At the start, you may think you’ve snagged a great deal. A brand-new timeshare for just $10,000 does sound like a steal. Better yet, if you buy one used, that $1,500 asking price might appear to denote a lifetime of vacations from that point forward, all of which will cost you virtually nothing.
Not so fast. If you think you’ll be getting off that easily, it’s time to think again. That attractive initial purchase price is just one of the many costs with which you’re going to have to deal. You’ll soon be hit with additional fees, and you’d better be ready to pay them.
In the clear majority of cases, the timeshare owner will find him or herself responsible for paying:
Every one of these fees is significant. If you fail to pay them in a timely manner, the timeshare association may not hesitate to foreclose.
It is sometimes possible to recover a portion of your timeshare costs at tax time, but only under a limited set of circumstances. For example, consider your maintenance fees. If you rent the timeshare, you may succeed in treating these as a deduction. Unfortunately, if you own the timeshare outright or are paying it off with a secured loan, this is no longer an option.
On the other hand, you might be able to take a tax deduction for:
These strategies may help to lower your timeshare costs, but they won’t do it by much.
As the costs mount up, it may not be long before you decide that timeshare ownership is not all that you expected it to be. When you start to feel that the money it is costing you could serve a better purpose, you may have only one question to ask: How can I get myself out of this?
At O’Grady Law Group, we focus on helping clients unload their timeshares. Since the market for timeshare resales is nearly nonexistent, we will bend our efforts toward securing for you a timeshare cancellation by all legal means at our disposal. Don’t suffer under the timeshare burden longer than you must. Contact O’Grady Law Group today and let us get started securing the timeshare freedom you want so badly but may be starting to think you’d never be able to have.