One of the main reasons people want out of their timeshares is due to the costs. With increasing fees and lack of use, the financial expense of keeping a timeshare just doesn’t make sense for many families. While it can be difficult to get out of your timeshare on your own, complicated processes aren’t the only thing to consider. There are costs associated with getting rid of your timeshare, too. So how do you know which price tag is worth it? We’ll help you break it down.
Should You Resell?
When you look at your options— keeping the timeshare or finding a way to get out of it – there are a number of things to think about.
First, there is a small possibility the resort will take back the timeshare or offer a way out. It’s important to call your resort and ask about that option before proceeding.
People often wonder if they can resell their timeshare. Again, there’s a slight chance you could. Unfortunately, that is becoming less of an option every day. People understand that when you buy the timeshare, you’re also buying the cost of annual maintenance fees and assessments. If you take a look at any online marketplace, you’ll see there are hundreds upon hundreds of people practically giving their timeshares away and still no one is bidding on them. The truth of it is, the demand for timeshares has plummeted and seems to be continuing a downward trajectory.
The other thing you need to be aware of is the fine print in the contracts with your timeshare company. There’s a chance you aren’t allowed to resell your timeshare at all. It’s one of the stipulations salespeople like to gloss over when they’re presenting the timeshare to you.
So, if you can’t sell it, and it won’t get you your money back if you do, what’s left?
If you can’t sell your timeshare, but you still want out, your next option is to take legal action. This can be a costly, time-consuming and stressful legal battle when taking on timeshare companies on your own.
However, there are third-party exit companies that will take care of the legal legwork for you. The cost varies from company to company—and from contract to contract. Every timeshare ownership is unique based on resort, length of ownership and whether there is a mortgage involved. Some will not take payment until your timeshare contract has been fully terminated and some offer payment options. Whatever the costs involved, more often than not, you will save money in the long run versus continuing to pay for that timeshare!
Getting out of your timeshare legally, once and for all, is likely to cost some money, but if you compare that to the maintenance fees and other fees you may be paying for a timeshare you’re not even using, it’s often the best decision you can make. It’s not just about the money— it’s about the freedom that comes from knowing you’re no longer bound to something that keeps you from enjoying life and vacations with your family. We’re excited to help you reach that freedom!