A timeshare is an arrangement backed up with a contract in which several owners buy the right to use a certain property as a vacation home for a specified amount of time each year. What makes timeshares attractive is the great location of the properties, usually in the mountains or on a beach, and the favorable price, but after the first few years of using the timeshare property, many people realize that they no longer want to spend their vacation in the same place or in the same period of the year or they come to the conclusion that they want to get out of the timeshare soon after they signed the contract. If you are worried that you might have jumped into something that might be difficult to get out of, here are a few tips that can help you get out of timeshare.
Options to Cancel a Timeshare Legally
In most cases, timeshare contracts are easier to get into than it is to get out of them. Cancelling a timeshare contract might be difficult, but it is not impossible – here are a few tips:
- Check the cancellation period – in most states, the companies that offer timeshare properties are required to include a cancellation period into their contracts, to allow the buyers to get out of the contract if they change their minds within the cancellation period. If you are looking for a way to get out of your timeshare contract, check the cancellation period stipulated – if it is still in force, all you need to do to cancel is to notify the provider in writing about your intention;
- Inquire about a take-back program – many timeshare sellers have take-back options in place. You will probably get an offer for less than you have initially agreed to pay for the timeshare, but it is an opportunity to get out of the unwanted contract quickly and painlessly;
- Get specialized help – if the cancellation period stipulated in your contract has expired, the process will be somewhat more difficult and you will need a lawyer who specializes in this type of cases. The most common way to solve the problem is by negotiating with the provider, but lawyers might have other tools as well, such as finding a clause breached by the seller.
Selling the Timeshare
If the contractual dispute seems too difficult, the grace period has expired, too and you still want to get out of your timeshare, you can try to sell it. However, you need to be realistic when you put our timeshare out on the market – timeshares are usually not intended as an investment, so their value is much lower than the value of properties bought as an investment.
Before you publish your ad on a property listing site or you start advertising it in other types of media, make sure that all the maintenance and other fees required by your contract are paid. Consider asking around among friends and family members whether they would be interested in taking over your timeshare – maybe you can offer them a week on the property for free or for a small rental free to convince them.