Buying a timeshare can often seem like a good idea, however, it can also have consequences. Hidden fee and inflexible contract terms can leave you wondering how to get rid of a timeshare so you can save money and get your vacation back.
If you own a timeshare and you are no longer happy with it, you may be wondering how you can go about getting rid of it. Entering into a timeshare agreement is a binding contract, and you may start to feel like the situation is hopeless. Many people start by trying to call the resort they bought the timeshare from. This is a mistake because usually, the resort has very little to do with timeshares once they are purchased.
From here, you may have tried calling the timeshare company. This is also a mistake. The goal of the timeshare company is to continue collecting your monthly payments. They have no desire for you to get rid of your timeshare. They will threaten you with lawsuits, point out the high timeshare exit cost, and will probably indicate that canceling your timeshare will ruin your credit.
This is where many people stop and accept that they have to continue owning a timeshare. Some who are dedicated may call a timeshare attorney, only to find that they are over-priced. A quick scan of their reviews would also let you know that many are not that effective.
If you are in this situation, you may feel that it is hopeless. You have no idea how to get rid of a timeshare so you will just have to keep it, even though you don’t want it and cannot afford it. There are ways to get out of a timeshare including timeshare sales and timeshare cancellation. Each of these approaches has pros and cons that you need to evaluate carefully. Read on to learn how to get out of a timeshare.
Depending on what type of timeshare you own, a timeshare sale can make sense. If you own a timeshare where you actually have a stake in the physical property and the property is in an in-demand location, you may be able to make a decent chunk of money by selling your timeshare. Especially if that particular resort is no longer selling timeshares or has a waiting list.
However, most timeshares do not convey actual physical ownership of a property. The majority of timeshares sold are points based timeshares. So, you don’t really own anything, just points. While you can sell these points, or transfer them, most people would prefer to buy them new from a resort. This is because resorts and timeshare companies offer lots of free incentives for a timeshare purchase. You probably aren’t giving away free two night vacations or rounds of gold just for someone to consider buying your timeshare.
If you own a points timeshare or even a timeshare with a physical stake in a property, selling your timeshare may not make sense. In some cases, you might even end up losing money and still having to make your timeshare payments. Despite what the timeshare salesman told you, most timeshares do not gain value.
If selling is not an option for you, you may still be wondering how to get rid of a timeshare. There is a second option, one that the timeshare company does not want you to know about. You can do a timeshare cancellation.
When you cancel a timeshare, you walk away from the contract free and clear. You no longer own the timeshare, and you cannot be held responsible for making any more payments. You don’t lose any money due to negative equity, and your credit will remain intact. This is the best way to get out of most timeshares. The only time a timeshare cancellation would not make sense is if your timeshare gained equity while you owned it. If that is the case, you would need to sell it in order to be able to tap into the equity. However, this is only the case in a very few amount of timeshare contracts.
If you are in the position of needing to cancel your timeshare, do not try to do it on your own. The timeshare company will give you the runaround, often resorting to scare tactics and false information. Instead, call our timeshare exit team. We specialize in timeshare cancellation and are here for you today.
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