A timeshare is the shared ownership of a property, usually for vacation purposes. You share the property cost with others so that your time at the property is secured. What happens when you no longer want a timeshare? Perhaps you realize it’s not a great investment after all, or maybe you no longer need it. What do you do with your unwanted timeshare? There are ways to get out of your timeshare contract. Whichever way you choose, it’s best to protect yourself by involving a timeshare lawyer.
How to Get Rid of Unwanted Timeshare
More people want to sell a timeshare than those who want to buy. This is because timeshares typically lose up to 40% of their value. Also, the increasing maintenance fee required makes it a money pit. Below are things to do to your unwanted timeshare.
● Involve a Timeshare Lawyer
Getting rid of an unwanted timeshare can be more of a hassle than you anticipate. When you sign a document with the Timeshare company, you have a legally binding contract that is best handled by a legal practitioner. It is necessary to involve a timeshare lawyer if you intend to cancel after the rescission period. A timeshare lawyer will make sure you have the protection of the law and defend you against any unfair practice.
● Contact the developer company.
Before you take any drastic action, call your timeshare company and see if they have an exit plan available. Your timeshare company may be willing to buy it back at a cheaper rate or take it back for free; this is called a Timeshare Deedback. You’ll lose a lot of money, but at least you wouldn’t be stuck with paying annual fees.
● Sell out Your Timeshare
Another option to get rid of your timeshare Is by selling. Some companies make the promise of helping you sell off your timeshare when you pay a fee upfront, don’t fall for it. Their guarantee may be unfounded. As you prepare to sell, set your expectations low. You will likely sell at a lower cost than you got it. You can sell your timeshare by advertising it on a website like the Timeshare Users Group(TUG). You can also list it on companies like eBay, Redweek.com lets in their online resale market for a fee. Craigslist is a free website you can list your timeshare for reselling.
● Give it Out
If all other options fail, you can always give your timeshare out. You won’t be getting your money back, but you won’t lose any more money either. You have the option of giving it out to your friends and family or donating it to charity.
Dealing with timeshare cancellation can be more work than you imagined. If you are not careful, you can end up spending even more money. This is why involving a timeshare lawyer to protect you from fraud and more loss is important.