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Don’t be fooled by images of sparkling swimming pools, luxurious apartments, and resort amenities. Despite their flashy, high-end appearances, timeshares are often the furthest thing from a smart investment.
Even if you have the money to shell out for a timeshare and don’t mind never seeing a return on your investment, timeshares are still a bad choice . That’s because your options to get out of a timeshare are limited, and often require help from a consumer advocate.
If you’ve found yourself the victim of a timeshare promotion and are now wondering what your options are to get rid of it, keep reading. We’re breaking down the 6 essential tips that you should use to consider your options and get out of a timeshare today.
1. Check for a Grace Period
If you recently purchased a timeshare property and are now having second thoughts, the first step that you need to complete is to check and see if there is a grace period.
Some timeshare contracts feature a grace period. If you change your mind at any point in time before this grace period runs out, you can return your timeshare and get your money back.
Unfortunately, many timeshare companies are focused only on tricking vacationers into signing up for expensive properties that they will never see a return on investment for.
They rely on the appeal of property tours, free tickets, and other promotions to help prompt impulse-purchases of their properties. It’s only after owners have spent an average of $18,400 on a timeshare that they realize the mistake they’ve made.
The last thing that many of these companies want to do is to give buyers a way out of their contract once the excitement wears off and they realize what they’ve just signed up for.
If you are a new timeshare owner, you should check your contract to see if this is an option before you move onto other steps on this list.
2. Determine Whether Your Time Share is Leased or Deeded
If you check your contract and find that there is no grace period or that the grace period has already ended, the next step is to look into other options to get out of a timeshare.
Before you can look at other options, you need to do a little more reading of your contract. In order to proceed, you’ll need to know whether your timeshare property is leased or deeded to you.
If your timeshare property is deeded to you, this means that you are the owner of the deed and therefore the exclusive owner of the timeshare. This gives you the freedom to sell your timeshare property to another third party owner.
If your timeshare property is leased to you, you are the contracted, not the exclusive, owner. This gives you fewer options to get out of a timeshare.
If you find that you are leasing the property, you’re going to have to continue to pay all fees associated with that timeshare property until your lease period runs out. There are ways to get out of a leased timeshare, but you’ll need help, rather than trying to tackle it on your own.
3. Sell Your Time Share
If you find that your timeshare property is deeded to you, you technically have the option of selling it to get out of a timeshare.
However, there may be other requirements stated in your contract that can affect how and when you can sell your property. Unless you have experience in dealing with timeshares, you’re better off seeking help rather than trying to sell your timeshare property on your own.
Another issue with trying to sell a timeshare property is a bad market for timeshares. Many consumers are now catching on to how bad of an investment many timeshares are.
If you try to sell your timeshare and struggle to find a buyer, it’s time to move onto other options for getting out of your contract.
4. Check to See if You Can Return it to the Resort
In some select timeshare contracts, there is an option to return the timeshare back to the resort.
Unfortunately, this is specifically prohibited in many timeshare contracts. In others, it involves taking a hefty loss on the property, which can make it seem like a bad option to get out of a timeshare.
But if you’re faced with being stuck paying your timeshare fees for years to come, getting out of it, even at a loss from your initial investment, might be a good option.
5. Consider Renting Out Your Property
If you’re struggling to find a way to get out of your timeshare, there are actions that you should take in the meantime.
Renting out your timeshare during the week or month that you get to use it can help you to recoup some of the money that you’re losing. In the meantime, you can proceed to the final step on this list, while making money to at least offset the costs you’re paying while working to get out of your timeshare.
6. Seek Help
The success of the other steps on this list for getting out of timeshares largely depends on your specific contract.
Even figuring out whether any of these steps would work for you can be tough if you don’t have experience dealing with timeshares. That’s why it’s best to seek help if you’re struggling to get out of your timeshare.
Get Help and Get Out of a Timeshare
If you own a timeshare and are wondering what your options are for getting out of your timeshare, it’s time to seek professional help.
Contact us today to see how we can help you determine your options and get you out of your timeshare fast.
The earlier you seek help, the faster you’ll be able to get out of your timeshare .