Did you know that 85 percent of consumers come to regret their timeshare purchases due to high maintenance fees, the inability to travel as planned, or trouble exchanging their weeks?
Among those regretful owners, a common question arises: What is the best way to sell a timeshare? Even though it can be confusing to start the process of canceling a timeshare, there are several ways to make the process easier.
To help you out, we have written a guide that demystifies the best strategies for regaining control of your vacation destiny. Keep reading if you want to find out more.
Should I Exit My Timeshare?
Just like any other investment, there comes a time when you might need to reassess your ownership of a timeshare. But how do you know when it’s time to sell?
If your timeshare no longer fits your vacation style, it’s an immediate red flag. Maybe you’re tired of visiting the same place every year, or your travel habits have changed.
Sometimes, the costs can also become unbearable. The maintenance fees, exchange fees, and special assessments can add up, turning your dream vacation spot into a financial burden.
Another clear sign is if you’re struggling to exchange your timeshare week or points for desired locations and times. This could be due to oversupply, making it a challenge to find the vacation exchange you want.
Now, selling a timeshare isn’t a walk in the park. Understand that you might encounter timeshare exit scams.
This is where companies promise to sell your timeshare or cancel it for a high upfront fee, only to disappear with your money.
That’s why it’s crucial to work with a reputable timeshare exit team. These professionals know the ins and outs of the industry, ensuring you navigate the sales process safely and efficiently.
Remember, selling a timeshare can be a relief if it’s become more of a hindrance than a joy. Make sure to evaluate your situation carefully and seek professional help to avoid falling into timeshare exit scams.
Revisit the Contract
The first step in exiting your timeshare is understanding your contract. It may not be the most exciting task, but it’s crucial. Dive into the fine print and note the important details.
When does your timeshare week happen? How often are you required to pay maintenance fees? Are there any unique rules you should be aware of?
Know Who Owns the Deed
If you’re looking to sell your timeshare, you need to know who holds the deed. In most cases, the deed is in the name of the timeshare owner. However, some timeshares are set up differently, so you need to check.
You should also be clear on access arrangements. Are you allowed to use the timeshare while trying to sell it?
Are there specific rules for this? Be sure to look at these details in your contract.
Research the Timeshare’s Value
Knowing how much your timeshare is worth is important when deciding to sell. There are several factors to consider: the location, the size, the week you own, and any luxury features it may have.
Check online or ask a professional for help in determining the value of your timeshare.
Verify Your Financial Standing
Before you can sell, you need to have a clear picture of your financial standing with your timeshare. Do you still owe a mortgage on your timeshare? Are you up to date with your maintenance fee payments?
Additionally, research the timeshare market to understand if there are similar timeshares for sale. This can give you an idea of how much competition you’ll face and may influence your selling price.
Research Your Selling Options
Once you have all the information, it’s time to try selling your timeshare. It’s recommended to hire an experienced agent who specializes in timeshares to help with the selling process.
They will have the knowledge and connections to make the process smoother.
When choosing a listing company to help sell your timeshare, make sure they’re trustworthy. Look for companies that have good reviews and a positive history in the industry.
Lastly, it’s worth checking to see if the resort where your timeshare is located would be open to taking it back.
Guaranteed timeshare cancellation is not a common practice, but some resorts do offer it as an option for owners looking to exit their timeshare.
Timeshare Selling Strategies
There are various timeshare selling strategies that you can make use of. Before making a decision, it is a good idea to familiarize yourself with all of the options that are available. Here is everything you need to know.
Work with a Timeshare Exit Company
One common strategy on how to get rid of a timeshare is working with a reputable timeshare exit company. These companies help timeshare owners sell their contracts.
When you work with an exit company, make sure to choose one that operates on a “no up-front fee” escrow payment process to avoid scams.
The company should also have timeshare lawyers who can advise you on the legalities involved.
Use a Vacation Exchange Network
Another option to consider is a vacation exchange network like RCI or Interval International. Here’s how it works: you trade your timeshare week or points for a week at a different resort.
It’s a great way to experience different locations and resorts. However, keep in mind that most exchange networks require a membership fee.
Gift Your Timeshare
If selling your timeshare becomes challenging, consider gifting it to a family member or friend.
Before doing this, make sure the recipient understands the responsibilities that come with owning a timeshare.
This includes maintenance fees and special assessment costs. It’s essential that they’re willing and able to take on these costs.
Rent Out Your Ownership
If you’re wondering how to cancel a timeshare commitment without losing all of its value, consider renting it out. By doing this, you can recover some costs and even make a profit.
You can rent out your timeshare through various online platforms. Keep in mind that some timeshare agreements have rules about renting, so check your contract before going ahead.
Banking or Borrowing Points
If your timeshare is a points-based system, you can bank or borrow points. “Banking” is when you save your points for future use, while “borrowing” allows you to use points from future years for immediate use.
This strategy can be beneficial if you’re not ready to sell but want to maximize your timeshare’s value.
Sell Your Timeshare Back to the Developer
Some resorts or developers offer a buy-back program, which allows you to sell your timeshare back to them. This isn’t a common practice.
But it’s worth exploring. Check with your resort or developer to see if this option is available.
Understanding the Timeshare Exit Timeline
Exiting a timeshare isn’t typically a fast process. The timeline can vary significantly depending on your specific circumstances and the method you choose to exit.
If you’re within your timeshare’s rescission period, which typically lasts a few days to a week after purchase, you can cancel your timeshare contract fairly quickly.
But if you’ve owned your timeshare for a while, the process can take more time.
When working with a reputable timeshare exit company, the process could take anywhere from a few months to over a year. The time frame depends on factors like the complexity of your contract.
It will also depend on the company’s workload and the cooperation level of your resort. To shorten the length of this process, make sure to hire a reputable timeshare exit company.
If you choose to sell your timeshare on the resale market, the timeline can be unpredictable. Factors influencing the time to sell include the desirability of your timeshare, the asking price, and the current market conditions.
If you’re aiming to give back your timeshare to the resort through a deed back program, this can take several weeks to a few months, depending on the resort’s procedures.
Put most simply, patience is essential when exiting a timeshare. It’s not a speedy process, but with persistence and the right strategy, you can successfully navigate your timeshare exit.
How to Sell a Timeshare
It can be stressful to sell a timeshare if you don’t understand the process that is involved.
The first thing you will need to do is make sure that it is the right time for you to sell your timeshare. You should then revisit the contract and find out how much your timeshare is worth.
If you want to have a stress-free timeshare selling experience, it is a good idea to get help from a skilled timeshare exit company. That’s where Lonestar Transfer comes in.
We’ve canceled more than 18,000 timeshares and have been in business since 2010. Don’t hesitate to contact us to get started today!