Timeshares are notoriously tricky, and even if you have the money to purchase and maintain one, it’s not always certain that you can – even if you might have a lot of money at your disposal for the time being. Timeshares often involve hidden fees and expenses that cannot be foreseen or calculated in advance. Moreover, if you inherited the timeshare, chances are you won’t even know about the expenses, so you’ll end up not paying them.
Let’s say a distant relative of yours left you a timeshare in a will, and you only just found out about it about a month ago. If your relative passed away a few months ago, your new timeshare can become a nuisance according to timeshare attorney offices. The fact is that, even without having to pay for it upfront, there will likely be many other expenses and hidden fees that no one told you about, until it’s time to pay them.
Even if you have the money to pay the required fees – which will land you in deficit, if you don’t plan to use your vacation home – there will be many hidden fees that you didn’t even know about. Recording fees are one thing, but in most cases, the resort that the timeshare is part of will ask you to pay for repairs that have nothing to do with you.
If you get a timeshare as a new inheritance, your best option is to sell it as soon as possible. Even though selling a timeshare almost always leads the seller into deficit, doing so sooner can present you with a profit, since you never paid anything to buy the timeshare in the first place.
Article Source over here: How Inheriting a Timeshare Can Break Your Bank and Lead to Unexpected Debts
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