So, your timeshare contract is about to end. You’ve enjoyed living and vacationing with your timeshare ownership over the past 25 to 40 years, and now your options are about to open up to new possibilities. What do you do? Should you sign on for more years of ownership to keep enjoying the same great vacations you used to? Or should you walk away and explore other vacation options further down the road?
While many timeshare ownerships are deeded in perpetuity, there are some forms of ownership that have expiration dates, like in the instance above. Some timeshare contracts do feasibly come to an end, leaving owners with a choice to make.
The most common type of timeshare contracts that come to an agreed-upon end are called Right-To-Use (RTU). The main difference between a right to use timeshare and a traditional deeded ownership is how the weeks of vacation are made available to owners. With a deeded timeshare, you are allotted one week per year of ownership rights. However, a right to use timeshare contract is organized around a set number of weeks, allowing you to use your allotted weeks as you see fit. Want to spend two weeks within the same year? You’ll have the flexibility to do so.
However, RTU timeshares come to an end sooner rather than later. For some, it’s perfect—you have an agreeable future of guaranteed accommodations that also allows a heavy dose of freedom and choice. But at the end of your contract, what do you do?
Option 1: Renew
If you began a short right to use timeshare contract that’s coming to an end, you may consider reupping with whichever brand or resort you purchased your ownership from in the first place. Odds are, you’ll be able to restructure a better deal and include typically more exclusive perks into your ownership to make your vacations more alluring. Plus, for travelers with children or grandchildren, renewing your RTU contract will allow you to pass your ownership down to family members, ensuring they can enjoy the same quality of yearly vacations you did.
Option 2: Let it Expire
Choosing to abandon your timeshare can make sense if you do not plan on continuing to vacation with it anymore. Some programs may require you to pay a fee upon expiration on your contract—similar to disposition fees you pay when returning a leased vehicle. If you have several years left on your RTU contract, however, there may be other options than simply waiting until it expires. You can rent it out on a yearly basis to vacationers seeking an alternative to hotel rooms, and you can also sell it on the resale market.
Option 3: Switch to a Different Method
If you enjoyed using your RTU timeshare, but not sure if you want the same type of vacation experience, there are alternatives out there for you to consider. Having a deeded ownership means your timeshare is yours forever. Enjoy it with family or friends, rent it out to other vacationers, and pass it down to relatives when you’re done using it. You’ll likely have a set week at a home resort, with the ability to exchange your timeshare via RCI or Interval International. This can be a preferable method of vacation ownership for those who want straightforward, dependable travel solutions each year.
In addition to deeded fixed weeks, there are also points-based timeshares. These are relatively new to the vacation ownership scene, and center your deeded real estate interest around a number of points to use each year. Your yearly allotment of points will be enough to book accommodations at your home resort every year, though you can also bank or borrow points to spend on bigger or nicer accommodations, or visit another affiliated property within your company’s network. Points are preferable for those who want options while still seeking the perks of timeshare ownership.
Your One Stop Solution
At SellMyTimeshareNow, we assist people with all methods of timeshare ownership. If your RTU contract is expiring and you’re seeking another vacation ownership method, you can shop timeshare resales to save as much as 70% off retail pricing. Additionally, timeshare owners looking for relief can find the services they need—start by calculating the market value of your timeshare today, or reach out to a representative at 1-877-815-4227.
Categories: For Owners