How To Get Rid of a Timeshare: A Guide to Timeshare Cancellation

Are you looking to break free from your timeshare ownership? If yes, you’ve come to the right spot! While we encourage timeshare ownership to be a lifelong commitment, we understand that lifestyle and vacation preferences change. So, whether you’re experiencing financial hardship or simply ready to step away from vacation ownership, we are here to help you safely exit your timeshare. With that said, continue reading to get the full scoop on how to get rid of a timeshare today!

Understanding Your Timeshare Contract

Before we dive into how to get rid of a timeshare, let’s first discuss the importance of understanding your timeshare contract and the basics of what a timeshare is.

What Is a Timeshare?

A timeshare is a type of vacation ownership divided among multiple owners. Each owner has the right to use that property for a set period each year, as stated in their timeshare agreement. Furthermore, considering the constantly evolving timeshare industry, it’s vital to note that there are various types of timeshares. In short, timeshares can be deeded, leased, or points-based. The type of timeshare you get depends on your vacation preferences.

So, understanding the type of timeshare you own is crucial to determining the best course of action for exit. With that said, continue reading as we reveal exit strategies available to timeshare owners.

How To Get Rid of a Timeshare: Exploring Exit Programs

Gift Your Ownership to Family Members

If you’ve decided you no longer want your timeshare but don’t want to sell it, you can give the gift of vacationing. With that said, you can gift your ownership to friends or family and transfer the contract to their name. But, if you’re determined to sell your timeshare, we have several options available for you!

Rescission Period: A Limited-Time Opportunity

If you’ve been a vacation owner for some time, this program won’t apply to you, but it is worth noting.

For folks who purchased their timeshare a short time ago, meaning days, you might have the opportunity to exit it without penalty during a rescission period. The rescission period is a limited-time window for canceling your timeshare contract without penalty. The length of the rescission period varies by state but is typically between 3 and 15 days. Furthermore, understanding the rescission period is crucial in determining the best course of action for the exit, considering that not all timeshare companies disclose the rescission period.

Timeshare Deed Back Programs: Returning Your Timeshare to the Resort

Next, you can get rid of your timeshare by participating in your resort company’s timeshare deed-back program. Deed-back programs allow you to return your timeshare to the resort, often with minimal fees. This can be a low-cost way to exit your timeshare contract legally.

Furthermore, it’s vital to note that not all timeshare resorts offer deed-back programs, and/or eligibility may vary from company to company. Lastly, not all timeshare developers/companies disclose deed-back programs, so conduct research before contacting a developer.

Next on the list for getting rid of your timeshare is reselling it!

How To Get Rid of a Timeshare: Selling Your Timeshare

Reselling your timeshare is the most common way to get rid of it while still earning back some cash.

Preparing to Sell Your Timeshare

When the time has come, and you’ve decided you no longer want your timeshare, reselling it on the resale market is the safest bet. To better prepare for selling your timeshare, research the resale market to help determine how much you should advertise yours for. Additionally, owners should start gathering all ownership details, necessary documents and other information to help create the perfect advertisement. Lastly, when selling your timeshare, you should understand the fees associated with selling your timeshare, including commission fees.

Advertising and Selling Your Timeshare

When you’re ready to advertise your timeshare, we suggest working with a reputable timeshare resale company. When choosing a company, be cautious of scams and unscrupulous resale companies that promise unrealistic results or encourage you to stop paying annual maintenance fees.

Lastly, when thinking of a timeshare price, it’s essential to have a realistic mindset on a starting price. When you resell a timeshare, you won’t get back the original purchase price. Why? Well, unlike traditional home real estate, timeshares depreciate in value over time, just like cars. So, don’t expect to get back what you paid for initially.

So, if you’re ready to sell but need help finding a reputable exit company, we can help!

How To Get Rid of a Timeshare: Working with Exit Companies

Choosing a Reputable Exit Company

Working with a reputable timeshare exit company is the best way to get your timeshare sold safely. Research the company and its reputation, reviews, and ratings. To help find credible companies, check for accreditation with the Better Business Bureau and see if they are an American Resort Development Association member. Lastly, when working with a timeshare resale company, read the fine print on the company’s fees and services. Some charge zero upfront fees, while others charge a lot.

Furthermore, if you’re still on the fence about selling your timeshare or you just need help with maintenance fees, you can rent out your timeshare instead!

Alternative Options To Get Rid of a Timeshare

Renting Out Your Timeshare

Renting out your timeshare is a great way to offset some maintenance fees. It offers a temporary solution to minimizing any added costs to your ownership. Additionally, it gives you flexibility in never letting your timeshare go unused. So, when you’re not using it, you can rent it out and then use it the following year or keep renting it out until someone becomes interested in buying it.

Furthermore, regardless of whether you’re selling or renting out your timeshare, conducting thorough research on the timeshare company you’re working with to help avoid common mistakes is essential.

Avoiding Common Mistakes When Getting Rid of a Timeshare

Read on to learn about some common mistakes owners make when preparing to sell a timeshare.

Never Stop Paying Timeshare Fees: Understanding the Consequences

It’s essential to never stop paying timeshare maintenance fees, even when you’re actively trying to sell. You are responsible for paying those dues as long as the ownership is in your name. So, if you stopped paying the annual fees, your timeshare could go into foreclosure and your credit score could suffer. So, with that said, continue paying your fees until your name is no longer on the contract to avoid a default on your ownership.

Be Aware of Scams

Yes, timeshare scams do exist and are, unfortunately, quite common. It’s important to avoid companies that promise unrealistic results, such as quickly selling your property for a specific amount. Additionally, some companies may try to persuade you to stop paying your fees. As we discussed earlier, you should never do that.

So, if you’re ready to stop reading and start the timeshare resale process, consider working with our trusted team at BuyATimeshare.com.

Get Rid of Your Timeshare with BuyATimeshare.com

At BuyATimeshare.com, we have over 20+ years of experience connecting sellers to prospective buyers worldwide. Our team of trustworthy timeshare professionals is here to make the selling process a breeze. While we cannot guarantee a timeframe in which your timeshare will sell, we can guarantee to utilize our vast marketing tools and techniques to get your timeshare resale/rental advertisement the exposure it deserves. If you’d like to start the process, contact us at 1-800-610-2734 for assistance.

So, what are you waiting for? Sell your timeshare property with us at BuyATimeshare.com!