For many people, the allure of a timeshare is very real. In fact, it’s estimated that more than nine million American families own timeshares. But, for as many families, owning timeshares, they’re not for everyone. For some families, a timeshare can be a rough financial move, and sometimes it can be tough to get out of a timeshare.
If you’re wondering what’s a good timeshare exit strategy and how to get out of a timeshare deal, these steps can help you:
Check The Contract
As you contemplate a timeshare exit, be sure to check your contract. Many timeshare contracts contain a cooling off period — also known as a rescission period, which is usually around a 15% average. This is a period where you can cancel, with no questions asked.
Your cooling off period may only be a few days, so if you’re wanting out, you need to make a decision quickly. Keep in mind too that canceling a timeshare usually requires a written letter too, so make sure to keep a copy for yourself when you send one to the company.
Sell Sell Sell
Another timeshare exit idea you have is to sell your timeshare. You can check with the timeshare company to see if they’ll buy it back, but you can also work with a specialized realtor to sell your timeshare. Odds are, you won’t be able to sell it for exactly the same amount you paid, but if you can sell it, it will be a big weight lifted off your shoulders.
Go To The Pros
Another timeshare exit strategy is to enlist the service of a trusted timeshare exit company. If you’re feeling stressed out or overwhelmed by the process, a timeshare exit company can make the whole thing easy. They can iron out the details, hire a reputable timeshare lawyer on your behalf if necessary, and ultimately offer timeshare exit support to help you move on from your timeshare.
Give It Away
As much as you might want to sell your timeshare and get your money back, if the process is taking too long, you may just be better off by giving it away. If you can at least do that, that will get you out of paying the annual fees associated with your timeshare. At the end of the day, you may be out some money, but you should be free of a lot of hassle.
Think Before You Buy
If you’ve ever considered a timeshare, you wonder why some folks avoid them. After all, they cost a lot less usually than owning a vacation home and it gives you a place to go on vacation every year. But in many cases, you’re stuck dealing with one company, there’s a lot of cost involved, and, perhaps most importantly, you may not use it as much as you think.
Before you lock into a timeshare contract, consider if you can really make the financial and time commitments involved. If you can’t, and you buy one anyway, you may be stuck for longer than you’d like trying to get out of it.