Knowing the best option for how to get rid of a timeshare depends on where you are in the ownership journey. There are different strategies we can suggest depending on your specific needs:
How to Get Out of a Timeshare
No matter if you've had a timeshare for years or just purchased it, this particular question is still the same for all owners: how can you get rid of a timeshare legally? There are several ways of getting out of a timeshare legally including:
- Utilizing your rescinding period (if applicable)
- Selling it on the secondary market
- Transferring it to a loved one that will use it
- Donating it to charity
- Asking the resort to buy or take it back
Depending on your immediate needs, each option has its own benefits that will provide you with the freedom from vacation ownership you're searching for.
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How to Get Rid of a Timeshare Legally
Check Your Contract
A majority of timeshare contracts have a "cooling off" period, which gives the new owners a specific amount of time to rescind their timeshare and cancel it without any fees or complications. This usually entails the owner sending a written (preferably notarized) letter of their cancellation to the resort. Unfortunately, these "cooling off" periods are typically only a few days, which means owners have to make fast decisions and the rescinding period might end before the owner even leaves the resort to head back home.
See if the Resort Will Buy it Back
In some cases, timeshare resorts will have buyback terms or policies in place for owners that no longer want their timeshare. However, it's extremely rare for a resort to either buy or take back a timeshare. With the resort's goal to keep owners and the steady annual maintenance fee payments that come along with it, they will often deny these requests. On the off chance they decide to accept the request, resorts will present an extremely low offer and owners are likely to lose thousands of dollars.
Sell Your Timeshare
One of the most efficient ways to get rid of timeshare units are by selling them on the secondary market. Though you can sell timeshares on websites like eBay and Craigslist, there are plenty of reasons to stick with a legitimate timeshare resale company instead.
Owners utilize specialized websites with licensed resale experts like SellMyTimeshareNow.com to advertise their unwanted timeshare, communicate directly with interested buyers to negotiate a final sales price, and will refer you to a professional timeshare closing company.
We make it easy for you to complete this entire transaction from the comfort of home and our experts teach you how to get rid of timeshare legally through our services. While you wait for the perfect offer, you can help offset your annual maintenance fees by renting out your timeshare on our marketplace, as well!
Donating is one of the most hassle-free ways of getting rid of a timeshare legally. The timeshare donation process is guaranteed for qualified timeshares, could have potential tax deduction benefits to the owner, and provides to community members in need. The most important step to take is to ensure you're utilizing a reputable timeshare donation service, such as DonateMyTimeshare.org.
Transfer It To a Loved One
If you have a family member or friend who loves to vacation and is interested in owning your timeshare, consider transferring the ownership over to them! It's common for current owners to leave their timeshare ownership to their children or grandchildren in the event of their passing, but it can be done whenever you and the new interested owner are ready. Transferring is simple, especially if it's gifted and not purchased. Not only will you get out of timeshare ownership, but you'll be passing it on to someone who will love and use it every year.
Learn More About How to Get Out of Timeshare Ownership
Whether you're wondering how do you get out of a timeshare or which option would be best for you, the SellMyTimeshareNow.com independent timeshare resale specialists are here to assist you. We'd love to help you through the process no matter what you decide for your future vacationing needs! To speak to one of our representatives, please give us a call today at 877-815-4227.