Many vacationers find themselves sitting through timeshare presentations, whether they intend to purchase a vacation ownership interest or not. However, when you sign on the dotted line, you may not be thinking of whether a long-term vacation solution is right for you, or you may be acting on your impulses. Buyer’s remorse is incredibly common for any number of things, and the same goes for new timeshare owners who find themselves reflecting on their recent purchase. So, if this scenario happened to you recently, you may be wondering how to get out of a timeshare.
Let’s start with the first thing you should know about recent timeshare purchases—there are clauses built into most timeshare contracts that offer a recission period, during which you can back out of the ownership agreement you signed. The exact duration of this period varies—it could be ten days, two weeks, or even a month. However, recission periods exist to protect people from the few shady deals that are overt scams merely masquerading as timeshare contracts. The point is, you have options if you truly regret your timeshare purchase and want out.
But what if you’ve passed your recission period and still want out? There’s a common misconception that once you have a timeshare you’re stuck with it for life, but we’re here to tell you that’s not necessarily true. In this post, we outline some options for how to get out of a timeshare if you regret your purchase, including some solutions you can find right here at SellMyTimeshareNow.
The first (and perhaps most obvious) solution is to sell your timeshare to someone else. Remember, even though it’s not a stand-alone property like a beach house, you still own an actual, deeded real estate interest at your home resort. That means it’s yours to do with as you see fit.
Selling your timeshare can be an easy way to get out of your ownership agreement. Because developers price retail timeshares incredibly high to cover overhead and related costs, you likely won’t get as much back as you originally paid, but reselling your unwanted ownership can be an efficient way to relieve yourself from the annual maintenance and dues.
There’s a growing interest in timeshare rentals as vacationers look for affordable lodging solutions that still offer all the trappings of a high-quality vacation resort. This puts owners like you in a unique position to provide a service that’s becoming increasingly sought-after. You can post your timeshare for rent using the massive online marketplace at SellMyTimeshareNow to find a renter for your unit. Doing so may cover your yearly maintenance fees until you find a more permanent way to get rid of your timeshare.
Despite what many claim, there are ways you can donate your timeshare to charitable causes. Donation eligibility varies on individual cases, but if your timeshare qualifies, transfer of your ownership is guaranteed. While you’ll be donating your timeshare for free and not receiving funds in return as you would with resale, you could still have access to special tax benefits that provide some incentive for parting ways with your ownership.
This option isn’t recommended for all timeshare owners, because in many cases, it’s unlikely to happen. But in some rare circumstances, you could be able to sell your ownership back to the resort you purchased it from. This only really happens if timeshare inventory at a particular property is limited or close to selling out, as there is generally a higher demand for ownership units at those resorts. While you may be in a situation for this solution, many timeshare owners can have better luck through resale or rental.
As we mentioned, buyer’s remorse is a totally normal feeling with big purchases. If you signed on the dotted line and find yourself regretting it, try planning at least one trip with your timeshare. If you belong to a certain vacation club or organization, explore some of the benefits they provide to members, such as priority access, vacation exchange options, travel discounts, and more. You may just find that you enjoy traveling with your timeshare and want to keep it around to guarantee high-quality trips every year.
While timeshares can be a great long-term vacation solution for those looking to get the most for their money, they aren’t necessarily for everyone. If you’re wondering how to get out of a timeshare, you don’t have to search too far for solutions. Many of the exit methods mentioned above are available here at SellMyTimeshareNow, offering you a one-stop solution.
Ready to learn more? Contact one of our skilled representatives at 1-877-815-4227 to learn more about getting rid of your unwanted timeshare ownership!