Owning a timeshare can take you around the world, however, disowning your timeshare can get you a giant runaround. Getting out of a timeshare obligation can be a laborious process with tiring consequences.
Face the fact that you bought a depreciating asset despite what the timeshare company at the flashy resort seminar may have told you and you might already solve your problems.
Even though some timeshares are actual deeded slices of real estate, they are not like real estate investing where your property gains value. In fact, with ongoing annual fees for maintenance, they can quickly become a liability.
I know you are eager to know if there are ways to get out of a timeshare fast
The good news is yes there is. Follow me to see the 6 seamless ways on how to get out of a timeshare fast.
But before we continue, you can go through the table of content below for an overview of what to expect in this article.
What Is A Timeshare?
According to Wikipedia, a Timeshare is a vacation property arrangement that lets you share the property cost with others in other to guarantee time at the property.
But what they don’t bring up are the growing maintenance fees and other incidental costs each year that can make owning one unbearable.
These properties may be sold as a partial ownership, lease, or “right to use”, in which case the latter holds no claim to ownership of the property.
Looking at you it seems you are tired of a timeshare and you are looking for ways you can get out and be free. Not to worry, below are six (6) ways that will help you get out of a Timeshare.
6 Seamless Ways To Get out Of A Timeshare
Getting out of a timeshare can be difficult and a bit tricky because of the process you will undergo.
We all know how you feel owning a timeshare (A place to call home and visit, again and again, knowing it’s yours for a week or two).
So when you want to get out of the agreement because the timing no longer works, or you just can’t afford the ever-increasing annual maintenance fees.
It kinda hurts, hence, you realize that getting out of a timeshare agreement is infinitely harder than getting in.
You need not to worry because there are ways to get out. Check out these options below:
#1. Use The Rescission Period
This is one of the ways you can use to get out of a timeshare. A rescission period is a short window of time when you take back the buying decision and walk away from the timeshare.
In some countries like U. S., each state decides how long the rescission period is. They range from three days (the Federal Trade Commission’s minimum requirement) in states like Indiana and Massachusetts to 15 days in Alaska.
If you take advantage of this clause, make sure you follow it to the letter and do whatever is required to officially annul the contract.
#2. Give Or Sell Your Timeshare Back To The Resort
If you missed the rescission period, there are still ways to get out of a Timeshare. This is a legal, low-cost way to give the property back to the resort. Also, it is rare, but you could be one of the lucky few.
Look through your timeshare’s paperwork to see if this is an option for you. You will probably take a steep loss versus what you formerly paid, at least you can avoid the ongoing annual fees and maintenance costs that continue to accumulate.
While most resorts won’t buy it back, some have a program where they will allow you to give it back for free. With the current average cost of a new timeshare hovering around $22,000, renounce it for free might seem like a terrible waste.
But this could be the best option if you can’t use it anymore or you don’t have the means to continue paying for the dues annually.
#3. Sell Your Timeshare
So, if you miss out on the rescission period and the resort refuses to take it back, You can sell it to someone else.
If you are prepared to sell it, the first step to take is to see if you can sell your timeshare. If you still have a loan on it.
Unfortunately, if you still have a loan on it, there is really no need to sell the timeshare until the loan’s paid off.
But, if your timeshare is eligible to sell, find out what it’s worth. Then check with a real estate agent, or look online for timeshare resale sites or general listing sites like eBay and Craigslist.
You can try to find the final sale prices for timeshares similar to yours (not just the amount they’re listed for).
#4. Sell Your Timeshare Through A Broker
If you failed in selling your timeshare yourself, you can sell it through a broker which is one of the ways you can get out of a timeshare. There are also companies that will help you sell your timeshare for a fee.
While there are many legitimate brokers and companies out there, be aware that there are also scammers looking to take advantage of your situation.
Always do your due diligence on any company before you do business with them. Here are few glutelins to avoid scams:
#5. Give Your Timeshare Away For Free
If selling out the resort is not working, you can give your timeshare out for free or you can sell it at a minimal amount. This is the fifth way you can get out of a timeshare.
Most of the platforms you can use to sell your timeshare you can also use them to give it away. For example, if you look at the recently sold timeshare listings on eBay, you’ll see that most of them sold for under $100, and many sold for just $1.
Getting rid of it now, even at a loss, can save you a lot of money and stress in the long run.
#6. Hire An Attorney
Hiring an attorney is the final option you have when you are looking for how to get out of a timeshare. If you have tried all options but did not succeed.
There is a cottage industry out there of law firms that specialize in helping clients get out of timeshare contracts.
There are some legal strategies you can use to extract yourself from a contract. But be careful if you go this route, not only will you most likely not get any money for your timeshare, you will also pay for the lawyer’s time and effort.
If you are trapped with an unwanted timeshare or an annual payment for something, you can no longer get any benefit from, you don’t need to panic because there is a light at the end of the tunnel by using the ways outlined above.