In theory, timeshares may sound like a great idea when you first invest in them. They allow you to visit a resort (in some cases, multiple resorts of your choosing) whenever you’d like, without having a strict vacation home. There is an element of flexibility to them, as well as the assurance that you can visit places that are maintained by professionals. You don’t have to employ a property manager, and you don’t have to maintain them yourself.
But make no mistake, you will pay for them. A timeshare is paid off much like traditional property is, but unlike traditional property, it doesn’t have much resale value. Additionally, there are maintenance fees that you may not be fully aware of when you first purchase your timeshare. Just the yearly maintenance fee for a timeshare can average at around $786. With that being said, you don’t necessarily need to stick with a timeshare forever just because you’ve invested in one without recognizing the consequences. Fortunately, there are timeshare exit experts that can help you. But what would that process look like?
1. Find Your Timeshare Exit Experts
Once you are out of the recession period, during which you can cancel your timeshare more easily, you will need to find timeshare exit experts to help you. Keep in mind that the great thing about working with timeshare exit experts is that you essentially have a team at your disposal. This means that, unlike when you work with a single attorney, you get multiple people ready to move the process along and answer your questions.
2. Collect Your Contracts
Many timeshares have owners sign multiple contracts when initially signing on. It can be difficult to get out of your timeshare if you don’t have all of your paperwork in order. Discuss what you’ll need with the experts, and prepare to present your paperwork. Each contract will need to be canceled.
3. Be Ready To Invest
Keep in mind that you will need to invest in exiting your timeshare. Typically, the costs for doing so will be around $5,000 to $6,000. While this may be intimidating at first, think about how much you will pay if you keep your timeshare for decades; not just the initial cost, but all of those maintenance fees.
Get out of your timeshare while you can. You’ll be glad you did! Call us today with any questions you have.