can help you rebuild your finances after making the mistake of buying a timeshare. Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.