There’s a lot to love about timeshare ownership, but it also isn’t for everyone. If you’ve decided to move on from your timeshare, getting out of it should be easy, right? Well, it can be! There are ways to get rid of your ownership that are convenient and risk-free, but not all of them are safe. In fact, there are some pitfalls you’ll need to steer clear of. So, there’s a few things you should know if you want to say goodbye to your timeshare. Fortunately, you’ve come to the right place to learn about them! We’ll cover everything you need to know about how to get out of a timeshare safely.
Before You Decide to Sell Your Timeshare
There are a few options all timeshare owners should consider before making the big decision to get out of their timeshare. First, ask yourself if your problem is that you’re no longer interested in this specific timeshare property. If that’s the case, depending on your resort company, there may be a solution! Many vacation clubs, like Hilton Grand Vacations, offer a points-based program. With these programs, you have a home resort you can visit, but you’ll also have access to plenty of other resorts from that brand. Depending on your resort company, you could also take advantage of a vacation exchange program. These programs allow you to trade your points or weeks for a stay at one of thousands of other resorts around the world in a vacation exchange network. So instead of staying at the same resort each year, you can mix it up from time to time!
Renting Out Your Timeshare
Do you like your ownership but feel guilty about not using it each year? If so, there’s another option all timeshare owners should know about. You can rent out your vacation ownership for years when you’re not using it. That way, you’ll be able to put some money back in your pocket and help pay off the annual maintenance fees for the property. This way you can avoid the guilt of feeling like you’ve “wasted a year” while paying those fees off. Plus, you’ll be able to go back to the resort for years when you want to.
Safe Ways to Get Out of a Timeshare
Finding the best way to get out of a timeshare may feel difficult. When you buy a timeshare, you’re buying a product that’s meant to be used for a lifetime. Of course, that means searching for ways to get rid of a timeshare can be tricky. Luckily, that doesn’t mean there aren’t any; it just means that they require a little bit of work on your part, like calling your developer or selling it on the resale market.
When looking for options to get out, remember that if you miss payments on your maintenance fees, it can hurt your credit score. This is something we want to avoid so it won’t affect any big purchases you make in the future. Let’s dive into how to get rid of your timeshare—without ruining your credit.
The Rescission Period
The easiest way of getting out of a timeshare is also one of the most situational. The timeshare rescission period is a window of time shortly after you’ve purchased a timeshare where you can simply cancel the contract. In other words, you can get rid of the timeshare, no strings attached. So, if the timeshare rescission period is so straightforward, why doesn’t everyone use it to get out of their timeshare? Well, this rescission period tends to be very brief; often only three to fifteen days. After that, you won’t be able to use this period, so you’ll have to act fast to get rid of your timeshare. If the rescission period has already ended, don’t worry! This is just one way to say goodbye to your ownership.
Talk to Your Developer About Buying Back Your Property
Some developers and resorts may be willing to work with you on buying back your ownership or allowing you to give it back to them. There is no guarantee, depending on your timeshare contract it may be worth seeing what you are able to find out with a quick call to your home resort.
Most of the best major brands and vacation clubs in the industry are members of ARDA, the American Resort Development Association. If you didn’t know already, ARDA aims to protect all parties of the timeshare industry—including owners! Your developer or club is likely also a part of the Coalition for Responsible Exit, where you can find your club’s recommended resale or exit options.
Wyndham, for example, offers the Wyndham Cares program, which is a free resource to help their owners with questions on where to turn if they need options on how to get out of their timeshare. They also offer Certified Exit—Backed by Wyndham. In some cases, Wyndham will take back your timeshare for qualified owners.
Gift Your Timeshare to a Family Member or Friend
Instead of moving on from your ownership by selling it or giving it back to the developer, you may have someone in your circle who wants it! Millions of families love their timeshares because of their flexibility, supreme accommodations, and outstanding experiences. Give the greatest gift of all with vacations to a friend or family member. Keep in mind that if a loved one takes over the timeshare agreement, they will also be taking over the payments as well.
Can I Cancel My Timeshare Contract?
There are services out there where timeshare exit companies will work with you and the resort developer to cancel your timeshare. While they promise to help you, it can be tricky to know which companies to avoid. What’s more, it’s quite often that groups calling themselves a timeshare exit company will tell you that they will take over the payments of your ownership, and this might not be true.
The Dangers of Timeshare Exit Companies
If a timeshare cancellation company tells you to stop paying annual fees, be careful. You should keep paying those fees until you receive direct confirmation from your resort developer or resort that the timeshare is no longer in your name. As a result of not making payments, your credit will be harmed. Keep this in mind when speaking to a timeshare cancellation company. These companies, also known as timeshare exit companies, claim they can help you get out of your timeshare.
From there, the company will supposedly work on your behalf to end your ownership, a process that can stretch indefinitely. However, many of these companies demand a substantial up-front fee, often in the thousands of dollars. In the worst-case scenario, the “timeshare salespeople” at the exit company may vanish after taking your money, leaving you with no resolution and a significant financial loss. While being able to get rid of your timeshare contract like this may seem appealing, exit companies are usually more trouble than they’re worth.
Sell Your Timeshare on the Resale Market
Do none of the other ways to get rid of your timeshare appeal to you? No problem! There’s still a great way to move on from your ownership: selling it. Over the last two years, the vacation industry has benefitted from a massive boom. More people than ever have started vacationing, which means more people are interested in vacation ownership. In turn, this means that people are more interested now than ever in vacation ownership. So, if you want a risk-free way of saying goodbye to your timeshare, selling it on the resale market is a great choice.
Keep Your Expectations in Check
Keep in mind that timeshares are not an investment. Much like other luxury products like cars, the value of the property will decrease over time. As a result, it’s important to keep your expectations on how much you can sell the property for in check. It is very rare to get back what you originally paid, but many buyers use timeshare resales to dip their toes into vacation ownership, while experienced owners use the market to add to their ownership at a lower price. So, if you’re looking to get rid of your ownership and stop paying those maintenance fees, selling is a great way to do so.
Get Out of Your Timeshare with Timeshares Only
If you’ve weighed out all of your options and decided you still want to get out of your timeshare ownership, Timeshares Only can help! We’ve worked in the resale market for over 20 years, and as one of ARDA’s featured resellers, we follow a strict set of ethics that helps to keep everyone in the industry safe. Click on the link below to take the first steps to sell your timeshare.
When you work with Timeshares Only, you work with the best in the business. We’ll use our state-of-the-art marketing strategies to promote your vacation ownership to potential timeshare owners around the world. In other words, we work hard to give your ownership the best chance possible of being sold. If you have any questions, we’re here to help! Please give our timeshare experts a call at 1-800-610-2734 or email us at [email protected].
