A timeshare seems like a great idea on the surface; after all, you get to spend your vacation days in a home that feels like your own but split all the costs. However, what many people don’t realize about timeshares is that they can rack up plenty of costs in terms of fees, maintenance, and more. For this reason, plenty of vacationers are now looking for ways to get out of their timeshares.
Check Your Contract
If you only purchased your timeshare within the past few days, your contract may have a clause that allows you to get out of it. Known as the “cooling off” period, the clause typically provides buyers a few days in which they can change their mind and cancel the sale with no questions asked. To cancel the contract, you’ll likely need to write and sign a letter to give to the timeshare company. Don’t forget to keep a copy for yourself and send it via registered mail. This way, you’ll have official proof that you sent it.
Ask the Company to Take It Back
Sometimes, you can get the timeshare company to take the property back. You can try selling it to the company first. Although they rarely buy properties back, you may be able to get some of your money back if yours does. More likely, the contract will have a clause about the timeshare company taking the property back but not paying you for it. While this is a colossal financial loss for you in the short term, there are still long-term savings since you won’t pay the annual fees or maintenance fees anymore.
Sell It Yourself
If the company won’t take it back, you can always try to sell your timeshare yourself. Remember, you’ll probably sell it for less than you paid, but it will still be work the long-term savings in fees. Read your contract’s fine print before selling to ensure you are legally able to do so. If possible, hire a company to help you sell. Timeshare experts are more likely to help you sell it at a good price and make getting out of a timeshare less stressful.
