As the New Year begins, you will probably want to clean up your financial portfolio. Amid the pandemic when the money runs tight, it makes sense to embrace smart money habits, from cutting expenses to picking side hustles and building emergency funds.
At the same time, you may have to give up on some financial investments to improve your finances. Giving up your timeshare should be your top priority in 2022.
Let us explain why you must do it sooner rather than later.
Timeshares are A High-Maintenance Asset
Timeshares are expensive upfront, but the idea of owning a share in a luxury resort is alluring. You can fall into the trap because of slick salesmanship as well.
The worst part of owning it is that it is a high-maintenance asset that burdens you year after year. You have to bear the annual maintenance costs even if you do not use the property for a year.
The annual costs may increase unprecedentedly, making them even more painful. The last thing you will want to carry in your financial portfolio right now is a property that burdens you with ownership costs. Eliminating it should be on top of your wishlist this year.
Selling can be a Real Challenge
The sooner you get rid of your timeshare property, the better. Although owning sounds like a dream, you will realize your mistake down the line. The bigger challenge is that you may not find a seller willing to pick the property readily.
The best way to deal with the situation is by collaborating with one of the reputable timeshare exit companies in your area. You can invest some effort in researching your options and get professional help to exit the contract at the earliest.
The effort is worthwhile as you get to reset your finances right away. Moreover, you need not worry about saddling your children with unwanted inheritance in the long run.
Travel in the New Normal is Different
Another good reason to get rid of your timeshare in 2022 is that you will probably not use it in the foreseeable future. Travel is different in the new normal as you cannot expect to plan for the long haul.
The virus makes things unpredictable, making it hard to stick with specific destinations. You may not get to fly to your timeshare destination due to restrictions. It may get difficult to travel at a specific time of the year.
Eventually, you may not want to visit the same holiday destination year after year. Timeshare ownership limits your options, making it a wrong choice for the present situation.
The best money resolution you can make this New Year is to give up your timeshare property at the earliest opportunity. The decision can help you save a lot of money today and get rid of a burdensome asset forever.
Moreover, it will make life easier for your heirs as no one wants to be tied to a property that costs money to maintain year after year.