Whether you just left your signature a few hours ago or your timeshare is several years old, you need a timeshare exit that suits your need. When you first purchase a timeshare, they package it in a way that makes you believe you have just secured the dream investment you always wanted. However, the problems start when you encounter disparities within the contract after signing it. For instance, according to LINX LEGAL INC, the maintenance fees for timeshare averaged about $1,112 per month. If you don’t want to part with this money, get out of that situation as soon as possible. However, it’s not as simple as signing the contract. You need a strategy. Here’s how you can find the right timeshare exit strategy for yourself.
Use the Rescission Period
If you realize something is wrong soon after signing a timeshare deal, you may be in luck. It might still be possible to take advantage of their rescission laws. There are laws put in place to enable buyers to cancel their timeshare ownership. However, these laws vary from state to state. As such, you must go over the laws for the state where the timeshare is located. This window is usually very short. Sometimes, it’s as short as three days. It can also extend to two weeks.
Call the Timeshare Developer
According to ARDA, there are way over 1,500 timeshare resorts in the United States. Each of these resorts usually has different processes and criteria for canceling or selling. If you want to relinquish ownership, one of the first steps you should take is to contact the developer. If you are lucky, the developer will explain the deed-back program or surrender program associated with that timeshare. This may be the safest way out of a timeshare. Fortunately, these types of programs have become widely available.
Look Into Selling Your Timeshare
This is another timeshare exit strategy that can work. However, expect to take a hit. Unfortunately, timeshares don’t appreciate value. This means that you won’t make a profit when you sell. There are several factors that will affect your resell price. Another factor that may determine the price is the amount left on the mortgage. The best way to figure out how to go about the selling process is to find a reliable and experienced real estate agent. You can also research similar timeshares online. That way, you can get a better sense of how much you can get for your timeshare.
These tips can help you execute the best timeshare strategy. It’s important to first research as much as you can about a particular timeshare before you sign anything. However, if you have already signed and you are not pleased with the deal you got, the sooner you exit, the better. Get in touch with us today if you need help with your timeshare exit strategy.