People that have timeshares they are no longer using often try to figure out how to get out of a timeshare. The industry makes it a bit of a hassle to get rid of timeshare, and so many people often feel like they are stuck with it whether they are using it or not.
The problem is that some people legitimately cannot afford to pay for it anymore and it becomes a serious financial burden. If someone had to choose between their car or their timeshare or even groceries or their timeshare, it would be an easy decision. However, it isn’t always easy to find out how to get out of a timeshare.
There are a few options for people who are considering timeshare cancellation. We’ll go over a few of the options so that you can decide what makes the most sense for your situation.
Sell it. Most timeshares have the option to sell, but it isn’t always as straightforward as it seems. Since you don’t own anything physically, like a property, there is no deed to transfer or really no tangible good which makes it a lot less valuable. You can find dozens of listings online for people just trying to sell their timeshare for one dollar. Essentially they are trying to give it away. This is really not the answer to how to get out of a timeshare.
If you think you can sell it for what you paid or even to try to recoup some of your money, think again. In addition, some resorts will stipulate that they get the first option to buy. Therefore if you find a buyer, you first have to check with the resort, and they have the option to pay for it at the amount the other buyer offered. This may not matter to you because at least you will have a timeshare cancellation but there may be other stipulations or fees involved that make this process more tricky than it seems.
Give it away. If you just aren’t using it and you think maybe someone else will you could try to give it away. The problem is that it is a gift that comes with a catch because even if you’ve paid off the cost of the timeshare, you still have maintenance fees that you have to pay forever. Unless you find someone that can afford to take that on and is interested in vacationing each year within that particular resort, you may find that it is harder than to think to get rid of timeshare.
Rent it out. Vacation rentals are super trendy with people renting out their own homes even to people looking to score an affordable vacation. So perhaps you could rent your timeshare out and at least get a little of your money out of it. You’ll likely have to rent it pretty cheaply in order to make it enticing which means you’ll still be losing money. In addition, your timeshare company may have rules and regulations regarding renting it out and how you can go about that. Make sure you check that first.
Timeshare cancellation. Although timeshare companies don’t want you to think this is a good idea and will make it seem almost impossible to do, it is often the best option. A timeshare exit team can help you work through all the hurdles that the timeshare company puts in your way so that you can get out of your timeshare for good. The timeshare exit team cost will be well worth it when you consider how much you’ll save over the course of your lifetime in wasted maintenance fees and other costs associated with a timeshare you aren’t using.
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