The Lifetime of Vacations Resort is located in the Centre of Orlando, Florida. It is quite popular due to its great location, close to Disneyland and other facilities like a private lake, swimming pools and much more. Apart from operating as a vacation resort, they sell timeshares as well. Spending a vacation in the resort might be a good idea, but owning their timeshare might be expensive. Timeshares are a bad investment, and you will never be able to gain any profit from them.
Read Why are timeshares bad? To know more about how a timeshare can cause more damage rather than giving you any benefit.
This article will help you if you were manipulated into buying a Lifetime of Vacations Resort Timeshare or thought it would be a great investment, but its value depreciated. Stay with us if you want to get rid of the property. This article will elaborate on the following measures;
- ‘Cooling-off Period’ of your timeshare property, also known as the rescission period.
- What should you do to sell off your timeshare property?
- What type of exit companies should you approach to sell your timeshare?
- What to do if you want to rent it out rather than sell it?
- Details about all the steps you should avoid when eliminating your timeshare property.
We are here to help you if you want to get rid of your timeshare property. Keep reading this article to learn more.
Cooling-off Period of Lifetime of Vacations Resort Timeshare
The recession period or cooling-off period is the timeframe in which you can cancel your timeshare contract without paying any additional costs. The timeshare company cannot ask you to pay any penalty if you decide to cancel your contract within the rescission period. The duration of rescinding your contract mainly depends on the state the timeshare is located in and the rescission laws of the timeshare company.
- Most of the states offer a rescission period of 3 to 10 days.
- The timeshare cancellation laws in Orlando, Florida, allow you to have a 10-day rescission period.
- Keep in mind that this cooling-off period also includes the day you signed the contract, so if you have bought your timeshare recently, this is your time to act as quickly as possible.
- If you want more information on the rescission laws of your timeshare company, you can find it at the beginning or at the end of your timeshare contract.
- In order to avail yourself of this opportunity, you need to write a formal letter to your timeshare company.
Refer to this article, Timeshare Rescission Letter, if you want to know how to write a rescission letter to your timeshare company.
Writing this letter will ensure you follow the legal procedure, saving you from the financial obligations attached to your timeshare contract. If you need more information regarding this matter, we recommend you contact us right now so we can help you before your rescission period ends.
How To Sell Your Lifetime of Vacations Resort Timeshare
If your rescission period has already ended and you still wish to get out of your timeshare contract, you must consider selling it. Remember that timeshares lose most of their value right after you buy them. Their value depreciates from about 80% to 90%, so if you want a fair deal on your property, hurry up!
Selling your timeshare property seems like an easy way out of the contract, but let us tell you, it’s rather not. Selling timeshare properties can be hard and requires a lot of patience. Many timeshare owners want to eliminate their timeshare, so the market now has an oversupply of timeshare properties. But do not worry; we are here to guide you in selling the property.
- Firstly, you need to contact your timeshare company to ask if they offer buy-back programs on their properties. According to the buy-back program, the company who sold you the timeshare will take it back.
- You might lose some money, but it’s worth it because the hustle of selling a timeshare is way worse.
- But if the company refuses to offer the program, the first step towards selling the timeshare is to check the resale market.
- When you go through the resale market, you will get to know the current value of your property, so it will be easier to put a price on it.
- Look through similar properties, like the number of rooms, the property size, or properties in similar locations.
- After you decide on a price, you need to immediately put it on the market and look for buyers who agree to your terms. Be aware that finding a potential buyer is not easy, so you need to be open to any kind of negotiation from their side.
If you can not do all this alone, as it is a long and difficult process, you can look for resale websites like e.bay and Craigslist; they will help you advertise your timeshare property and find you.
Companies that help you eliminate your timeshare contracts are known as the Timeshare Exit Companies. Selling a timeshare on your own can be hectic, especially if you have a lot of other things going on in your life. Exit Companies have gained a lot of success in the last few years as the timeshare owners are desperately looking for ways to get out of their contracts after realising that investing in timeshares was a wrong step.
- Exit Companies will help you terminate your contract by finding loopholes or using other legal clauses.
- They will make you understand your legal rights and help you utilise them correctly.
- They can also resale your property by promoting it on their websites and presenting it in the market.
- It is easier for them to resale the property as they already have connections in the market, which may make the resale procedures easier for you.
Exit Companies can also guide you to put your timeshare for charity, but this may not be an option as no one will agree to accept a timeshare even as a charity. Timeshares are expensive as their mortgage increases annually, plus their maintenance fees are too much to bear. So, if someone will take your timeshare as a charity, you might be wrong.
Contacting an exit company is a great option, but as you know, anything in the market comes with the risk of scams. Due to the popularity of exit companies, many scammers have joined the market to earn a good amount of money. This has made it essential to research thoroughly before approaching an exit company. We have compiled a list of legitimate timeshare exit companies based on customer reviews, so we recommend you go through the article before deciding anything.
Whatever company you decide to work with, make sure they offer escrow. Escrow eliminates any doubts a timeshare owner may have when looking to exit their contract. With escrow, you still pay fees to a third-party company. This helps protect not only the customer but the company as well.
Rent Out Your Lifetime of Vacations Resort Timeshare
If selling your timeshare may cause a heavy loss, try renting it out. The foremost thing is to ask the timeshare company if they allow to rent out the property. If they do, here is what you need to do;
- Start by researching the current market rates of similar timeshares to understand the prices. Understanding the value of your property is very important.
- The next thing you need to do is make your property look presentable. If your timeshare looks neat and clean, it will attract more renters.
- Afterwards, ensure you take high-quality pictures and prepare a good description when listing your timeshare for renting.
- As soon as the property starts attracting potential renters, you can earn a good amount from it, which will help you pay the property’s mortgage, maintenance fees or any other charges. So, the property will be paying for itself.
- You can even ask your family members or friends to rent out the property once in a while, or they can help you advertise it and spread the word in their circle.
Steps You Should Avoid When Eliminating Your Timeshare Property
Here are a few things that you need to avoid when you are trying to sell your property;
- Suddenly, Stop Paying The Company
The worst thing you can do is to stop paying your timeshare company. No one gives up on them, and neither will they. They will take all the possible measures to make you pay your debts. They might take legal action against you. They will file a lawsuit against you to make you pay them. In this procedure, you are the only one who will suffer. All of this can hurt your credit score as well. They can even stop you from visiting your timeshare property or even foreclose on your property. So, stopping the payments is not the right thing to do. Rather than doing this, you should contact the company and discuss your other options. Timeshare companies allow their customers to negotiate on the payments for the time being if they are going through a financial crisis or any other reason, so try to talk things out.
- Avoiding Legal Guidance
An attorney may cost you a bit, but they can save you from many expensive mistakes. Taking help from someone who is aware of all the state laws and has been working in the timeshare industry for quite a while can help you get rid of the property faster than you expected. But before hiring an attorney, ensure they have worked in the timeshare industry and have a good reputation. Research is a crucial step here as well.
- Thinking Selling A Timeshare Will Be Easy
As we have mentioned before, the market is full of owners who want to sell the timeshares, but the demand for timeshares keeps decreasing day by day. No one wants to buy them; they just want to get rid of it. So, if you have decided to sell your timeshare, you must be patient and consistent with your efforts. Remember that you may not get the deal you wanted, but it is more important to get rid of it as its expenses will increase daily.
We are sure you will find a way out of your timeshare contract by avoiding these actions and taking the right steps. You just need to be cautious and thoughtful throughout the process to avoid negative consequences. If you need further guidance, feel free to contact us; we will be more than happy to help you.
We know that getting out of your timeshare contracts can be frustrating and stressful, but we are here to guide you. If you still need more clarification about getting rid of your Lifetime of Vacations Resort Timeshare or any other matter. In that case, We have a staff ready to help you with your situation and provide the necessary clarity as to what you should do next. Contact us right now!
Remember to always work with licensed professionals in order to avoid scams. Scams in the timeshare industry are way more common now than you think. Exit companies take money from their customers and then vanish. Review previous customers’ reviews of the exit company and do all the necessary research before approaching them. Make sure the exit company offers escrow. We began this website to provide you with a comprehension of how timeshare developers and exit companies work. An excessive number of scams are reported every year. Therefore, we recommend timeshare exit companies that offer escrow and don’t charge up-front fees.
For more data concerning how to get rid of the Lifetime of Vacations Resort timeshare, start a Live Chat or finish up our form on the right half of the page.