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May 25, 2023 · Looking to Get Out of a Timeshare? Here's How to Do It Legally. From working with the developer to gifting it to a friend, here's how to safely exit your timeshare contract. By Emma...
- Emma Kerr
- Editor
- The Problem. En español | "My parents purchased a timeshare more than 30 years ago,” began the email from Kim Seney, a recent retiree from Northern California.
- The Advice. The very first move, experts agree, is to check with the resort itself. When you call them up, don't talk to just anyone. Ask specifically for the person who handles “deed-backs” or “surrenders” — which is when you return your property to the company, maybe for a fee of a couple hundred dollars or so.
- The Outcome. To Seney's delight, she didn't have to jump through any of those hoops. She called the resort company, explained the situation and was told that, although there was no formal deed-back program, as long as she could send them her father's death certificate, they'd take it back.
But before you sign a timeshare contract, make sure you understand what you’re getting into — and how to get out of it. If you’re already in a timeshare and want out, start by contacting your timeshare company. Some have exit programs that let you exit for a modest fee.
- Why Timeshares Can Be A Bad Idea
- Some Statistics on Timeshares
- Why You Might Want to Get Out of Your Timeshare
- Summary
You may be wondering what’s so bad about timeshares. After all, they cost much less than owning a vacation home. And much less than paying for a full vacation every year. While that may be true, there are several downsides to timeshares. Consider these negatives before you buy one.
Despite their oft-bad rap, timeshares are still selling in the U.S. Some facts regarding timeshare sales: 1. There were $10.5 billion in sales 2. The average price was $22,942 3. Annual maintenance fees averaged roughly $1,112 Source: ARDA As you can see, timeshare sales are booming. However, that doesn’t necessarily mean you’ll want to keep one if...
Becoming a timeshare owner may have seemed like a good idea at the time. However, things can change. Here are some reasons you may want to get rid of your timeshare.
Timeshares are a depreciating asset. There are always more sellers than buyers. And they don’t appreciate in value. Maybe it is time for a timeshare exit strategy. The sooner you get rid of it, the more money you’ll save. You may not get your money back on the sale price. But you’ll get out of the annual fees.
Oct 6, 2023 · Well, if you’re wondering how to get rid of a timeshare, know this: It can be tricky, but it isn’t impossible. Check out these four great options (and three to avoid). 1. Use the Recission Period. If you recently purchased that timeshare, you might be able to get out using the recission period.
Jul 2, 2020 · Knowing how to get rid of a timeshare can keep owners from getting scammed. Options include give-backs, sales, renting and walking away.
Whether you want to transfer ownership to a loved one or exit completely , nearly all timeshare companies offer exit programs for low or no cost. Contact your timeshare company to determine eligibility and options to safely get out of your timeshare.
