Buying into a timeshare can seem like a great idea, but, over time, you may grow weary of the property or find that the associated fees and responsibilities are too great a burden. Wanting to get out of a timeshare may be even more problematic than the burdens that took the fun out of it, but that doesn’t mean it’s not possible. Before going forward, ask yourself “do I really want to sell my timeshare?” and the answer will guide you. Here are some of the best ways to get rid of your timeshare without having to throw even more money into a sinking ship.
Take Advantage of the Cancellation Period
Chances are you’ve long passed the expiration date for the cancellation period, but, in case it does still apply to your case, here are a few tips. Your timeshare contract will have a clause that explains the cancellation period’s terms and length, so consult that, before taking any action.
If it is still active, you should put your cancellation request in writing. Most contracts specify this as a requirement, but, even if yours doesn’t, you should put it in writing for your own protection. The letter should contain all of your contact information, including your name exactly as it is on the contract and your physical address, email address, and telephone number. The letter should also specify the name of the timeshare company, include a description of your timeshare, and it should contain the date you purchased the timeshare.
Once you have included all of this, you will need to add a statement. This will declare your desire to cancel your timeshare, specifying that the cancellation period is still applicable. Unless the contract specifies otherwise, you don’t need to supply a reason for canceling the timeshare.
Try to Sell Your Timeshare
While timeshare marketing companies make this sound like a simple process, it’s much more difficult than it sounds. The problem is that you will be trying to compete with timeshare companies who have greater incentives to offer potential buyers. The best way to get rid of your timeshare is to try to sell it at a time of high demand, but you must be willing to sell at a low price. You will likely have to take a loss, compared to what you have put into it, but you’ll have to decide if it’s worth it to get out of the contract.
Ask the Resort to Take It Back
This option may be open to you, but not in every case. To find out, consult your timeshare contract. Legally, no timeshare company is obligated to take their timeshare back, so it may be wise to make sure your contract includes this type of out clause, before signing. If this option is available to you, this may be the cheapest and most efficient way of getting out of your contract.
These are just a few options to consider, if you want to get out of your timeshare property. As with any real estate deal, your options are limited by the terms of your contract, so it’s important to read everything, before you commit to an agreement.