Vacations are always a good idea. They give your brain a break and create room for more inspiration and relaxation to enter your life.
When money and time allow, why not kick up your feet in the sand somewhere or get lost exploring the mountains?
Sometimes you fall in love with a particular destination. For some, the next step becomes getting a timeshare. This becomes a home away from home in a place they can always look forward to visiting.
The catch is you always have to visit.
Timeshares can lose their allure once you go on the same vacation a couple times. How to get rid of a timeshare, however, is not as simple as acquiring one.
What happens when the love has died and you’re ready to move on?
Here are a few tips on how to get rid of a timeshare, fast.
The first step you can try is contacting your resort to cancel the contract. Inquire about resale or surrender programs.
Canceling is not an easy task which makes educating yourself crucial. Know the terms of your contract, and read up on things happening in the timeshare and travel industry.
Another tool for this scenario is to hire a timeshare lawyer. These people have specialized in this type of situation for years, but they will often be costly.
Tip: always contact and read testimonials from any source you choose.
If you want to get rid of your timeshare on your own, there is a way. Just prepare to receive much less than what you paid in the first place.
Posting on sites like Redweek and TUG are good starts, but not guarantees. Some owners recommend offering extra incentives to attract buyers, like paying upcoming maintenance fees.
Others recommend renting to at least break even from yearly costs. Make sure you double check your contract as some restrict renting for profit.
This might sound discouraging, but it gets to job done. The point of selling fast is not to make a big return. The goal is to get out of future timeshare fees and start vacationing in new ways.
This is where things can get real tricky, fast. For those not willing to pay another dollar to their resort, ignoring payments seems reasonable although desperate.
Deciding to take this route often comes after previous failed attempts to get rid of a timeshare.
What some people fail to consider is the weight this decision has in the long haul. Stopping payments on maintenance and other yearly fees can affect your credit for years. In some cases, the creditor (your resort) can even sue for any outstanding balance of unpaid fees.
While searching for the best option to release your timeshare, be cautious.
Giving your timeshare away to charity can sound like a nice thing to do, but just offer any major organization and they will reply with a quick, “thanks, but no thanks”.
Are you looking to get out of your timeshare and trying any of these methods yet? Let us know and share your experience below.