When you’re looking to ditch your timeshare, there’s a lot of conflicting info. Here’s how to exit timeshare contracts without all the stress.
The timeshare industry is huge and still growing. In fact, between 2015 and 2016 the sales volume of the industry increased from $8.6 billion to $9.2 billion.
Timeshares can be attractive investments at first, but eventually, they may become a burden. In many cases, timeshare owners find themselves in financial trouble and the timeshare contract they are under needs to be relinquished. There are a number of ways to terminate a timeshare contract, but depending on your particular situation, it can be very tricky.
Some exit timeshare companies claim they can get individuals out of their contracts. They end up costing thousands of dollars and creating more headaches for the owner.
In some instances, a consumer advocate may need to be involved in the process to ensure an individual is not taken advantage of and is fully released from their timeshare. Primo Management Group in Orlando, FL is your best option.
Consider the Rescission Period:
However, there are ways to exit timeshare contracts without the stress associated with exit timeshare companies or dealing directly with the resort. Below are some possibilities a timeshare owner can entertain if they need to get out of their contract.
If you’ve recently purchased a timeshare and are now regretting your decision, you need to consider the rescission period.
Many people have buyer’s remorse after purchasing a timeshare and can use this clause to cancel the contract early on. The rescission period refers to a short period of time after you have purchased the timeshare during which you can cancel your contract. Each contract is different and state laws can dictate rescission periods, so you’ll need to check your contract in order to find out if this is available to you.
Unfortunately, using the rescission period to cancel the contract will only work for recently purchased timeshares. This is a technique that new buyers can utilize, but if you’ve owned a timeshare for a while, you’ll need to try a different approach.
Donate Your Timeshare:
An option for those who are past the rescission period is to donate the timeshare to a charity or other organization. Charities typically need venues to hold annual events and your timeshare could provide the perfect location and atmosphere.
In some cases, charity organizations end up taking over responsibility of the payments from the owner to hold their annual events. This is a great way for the owner of a timeshare to relinquish the costs and stress of being under an unwanted contract.
This approach also carries the advantage of a tax deduction at the end of each year. This will help with contract and maintenance costs you have previously incurred.
Selling or Renting Your Timeshare:
Timeshares are notorious for having bad resale values, but often an owner just wants out. Even if you aren’t getting a good price relative to what you paid, the peace of mind of getting out from under the contract may be worth it.
You’ll need to consider a few things when trying to sell a timeshare. Location is a big factor. Many older resorts or condos are much harder to sell, as conditions have depreciated over the years and the need for maintenance is higher.
Additionally, if a resort is failing, they may not have enough profit coming in to properly maintain the units, making them unattractive to potential buyers. As the owner of a timeshare, you may be stuck with increasing maintenance fees on top of the annual price of the space.
Considering these factors is essential before deciding to sell a timeshare. Fortunately there are resources that you can utilize in order stay informed about your property. Websites like Sharket provide resale information and news regarding timeshares in different areas of the country.
If you’re still having trouble selling a timeshare, renting is always an option. While this doesn’t get you out of your contract completely, renting will cut some of the costs down and buy you time while waiting to sell.
Watch Out For Scams:
If you’ve decided to work with an exit timeshare company to sell your property, you need to watch out for scams, which are common in the timeshare industry. There are also a number of different scam tactics currently in use.
Always be weary of solicitations from agents or exit timeshare companies offering to help sell your timeshare. Quality organizations don’t need to solicit their services. In order to get your business, many of these companies will insist they already have a possible buyer when in reality they’re just trying to get your business.
Some scams involve individuals posing as a timeshare company. They claim to have received an offer on your timeshare, but in reality they are after your money. They may ask for money in order to get the ball rolling, but this is a scam.
Let a Timeshare Exit Professional Help You:
If you’re under a timeshare contract and need out, you need to work with an organization that is knowledgeable of both the exit process and the timeshare industry. At Primo Management Group in Orlando, FL, we excel in both of these areas.
Let us evaluate your case and provide the best possible solution for your situation. Contact us today.