Receiving an inheritance is usually a good thing, but not if it's an unwanted asset. Timeshares are a type of fractional ownership of . When you buy one, you purchase the right to vacation at the property — or sometimes use "points" to vacation at timeshare properties — for a limited amount of time each year.
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Unfortunately, you also have an obligation to pay annual maintenance fees in addition to upfront costs to buy the timeshare. These maintenance fees can total thousands of dollars annually and increase over time. You can also get hit with interest fees if you've financed your timeshare, as well as booking or upgrade fees, exchange fees, special assessments and taxes.
If someone you love bought a timeshare and they've expressed a desire to leave it to you , you should consider the consequences. You may also have to take affirmative steps to ensure you don't get stuck with one. Here's why.
Timeshares are often sold based on the premise that you'll have a guaranteed place to vacation without having to go through the labor of performing maintenance on the property. Potential timeshare buyers .