At first, buying timeshares can sound like an excellent idea. If you can’t buy your own vacation property, timeshares can sound like an opportunity to go for a vacation on a budget. But if you bought a timeshare, you’ve probably discovered that they’re a bad idea.
Timeshares can ruin your finances over a long period due to hefty maintenance costs. On average, 53% of timeshare owners spent $10,000 or more on their timeshare. That’s a considerable amount to spend on something that’s earning you zero income. Therefore, if you’re like many timeshare owners, you may be considering how to get out of a timeshare deal.
Unfortunately, you can’t just opt-out of a timeshare. That’s because you’re obligated to pay maintenance fees as long as you own them. What’s more, resort employees can make the timeshare exit process complex and frustrate you. That’s why you should enlist the services of a reputable timeshare exit company to help you with timeshare exit and support services. But with several companies to choose from, how do you choose the right one? In this article, we will explore the questions you should ask to help you pick a reputable timeshare exit company.
1. Do I Qualify for Your Service?
Timeshares vary from person to person. While some people qualify for certain timeshare exit services, others don’t. A reputable company will clarify this instead of immediately promising they can help you with timeshare exit strategies. For instance, if you have a mortgage on a timeshare, you don’t qualify for a timeshare transfer service. However, if you’re in such a situation, a timeshare mortgage cancellation can help you with your timeshare exit.
2. How Long Does the Timeshare Exit Process Take?
Unfortunately, the timeshare exit period isn’t cast in stone. Depending on your circumstances, the period varies. But generally, getting rid of timeshares isn’t straightforward. Timeshare exit strategies may involve various interventions. Therefore, be wary of companies that approach you promising a quick fix.
3. Can I Stop Paying Maintenance Fees?
Unfortunately, you cannot stop paying maintenance fees. As painful as it may sound, you need to continue paying maintenance fees until you negotiate a timeshare exit.
4. Can I Sell My Timeshare?
Selling your timeshare is an alternative to canceling. However, if you’re planning to sell your timeshare, don’t set your expectations too high. Typically, the resale value of timeshares is lower than the original purchase price. Also, if you do decide to sell your timeshare, be leery of fraudulent timeshare resellers.
5. How Long Have You Been in Business?
When picking a company to help you with timeshare exit strategies, you want to choose a company that’s experienced with handling timeshare exits. An experienced timeshare company is likely to be familiar with the intricacies of a timeshare exit and increase your odds of negotiating a successful exit.
6. Do You Have Any Reviews?
A reputable timeshare exit company will happily provide you with references. If the company is hesitant to provide you with references, that could be a red flag, and you should consider looking for a different timeshare exit company to assist you.
7. Do You Offer Any Guarantees?
Sometimes timeshare exit strategies don’t work out as planned. If the company is unable to negotiate a successful exit, inquire whether it will offer you any guarantees, such as a money-back guarantee.
When choosing a timeshare exit company, don’t just settle for the first company you come across. Ask the prospective company the questions above to help you decide if the company is indeed reputable and can help you with your timeshare exit.