A timeshare is more than just an investment, it is a vacation. It allows several people to share the cost of a property (typically a vacation property), and each member gets to spend time at that property every year.
While timeshares offer many benefits, they come with an obligation to pay maintenance fees for the ownership duration. This is one of the main reasons you can’t simply walk away from a timeshare.
It also comes with endless confusing paperwork and limited alternative options in the market that make it difficult to cancel and get out of. However, it is not impossible! You need not worry; we provide some helpful tips for timeshare owners and methods for getting out of a timeshare.
The easiest and most legit way to get out of a timeshare is to check your timeshare contract for a clause mentioning a retraction or rescission period. This is a timeframe within which you can cancel your timeshare contract (for whatever reason).
The retraction period is also called a deed-back clause as it allows you to return the timeshare to the company within a specified period. This period typically lasts a couple of days or weeks, so if your purchase is recent, all you need to do is send in a written notice to cancel your membership.
You can also get out of your timeshare by selling via a specialized realtor. Since time shares depreciate over time, you will likely sell yours for less money than you originally paid. You can also sell your timeshares online by advertising your listing in the online resale market. Red week and Tug are two major forums for timeshares.
Renting out your timeshare may be a good solution if you want to make extra money. However, you will need to speak to your company to see if they allow it. Moreover, it would be best if you also considered some of the costs associated with renting the space, for example, costs of potential damage, time and money spent searching for people willing to rent it.
Another option is gifting it to a friend or family member who wants it! However, before doing so, you must ensure that your timeshare is paid off in full. Also, the person receiving it should be aware of their obligation to pay the annual maintenance fee.
Although most companies don’t repurchase timeshares, they may be willing to take them back for free. While this option may not seem viable at first glance, it will ensure that you don’t lose any more money paying the yearly maintenance fee.