According to the latest statistics, over 9 million American households own one timeshare product or more.
Are you tempted to sign up for this vacation option? Is it the right choice for your family?
Timeshare ownership is a long-term, expensive commitment, and it’s exceptionally difficult to cancel your contract once you’ve signed up. So, how do you get out of a timeshare if you can’t afford it anymore?
Keep reading to discover your options.
Return the Deed to the Developer
If you find yourself wondering, ‘how can I get out of my timeshare?’, your first course of action is to ask the resort. Many developers offer a deed-back program of sorts.
Often, they’ll charge you a couple of hundred dollars to cancel your contract. The catch is that you must have paid your annual dues up-to-date, and you can’t owe any money on the purchase price, either.
Some companies will only offer this option in cases of financial hardship. In these cases, you’ll need to prove that you can’t afford to pay for the property any longer.
When you call make sure you ask for the person who deals with surrendered timeshares.
Stop Paying Your Dues
Falling behind on your dues constitutes a timeshare contract breach, but most timeshare companies don’t go the legal route for these small amounts.
Cutting off your payments usually persuades the resort to break a timeshare contract and accept the surrendered week.
If you took a loan to pay for your timeshare product, you can’t default on this without it affecting your credit record.
Can You Sell Your Timeshare?
Can you get out of your timeshare by selling it? Probably not without some expert help.
You’ll only recoup a fraction of the price on the resale market and it’s easy for unscrupulous buyers to scam you in the process. It’s best to discuss how to sell your timeshare with a reputable reseller, who can get you the best price.
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Get Out of a Timeshare by Gifting It
As long as you’ve paid off your timeshare, you can easily transfer the deed to someone else. That is if you can find someone who wants it.
It’s not fair to burden someone else with a financial commitment that’s out of their league, but you might find timeshare fans, who’ll willingly take your weeks.
You might have to pay all the related costs to sweeten the deal for them, but at least you’ll alleviate the ongoing financial stress.
One Last Option
One way to lessen the costs associated with owning a timeshare is to rent out your product. This can help you pay some costs associated with ownership if you don’t want to part with your weeks.
Overall, you won’t need to charge your rental clients as much as they would to rent a week’s accommodation elsewhere, so it’s a win-win situation for all.
Make Good Choices
Now that you know how to stop a timeshare from causing you untold distress, you’re better equipped to make an informed decision regarding this vacation choice.
It’s not easy to get out of a timeshare, but it’s not impossible thanks to these guidelines. Would you like some more inside advice on the things you sometimes wonder about?
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