5 Ways to Ditch Your Timeshare Legally
According to the American Resort Development Association, the timeshare industry in the United States is worth $10.5 billion dollars annually. Compare that to 8 billion for the entire US music industry. It is a massive market with an offer that appeals to the more than 9.9 million US households that own timeshare weeks, points, and/or fractional memberships at Private Residence Clubs – the ability to call a vacation home their own, in a location they love.
However, do you own a timeshare forever? Do you really own it at all? If you decide you love your vacation home and want to own it outright, you have to buy out the others who have a stake in the timeshare. The documentation for timeshare transfer can be needlessly complex. The timeshare dues you pay regularly for management and maintenance services are a significant expense that adds up over time but doesn’t increase the equity you own in the property. In this article, we will share some timeshare advice on how to buy timeshare from owner, how to sell your timeshare to someone else, and some other ways to get out of your timeshare contract.
A lot of people across the United States buy into timeshares. Many of these people end up regretting that decision and look for ways to rescind the agreement. It has been estimated that about 85% of all people who buy one look into how to get out of a timeshare contract. The reasons they give include money problems, confusion over the terms, intimidation and other problems with fear or distrust. If you have a timeshare and want to find out how you can rescind the agreement and cancel your timeshare, there is good news. Here are some ways that you can legally get out of your timeshare contract.
- You can sell it to someone else. This is one of the most common ways that people are able to get out of their timeshare contract. This is often the first thing people try when they are looking to get rid of a troublesome timeshare. This can be challenging and is never as easy as timeshare owners are told when they first buy into the property. To have more success setting your timeshare, you need to be careful with the way you price it. Many timeshare owners find success selling their timeshare through Craigslist and Ebay.
- Consider renting out your timeshare space While this is not the same in terms of how you can rescind the agreement but you can get some of the money you put into your timeshare back if you can find someone to rent it from you. The main problem with this option is the competition you will have from area resorts. They often rent out their unoccupied timeshares and the rates they give are lower than the costs of owning a timeshare straight out. Again, you should look to sites such as Ebay and Craigslist. If you think you do not want to use your timeshare for a while but want the option to keep it, this may be you best bet.
- Give it to a charity. If you think you are not going to be able to sell your timeshare and you cannot find anyone to rent it for the amount that you want to get, you may want to consider giving it to a charity. There are a lot of non-profits around the country that will accept this kind of donation and will then use it to raise money for themselves This is also a good option for your karma and your tax bill.
- Get someone to take it over. If you really are having a hard time selling or renting out your timeshare and you just need to find a way to rescind the agreement, you may want to find someone who can take over your obligations under the timeshare agreement. This even has a name, it is called “timeshare relief.” The main drawback to this option is that not only will you not get your money back from the investment you made when you bought the timeshare but you will have to shell out money to get someone to take over your timeshare responsibilities.
- See if the resort will take it back. This is not something that many people realize they can do with their timeshare. Just like you can return items you bought at a store, often timeshare owners can return theirs to the resort. Look over your timeshare contract and made sure there is nothing in there that says you have to hold onto the timeshare. This can be a very good option for a lot of people who want to get rid of their timeshare.
People all over the country get a lot of fun and enjoyment from their family vacations. This is a reason so many people go in and buy a timeshare. There are about 200,720 properties that are timeshares around the nation. The main thing you should do if you are looking into getting a timeshare is have the contract looked over by an attorney you can trust. You should make sure you have an exit strategy and a way to rescind the agreement if you end up being one of the 85% who view the purchase of a timeshare as a really big mistake.