Wondering how to get out of a timeshare purchase before you spend even more money? It’s understandable since 53% of owners spent over ten thousand dollars on their timeshare. Whether your vacation needs have changed or you’ve just realized that a timeshare wasn’t the best investment for you, it’s not uncommon to want to get out of a timeshare purchase. Here are a few of the options you have for getting rid of your timeshare before you spend any more money.
Deed-Back
One option for getting out of your timeshare purchase is simply deeding the timeshare back to the resort. This is a surprisingly simple, straightforward way to get out of your timeshare, and it’s one that many owners don’t know about. You may have to do some digging and be patient, but the ability to deed a timeshare back to the resort is included in many contracts. If you’re unsure if this is an option for you, carefully read through your timeshare documents and call around if necessary.
Gift It
Another way to get out of a timeshare purchase is to gift it to a friend or family member. This works best when the timeshare is paid off, and you have the ability to pay any legal fees that come up, but it can also be done when there is still a mortgage on the timeshare; it just makes things slightly more complicated.
Rent It Out
If neither of these options work, you may be in it for the long haul. Luckily, many timeshares allow subletting and many are listed on sites like Airbnb for exactly this reason. The incoming rent you can pick up this way can help to offset the costs associated with the timeshare, such as maintenance and general payments.
The Bottom Line
There are a few options for how to get out of a timeshare purchase, but whether or not they work for your current financial situation is another question. Hopefully, your contract simply allows you to deed the timeshare back to the resort since this is an easy option.
