If you own a timeshare, chances are you have heard a lot of opinions about the best way to get rid of it. You have done your own research, but you are wondering if a timeshare cancellation, resale, or donation is the best option for you. Read on to learn a bit more about each of these ways to get rid of timeshare and to evaluate all of your choices.
If you’re trying to get rid of a timeshare, everyone seems to have an opinion on how you ought to do. Your spouse, your kids, parents, even your great-aunt Irma all seem to have some idea of what you need to do. You can’t even find relief with random internet strangers. Literally, everyone has an opinion on how to get rid of a timeshare.
The problem is though, that while everyone has an opinion, not everyone has an informed or accurate opinion. For example, when I was chatting with a friend the other day, he was telling me how hot he heard the timeshare resale industry was and he wished he had one to sell.
Well, in most cases this is simply not true. Selling a timeshare is difficult, and it takes a long time. It is not as fast as a timeshare cancellation, and in many cases, you will end up losing more money.
Think about it, who are you competing with? New timeshares, sold directly from the timeshare company. They are usually affiliated with resorts who can offer free vacations just for coming to listen to a timeshare presentation.
Can you afford to offer a free vacation to anyone who even comes to talk to you about your timeshare? Probably not. So it can take a long time to sell a used timeshare, and you have to price it right. I have seen some of them sitting on eBay for a dollar. Basically, it can sometimes be hard to even give them away.
Top this off with sales fees you have to pay to real estate agents, and there is not much left for you. If you still owe money on your timeshare, you may end up having to pay the timeshare company even after you have sold your timeshare.
In some cases, a timeshare resale may make more sense than a timeshare cancellation. For example, if your timeshare is one of the few that has gained value. Usually, this means you own it with a high-end resort with rights to an in-demand location like Hawaii.
Some reports have seen these types of timeshares sell for ten times what they were purchased for. While this does happen, keep in mind, this is not common, and it does not mean that a timeshare is a good investment.
Another way to get rid of timeshare is by donating it. This is usually not better than a timeshare cancellation. You can donate it to someone you know, but you need to find someone who is willing and able to take over your payments. This can be tricky.
You may be tempted to donate it to a charity and write it off on your taxes. Talk with your tax professional before you do so because it is not as easy as it sounds. Also, there are a ton of scams to be wary of in this area. You don’t want to give your timeshare away only to find out you still owe money and can’t write it off.
The third and usually best option is to do a timeshare cancellation. When you cancel a timeshare, you get out of it free and clear without owing any more money.
When you work with a timeshare exit team, you can also be eligible to get some or all of your money back. You read that right, you might be able to get a refund from the timeshare company of money you have already sent them.
With the right help on your side, you can get out of your timeshare. Get the help you need today for your timeshare cancellation. Call anytime, day or night.
Our timeshare exit team is here twenty-four hours a day, three hundred and sixty-five days a year. Call us now and get your timeshare cancellation started!
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