April 6, 2018

5 Signs It’s Time to Get Rid of Your Timeshare

The first commercial timeshare opportunities debuted in the 1960s in France and Switzerland and moved across the pond to North America quickly thereafter. Sharing vacation ownership allowed consumers the ability to travel regularly and at a fixed price, features that appealed to hardworking folks looking to escape their regular lives at a guaranteed place and for a guaranteed cost each year. Today’s timeshare market includes a more sophisticated point-based system with options to exchange, upgrade and extend vacations, but the benefits are perceived the same –– at least for the timeshare owners who remain happily committed to the shared ownership model. For others, the timeshare experience can quickly become stale, cumbersome, and downright fiscally detrimental. Here are five signs that it’s time to get rid of your timeshare: You Can’t Afford It Circumstances change. The job and good health that once enabled you to afford a yearly escape might now be diminished. Unemployment, lowered salaries, and ongoing medical issues can affect priorities, especially where money is concerned. Even retirement, perhaps a time when you thought you might use your timeshare the most, can cause anxiety when traveling on a fixed income becomes more worrisome than relaxing. The Increasing Fees are Killing You Even if you have the money, it doesn’t mean you want to be spending it on maintenance fees that inevitably rise 2-3% or more each year. Increasing yearly timeshare costs can eat away at the budget you have for other things, like educating children, donating to philanthropic interests, or funding your retirement. You Want to Travel Differently Being locked in to one type of resort and/or one location can feel like a prison. When you were younger or had small kids or were interested in trekking around the great outdoors, maybe it made sense to have a timeshare […]
April 5, 2018

The Risks of Renting a Timeshare

Wasting money is never fun. And if you’ve bought a timeshare and you’re not using it, you’re not having fun. Add escalating property fees to the increasing demands of family and work lives that may be hindering travel plans, and you could be facing a financial crisis. It may even prompt you to consider renting your timeshare. It seems to make sense: Shouldn’t rental income be a way to offset potential financial loss? The answer isn’t so simple. What many timeshare resorts don’t tell owners is that renting their timeshares can be more trouble than it’s worth. Take a look at six things you should consider before renting your timeshare to someone else: Listing your timeshare for rent in and of itself can put the very people you are trying to attract on alert. After all, if your property is so great, why aren’t YOU using it? Advertising your timeshare will undoubtedly cost money. You will need to make sure you choose a platform that is affordable, visible to the right types of renters and doesn’t negate any potential value. Renting your timeshare can lower the overall value of your resort by accommodating one-time users who might not feel a need to be invested in the culture of the property. Think of those spring break partiers who bust in to town, make a mess and then leave? Sometimes renters can be equally troublesome. If you want the resort to help you vet potential renters and oversee the details of their stay, there will be associated administrative fees to cover the resort’s time and effort. Frequently, these fees are non-refundable and due regardless of the resort’s ability to secure a rental agreement with someone. Should you prefer (and the resort allows you) to oversee the rental process yourself, you will be […]
March 6, 2018

How to Get Out of a Timeshare

It’s a common dream: “I want to own my own vacation home.” For most people, though, owning one house is burden enough; owning two seems impossible. Enter a timeshare: a seemingly perfect solution for folks wanting a slice of paradise at a fraction of the cost of a second, single-family home. The appeal of sunny beaches or snowy mountaintops can sway many a dreamer to plunk down the necessary funds and start “living the dream.” But what happens if the dream turns into a nightmare? What happens after the excitement wears off and you realize you’re stuck with the same view year after year? Or your financial circumstances change? Or you simply don’t have the time to vacation anymore? Just because you have a contract doesn’t mean you don’t have options. Here are six ways to get out of a timeshare: Review Your Contract for the Cancellation Terms Many contracts allow for rescission of the contract terms within a short period following the timeshare sale. During this time, you are allowed to cancel your contract without penalty and receive a full refund. Check State Laws Even if you’re past the rescission period or your contract doesn’t mention one, most U.S. states offer a “cooling off” period that permits contract cancellations within a few days or weeks. Check with your state’s Attorney General Office or Consumer Protection Office to see if this could be an option for you. Offer To Sell It Back to the Timeshare Management Company While not ideal, it’s a valid option. Many companies offer to buy back timeshare property for a percentage of what you paid, or they will assist you with selling it for a portion of the sale’s proceeds. Either way, you will probably lose money during the transaction. But if you get out now, […]
March 2, 2018

Can I Give My Timeshare Back to the Resort?

So, you’ve purchased a timeshare and determined it’s just not suiting you anymore.  Maybe you don’t like the area as much as you thought you would. Maybe the yearly maintenance fees are straining your budget. Maybe you never really wanted the property in the first place. You start thinking: “Can I just give my timeshare back?” It’s a good question and one that we at Step Zero get time and time again. Most often, when people ask this question, they want to know if they can file a quitclaim deed. A quitclaim deed is a legal document that transfers an owner’s property rights to someone else with no associated exchange of funds. It’s most commonly used during divorce proceedings, when a husband or wife wants to relinquish his or her part of a shared property and move on quickly. Technically, it’s perfectly legal to sign property over to someone else. In the case of timeshare property, though, it’s not so simple because the management company or resort might not want the property back. For quitclaims to work, both parties have to be willing participants. You currently pay the maintenance fees and all expenses for the upkeep of the property. If the resort takes your property back, it now has to cover those annual costs itself. That’s not often in the resort’s best interest. Of course, the resort in question may be in high demand with a low inventory, making it profitable for management to take control of your property and resell it. But don’t count on it. And don’t try to leverage your offer by saying you’ll just default on your fees if the resort doesn’t accept it. There’s no sense in angering the resort. It will simply force them to foreclose on you if you follow through on your […]
November 22, 2014

CANCEL TIMESHARE CONTRACTS

CANCEL TIMESHARE CONTRACTS! CAN YOU ACTUALLY GET OUT OF A TIMESHARE LEGALLY? Yes! We are able to transfer your completely paid off timeshare out of your name with no further obligation. Call to see how!