A majority of timeshare owners say it’s difficult to get out. This is because the industry does not give a dignified exit structure for its owners. The lack of structure opens a gateway for shysters and crooks to take advantage of the situation. Some timeshare buyers know almost immediately that they took the wrong turn. While others battle it out with growing annual fees and loan repayments over the years before they decide to call it quits. Sometimes even the happiest timeshare owners look for ways to end their contractual agreement, particularly when they are no longer able to travel perhaps.
If you are tired of using timeshare to travel and don’t know what to do; in this article, we are going to share practical steps you can take to get yourself out.
Consider Selling It Yourself
Be wary of sale agents who reach out and offer to sell your timeshare, most of them are scams. But if you require help and the timeshare you have is in one of the high-end retreats you can seek the help of a company like the Centerstone Group to help you in your endeavor.
RedWeek also has active marketplaces to sell timeshares. In particular, RedWeek also has a “ What’s My Timeshare Worth” feature to help sellers assess the value of their timeshare based on past sales made through the site.
Rent it out to someone
Several owners find that the option to rent out their timeshare helps them cover the costs they need to pay annually. The same websites that label timeshares for sale also have options to rent available.
Call and ask if the resort can’t take it back
For example, Wyndham and Diamond Resorts are amongst the few creators with formal programs for owners who would like to let their shares go. It depends though, the hotel chains decide which timeshares they can take back and which they don’t want to take back.
In most cases, developers will not do that, but it’s always great to ask, just so you know. If you’re in luck a developer may ask you to pay annual fees for one or two years while the resort makes an effort to find another buyer.
Don’t expect to get your money back
Timeshare owners need to be very careful and face reality. The fact more people want to sell their timeshares than buy. For example, timeshares in higher-end resorts like Marriott, Disney, Hilton, and Wyndham sell for about 15 percent more than their original price.
File for Bankruptcy
By filing for bankruptcy will you will be able to stop collection activity and remove timeshare debt eventually. But may not work for everyone. So if you’re considering walking away from a timeshare agreement using this option, the best thing to do is hire a knowledgeable bankruptcy attorney who will be able to assess the situation in your favor.
Just bear in that getting yourself out of this agreement will not be easy, even if you follow all the steps listed above. This is because there is no secondary market that helps people get out of lifetime contracts, this then opens the door for consumers to be scammed by third-party scavengers. The reality is you need to be aware of this before you buy.