You must be a timeshare owner that’s why you found yourself here. I used to be one and I have nothing but pleasant experiences about my timeshare. Like me, you must have been approached in a mall and offered a freebie. Some companies give a TV and others, a vacation. How can you say no to that? All that they ask for is to attend a presentation and listen to their sales pitch. The presentation I went to lasted for several hours, good thing it came with a free meal.
I went to the presentation despite the warning of some friends. I am not naive. I have heard unfavourable feedback about timeshare, the most common of which is “it’s a scam”. But hey, I am an educated person and can perform due diligence so I can make an informed decision. And, like I said earlier, I am satisfied with my timeshare experience.
It is unfortunate that I had to give it up due to personal circumstances. You must be in the same boat I was on, that is why you’re here. You may be wondering if there are legitimate ways to exit timeshare now and yes, there are. I will tell you about them in a bit, but first, why do you want to give it up?
Reasons for Exiting Timeshare
Here are the common reasons why timeshare owners want out of it:
- They bought it with their eyes closed. You can say they fell for the sales pitch, signed the contract and handed their money. Then, they realise it was a poor decision and want out. Yes, they can opt out because contracts usually have rescission period.
- They find that they can no longer afford the timeshare. Timeshare comes with annual fees. Travelling to and from your vacation destination come at a cost, too. If you find yourself pinching pennies, there’s no shame in giving up your timeshare. Exit timeshare now and just move on.
- They no longer use it. Changes in family situation may result to non-use of the timeshare. The children may have gone off to college or have gotten married and moved out. Or, the location may no longer be desirable for the family.
- They are no longer physically able to enjoy their timeshare. Growing old and declining health may prevent you from going on holidays. Maybe it’s time to admit that your timeshare owning days are over.
How do you Exit a Timeshare?
If it’s high time for you to part ways with your timeshare, here are the ways to do it properly:
- Read your contract – Contracts usually have a rescission period. This is the period when you can cancel your contract after having signed in. Usually, it’s a few days long and sometimes, certain requirements must be met. Check with a lawyer if your contract is unclear. And, of course, check if there is a rescission provision.
- Check if you can sell it back to the company – There are companies that buy back the timeshare, but most likely, they will not give you the full price.
- Check if the company can take the timeshare back for free – Giving back the timeshare for free is a huge loss of money but it means you will no longer have to pay annual fees. Losing huge bucks by giving your timeshare back may be a bitter pill to swallow, but at least, you won’t be losing thousands more through annual fees.
- Sell your timeshare – There are companies that allow timeshare selling. Note though that just like buy back, you would have to sell your timeshare at a lower price. There are sites designated for timeshare sales, but they usually charge fees. If you don’t want to pay fees, you can opt to advertise in Gumtree and other similar sites. You can also get the services of a company like the Newton Group to help you with your timeshare exit.
- Give it away – If despite several attempts you cannot sell your timeshare, giving it away may be your last option. This may seem unwise considering the amount you paid for it, but the more you hold on to it, the longer you will have to pay the fees. And, if you’re no longer using your timeshare, continuing with the annual fees is unwise.
Timeshares are a sound investment if you are fond and able to go on regular vacations. But, circumstances sometimes happen and you have to exit a timeshare.
Follow the tips I mentioned and act quickly. That way, you’re not going to lose more money.