Ways to Exit a Timeshare Contract
For a while, buying a timeshare was the thing to do. If you had your favorite vacation destination, why not purchase a property unit rather than going to a hotel all the time? You would select the dates you wanted to purchase, typically one to two week periods. Some timeshares were more flexible and allowed you to pick a specified period without deciding on the exact date.
But as timeshares are not as popular as they used to be, many timeshare owners want to find an exit on their contract. Owning a timeshare can be expensive, especially if you are not always using it. Sometimes, though, exiting the contract is easier said than done. Some companies will charge costly fees while others are merely a scam.
However, if you own a timeshare and looking to exit your contract, there is hope. Here are a few ways that allow you to exit your timeshare contract.
1. Hire an Advertising Company
Sometimes all you need is a little advertising pushing for your timeshare exit. These types of companies basically do all the work for you. They advertise your timeshare based on whether you want to sell or rent. It is still considered a for sale by owner sort of sale. They just give your sale that extra needed internet attention to catch the eyes of potential buyers or renters.
2. Return Your Timeshare to the Resort
Depending on what your contract is like, some resorts will allow you to return your timeshare back to them. However, this isn’t always the case. You will need to look at your contract and see what it says. If there is no leeway for exiting your timeshare by returning it to the resort, you are out of luck. But this is an option worth looking into.
3. Donate to a Charity Organization
Although this method won’t put any money back in your pocket, it might make you feel good inside. Some charity organizations will accept timeshares as a donation. They can then use it to help raise funds for the charity. Added bonus – you may be able to use the donation on your tax return.
There are some stipulations though to donating your timeshare. More than likely it will need to be current on all the fees and paid off. Also, because the maintenance fees of a timeshare can be expensive, finding a charitable organization that accepts the donation may be tough.
4. Rent it Out
If you are struggling to find anyone to buy your timeshare, you could simply rent it out in the meantime. If you can rent it out at a price that covers all your fees, you won’t be out any money as you work towards exiting your contract.
These are a few ways that may help you exit your timeshare contract. You’ll want to ensure however you do it is legal in your region. If you are looking to purchase a timeshare contract, you should keep an exit strategy in mind that you can negotiate into your contract.