Almost 10 million American households own timeshares, and there are over 1,500 timeshare resorts in the United States. There is no question that timeshares are a popular option for many. While the idea of owning the perfect vacation home for a few weeks out of the year may be appealing, it comes with significant risks.
The main problem is that timeshares aren’t good investments, have high fees, and have no easy way to cancel. This leaves many people wondering how to exit timeshares without a major hassle.
If you’re looking to exit a timeshare that no longer works, it may seem impossible. But don’t worry; you just need to learn what steps to take first.
Keep reading this guide to learn how to get rid of a timeshare and move on quickly!
Assess Your Timeshare
Before you do anything else, take the time to assess your timeshare investment to see how it’s affecting you.
Maybe you’ve had changes in your life, and the timeshare no longer fits into the type of vacations you can have.
In many cases, the costs associated with timeshares can become unmanageable. Some people don’t fully realize how much exchange fees, maintenance fees, and special assessments add up over time.
Another issue people face is difficulty securing specific weeks during the year with points. Popular weeks are often sold out, so if you don’t have a fixed timeshare week, it can create problems.
Overall, if your timeshare is costing too much and causing stress, it’s worth taking steps to cancel it.
Review Your Contract
Next, you must review your timeshare contract to understand the terms and conditions better. Be sure to read all the fine print and take notes about the details.
For example, when is your timeshare week? When do you need to pay maintenance fees? You should also look for any specific or unique rules about your timeshare.
If you just signed a timeshare contract, you’ll need to look at the laws in the location where you bought your timeshare. You’ll find that most states and countries have rescission laws in place. These laws allow you to cancel your timeshare within a specific timeframe.
You’ll usually have anywhere from 3 to 15 days to cancel your timeshare agreement. Remember that every person buying a timeshare has the right to cancel under the law. Don’t let the resort tell you otherwise.
Send a Timeshare Cancellation Letter
If you’re within the rescission period for your location, all you need to do is send a cancellation letter. A cancellation letter allows people to forfeit their timeshare successfully.
The letter should state that you want to cancel your timeshare purchase immediately. Once you’ve done this, you can mail it to the resort or send an email. However, sometimes finding the address you need to send it to can be challenging.
If you can’t find the address to send the cancellation letter, ask the resort immediately. Don’t allow them to stall, and don’t take no for an answer. You’re allowed to have this information by law.
If you mail a letter, send it via certified mail so you have proof that they’ve received the letter.
Ask the Resort if You Can Give the Timeshare Back
If you miss the rescission period, you may actually be able to simply give the timeshare back to the resort.
This is a simple way to get rid of a timeshare that many people overlook. Check your contract to see if this is an option. You should also double-check with the resort if it isn’t mentioned anywhere.
Remember to be mindful when you call. Resorts are in the business of making money, so don’t let anybody talk you into upgrading your contract or signing a new one.
Sell Your Timeshare
Another way to get out of a timeshare is to sell it to another person. To do this, you first need to get a clear picture of your financial standing. Do you owe a mortgage on your timeshare? Are your maintenance fee payments current?
If you still have a loan on your timeshare, you may not be able to sell, but you should contact the resort or developer. Some companies have various in-house programs that help you sell even if you still owe a mortgage.
If you can sell independently, you must determine what your timeshare is worth. To do this, you should enlist the help of a real estate agent. You can also look at timeshare resale sites like SellMyTimeshareNow or use Craigslist.
You might find your timeshare isn’t worth much unless it’s in a popular location like Disney. Even so, you should be able to sell it and avoid any future costs, which is the goal.
Remember to do thorough research when you’re looking for timeshare resale sites. You must choose a reputable site that won’t cost you even more.
Use a Timeshare Exit Company
Finally, you should consider using a timeshare cancellation company to help you. Timeshare cancellation companies can work with you to help you successfully cancel your timeshare contract.
Look for a company offering a free consultation so you can meet with them first to understand their services better. The company you choose should have a proven track record of helping other people cancel their timeshares.
Reputable timeshare exit companies typically have different programs and will clearly explain how their fees work.
You’ll also learn about the different grounds of timeshare termination you might qualify for besides the rescission period.
For example, some resorts or timeshare companies promise people they can redeem points to have a beautiful vacation. But then they forget to mention the restrictions and fees. If this happens in your case, it can be enough to terminate your timeshare.
Finding a professional timeshare exit company is well worth the effort since it increases your chances of canceling your contract for good.
Learning How to Exit Timeshares
Knowing more about how to exit timeshares will help you have a much smoother termination process.
Remember, it’s best not to go through the process alone. Using a timeshare exit company or finding a lawyer specializing in timeshare cancellations is usually necessary.
To learn more helpful lifestyle tips and tricks, be sure to read the rest of our blog today!