Timeshares are becoming less popular for good reasons. As potential liabilities, they are no longer the rave of the real estate industry, and indeed, many contract holders are now seeking to cancel timeshare. In this piece, we cover why you should get rid of your timeshare, and also practical steps to take in doing exactly that.
Why cancel timeshare?
As mentioned above, timeshare contracts are potential liabilities that can set back your financial profile a great deal if left unchecked. Although presented as a vacation investment, a timeshare may cost you more in terms of fees and flexibility of vacation options.
Timeshare contracts are a rip-off at best. Why? You are basically purchasing a contract to use a property for a short time yearly, paying upfront for some years, and tying yourself to a contract that is almost impossible to resell.
When you buy a timeshare, you take on a recurring bill that you will eventually get tired of within a few years. Now, to sell this contract to someone else becomes difficult as many have discovered. Most people go on to list their timeshares on reselling agencies for a fee, but most of those are never resold.
In the end, the most common way for people to do away with their timeshares is to donate or gift the contract to a family member, friend, or charity organization. The first two may not want it (after all, it is a liability); the charity organizations may accept it just so they can auction it to raise funds for their activities. In the end, the original owner may only recover a little or nothing at all of the original prices. Imagine purchasing a timeshare for #19,000 and getting only $1900 back after resales. Pitiful.
Just how can you get rid of a timeshare contract?
The truth is that your best chance of canceling a timeshare is during the trial period, otherwise called the rescission period. This is the time after purchasing the contract during which you have a few days to rescind the contract. During this period, you can safely cancel timeshare without long processes.
If you missed the rescission period, you may want to explore other options such as hiring a legal team to help terminate the contract. Such timeshare termination teams are experts in the industry and know their way around.
You may also take the less-fruitful path of listing the timeshare on a resell agency for far less than the original price.