Did you fall into the trap of buying a timeshare you didn’t even want? Well, you are not the only one to fall for their sales tactics. Most timeshare owners fall for the lies told by timeshare resorts; they will tell you how beneficial it is to own a timeshare property. But, in reality, timeshares lose most of their value right after you sign that contract, and then you are stuck with a worthless property.
Timeshares are certainly not real estate properties and hold very little demand in the market. If the salesperson tricked you into thinking you were making a great investment by buying a timeshare property, they deceived you. Now, how can you correct that mistake? There are numerous ways to exit a paid-off timeshare. Read the article and select the option that works best for you. Or, contact us so our team can help you understand your position and eliminate your paid-off timeshare.
Five Effective Ways To Cancel Your Paid-Off Timeshare
Even though paid-off timeshares are not much of a financial burden, the ongoing and annually increasing maintenance fees can still make it feel like a huge burden the owner’s shoulders. Apart from that, timeshares are a waste of money as they won’t be making you any profit in the future. So, you must be thinking about how you can eliminate the property; here is how you can do that:
- Use the cooling-off or rescission period of your timeshare property to get rid of it.
- Sell off your timeshare.
- Rent out your property.
- Give it away to someone else to avoid the burden of its ownership.
- Hire a reputable and legitimate timeshare exit company to help you eliminate it in the best way possible.
Determine And Use The Cooling-Off Period Of Your Timeshare Property
The rescission or cooling-off period of a timeshare property refers to a couple of days timeshare owners have to cancel their contract without having to worry about additional charges.
- The rescission period of most of the timeshares lasts for 3 to 15 days. Some timeshare resorts may offer a rescission period of a month, but it’s rare.
- In order to ascertain the details of your timeshare’s rescission period, go through your contract carefully. The rescission period is usually mentioned at the start or end of your contract. If you can’t find it, contact your timeshare company and ask about it.
- If your timeshare has recently been bought, you can eliminate it quite easily. Among all the cancellation methods, utilizing the rescission period is the most convenient and inexpensive.
- But even the easiest jobs require a little effort. To rescind your contract, you will have to write a rescission letter.
- Rescission letters are required to be a bit professional, so you’ll have to put in a little bit of work in it. Refer to the article attached above to understand the format of the rescission letter, or you can seek help from an attorney.
If you are still a bit confused, which is completely normal in your situation, contact us now; we’ll help you rescind your timeshare contract. You need to hurry as the rescission period of most timeshares is minimal, so we can’t waste any more time.
Sell Off Your Timeshare Property
When considering selling your timeshare, keep in mind that you probably won’t be making a profit. As you already know, timeshares lose value over time. Due to this fact, you will not be making any profit from the property; there is a high chance that you will have to bear a loss to get rid of it. So, be mentally prepared beforehand. But the positive point here is that you will be getting rid of the burden of owning an unwanted timeshare property. To sell off your paid-off timeshare property, here is what you need to do;
- If you want to sell your property, you will have to discover its current value. In order to do that, you must go through the current market and compare it with similar properties, similar in terms of offered amenities, contract type, etc. This will help you discover the price for your property and give you an idea of how to write its description.
- After deciding upon a fair price, register the property on resale websites like Airbnb, eBay or SellMyTimeshare to advertise it and find potential buyers.
- Make sure that you upload every little detail about the property. From the contract type to all the offered amenities, everything must be included in the description to attract buyers.
Moreover, selling your timeshare might require a lot of effort and time, but in the end, it will be all worth it. You will finally be free from the onus of owning a timeshare property and bearing the ongoing maintenance fees. That will be the best reward in itself. So, what are you waiting for? Start working towards this freedom and contact us for any required help.
Rent Out Your Timeshare
If the abovementioned options are not working out for you, you can rent out your property to visitors. But if you want to rent your timeshare property, ensure the company allows it. A lot of timeshare resorts refrain their customers from renting out their properties. So, it is essential to contact them before taking any step further.
- After making sure that your timeshare company has no problem with you renting out the property, start evaluating its value.
- Search the market for similar timeshares and compare their amenities to yours.
- After deciding on a price, list it on the rental websites with good-quality pictures and professional and detailed descriptions.
- Make sure you choose renters after doing a background check; you want to avoid giving your property to someone who can damage it.
- Look into their previous records to find if they have any theft complaints or other disturbing facts that can cause trouble to your timeshare.
Renting out your timeshare requires you to be more cautious than when you are trying to sell them. Research thoroughly and be attentive towards every little detail throughout the process.
Give Away Your Paid-Off Timeshare Property
Giving away your property means you won’t be getting any money for it. But it’s better than bearing its expenses, isn’t it? Timeshares that have expenses like mortgage, maintenance fees and other additional charges you don’t even know about when signing the contract are difficult to donate. But since paid-off timeshares do not require that much financial support, you can actually donate it more easily.
- Contact charities and discuss your situation with them. You might be in luck, and they agree to accept your timeshare.
- You can even spread the word among your family and friends. Word of mouth works better than any advertisement. Through this, you can give it to someone willing to take up the ownership. Someone who wants to take over the property without expecting any kind of compensation in return.
Hire An Expert To Help You Out Of Your Timeshare Contract
Timeshare exit companies have high demand in the timeshare industry because 85% of the timeshare owners realize that timeshares are not a good investment and regret buying them, or those who inherit timeshare properties hire exit companies to get out of their timeshare contracts.
- Exit companies are filled with professionals who have been working in the timeshare industry for a long time. Their team will help you figure out your contract’s clauses.
- They will help you understand your legal rights.
- All the important details that the timeshare company hides from you to gain profit from the exit company will inform you about them.
- But, as the demand increased, scams increased as well.
- Fake exit companies will promise you to take all your worries away regarding your timeshare, but in the end, they will leave you with more worries.
- Exit companies are in demand, so many people in the market have copied them and started scamming timeshare owners.
- These fake exit companies are very clever and vanish with your money without giving you time to realise what happened to you.
- To save yourself from these scammers, work with exit companies offering escrow.
- Escrow is a third party that holds your payment until the exit company eliminates your timeshare.
- If the exit company fails to do so, your money is safe with the third party. This minimises the chances of getting scammed.
You can find all the relevant information you need to avoid these scams through our articles. You can even contact us for free to learn more about timeshare exit companies. We can assist you with deciding whether a timeshare leave organisation is legitimate, and we suggest working with timeshare leave companies that offer escrow so you pay no forthcoming expenses.
These were the most common ways of exiting a paid-off timeshare contract. All this information altogether must be giving you a headache right now, but do not panic. Stay relaxed and think everything through. Or you can easily contact our team and allow them to help you eliminate your timeshare contract.
Common Timeshare Contract Loopholes
Loopholes are common in any type of contract. Some loopholes favor the client, while some favor the contractor. Identifying these loopholes might be hard for you, so consider hiring an attorney when trying to evaluate them. A few loopholes that favor your timeshare resort might be:
- Hidden additional costs that you will find out after you have already signed the contract.
- Non-availability of the timeshare. Many times, timeshare owners want to visit their property, but they can’t do so. Why does that happen? Because the property isn’t available as another party is currently visiting. Due to this, you will end up wasting your vacation, or you will have to stay in a hotel.
These loopholes favour the timeshare company and help them make more money. They mislead you by not mentioning the annual increase in timeshare expenses or hiding the property’s actual value. This is all part of the sales tactics that they use to trick people and make them buy their timeshares.
Do not be disheartened by reading about the loopholes that favor your timeshare company; you have loopholes that work for you as well, but determining those is the job of an expert. Hire a reputable and experienced attorney to understand your contract and eliminate it.
- A timeshare lawyer can better understand the contract and guide you about the next step. Timeshare attornies who have prior experience in the industry can be more helpful than you think. The only challenge is to hire a lawyer that is legitimate. Work with lawyers you have previously worked with or check their reviews before hiring. This will help you find a reputable timeshare attorney.
- To do this job, you can hire an exit company as well. They hire professionals and are more reliable only if you do not fall into the trap of a scammer.
Scams are common in the timeshare industry. Attornies and exit companies can scam you by promising you to eliminate the timeshare. But, as soon as they receive the money, they disappear. Do not let them fool you! Do your research properly and successfully get rid of your paid-off timeshare.
We hope this article was helpful and gave you an insight on how you can eliminate your paid-off timeshare. If you want any more information regarding any matter related to timeshare properties, our team will be more than happy to help you.
We developed this review website because we sincerely want to save you from falling into the traps of scammers. Go through our website and read our articles to make you understand how timeshares work and how you can eliminate them and save yourself from potential scams. Or, you can choose the easy way and contact us to get any timeshare-related you want.