Buying a timeshare can seem like a great idea at the time. Often bought on a whim during a particularly wonderful vacation in an effort to recreate its magic year after year, timeshares seemingly offer every traveler’s dream: great amenities at a lower cost. But after the rush of excitement recedes, reality sinks in, and you realize that sharing a property with people you don’t know isn’t really that great of a deal. Throw in the fact that you’ve become too busy, too bored or too broke to visit the same place year after year, and it quickly becomes apparent that you need out!
It’s not a hopeless situation. Despite what resorts might say to you or write in their contracts, there are ways to legally get out of timeshare obligations and ownership. Take a look at a few of your options and within a few months you could be saying “adios” to your tired, two-week stay at a worn-out resort and “Well, hello there, you” to an exciting adventure somewhere new!
If you’re within a few days (or sometimes weeks) of purchase and already know you’ve made a bad decision, you may be able to cancel your contract without penalty and receive a full refund. And even if you’re past the rescission period as stated in your contract, most U.S. states provide a similar “exit strategy” for timeshare purchases. Check with your state’s Attorney General to see if this could be an option for you.
While it’s an obvious solution, it’s not usually easy to sell a timeshare privately. A high supply of properties means people don’t need to come to you to buy timeshare; they can go directly to a resort. If you want to give it a whirl, pick a high demand time to list your property, and list it at a competitive price. Post ads on specific timeshare resale sites, along with eBay and Craigslist. Even Facebook is now a great tool. You might also be able to sell your timeshare back to the resort itself, although it’s not likely. Most resorts will have a surplus of unsold properties of their own that they will want to sell instead of buying yours. It doesn’t hurt to ask, though. And if either strategy works, you might not get all of your money back, but at least you’ll be rid of your timeshare.
Check your contract. You may be able to rent your week(s) out. This would allow you to recoup some or all of the money you spent to use and maintain the property. Some resorts offer rental management services to property owners, or you could try to rent it out yourself. Both have their pros and cons. Using the resort’s own services will likely cost you an administrative fee, as well as a percentage of the rental price, but it will alleviate the inconvenience of finding a renter yourself. On the other hand, by personally tackling the process, you will save money. But it will probably consume a great deal of your time and leave you open to liability concerns you might not wish to assume. Sit down and consider whether it’s worth it.
It’s not ideal. You won’t make any money. But giving your timeshare to someone else will rid you of yearly timeshare responsibilities and might even count as a charitable donation on your tax return. If you can afford to take a fiscal hit, donating timeshare can be a quick solution.
If you’re struggling with how to stop timeshare fees, cancel a timeshare contract, find contract loopholes or simply want to get rid of all timeshare hassles, seek the help of a reputable professional. Our team at Step Zero can assist you with all your timeshare problems! Contact us for more information.