So you might have inherited a timeshare, or you got one more than a decade ago, and you’re ready to move on to greener pastures. Or, at the very least, you might want to use the fees for something more beneficial to your current finances.
If that’s the case, then you’re joining a multitude of Americans who are trying to cancel their timeshare.
There are many different ways for you to cancel or get rid of the financial burden that a timeshare can have on your finances. So keep on reading for our full breakdown.
Timeshare Cancellation 101: Can the Company Buy It Back?
Alright, that might be a tough sell, but sometimes timeshare companies are willing to buy your timeshare back.
Of course, you’ll have to keep in mind that they probably won’t be giving you the full buyback price.
However, this method tends to be the fastest and most streamlined of the lot, as there are no middlemen in the transaction.
Start by studying your timeshare contract and see if there are any clauses that discuss buybacks.
Hot Potato Style: Give It Back for Free
If you’re dealing with a financial pinch, and the monthly or annual fees are killing you, then you might want to drop the contract hot potatoes style.
This means taking your timeshare back for free and the huge loss of a big chunk of cash.
It’s a desperate maneuver. And, you’ll have to keep in mind that you’re exchanging long-term monetary gains for short-term relief of financial loss.
Sell It to a Third-Party
Another option that you’ll want to explore would be offering your timeshare contract on the resale market and see where that leads.
Similar to how any resale market operates, you might have to sell it for way below its worth, depending on the demand and supply rates for your specific timeshare.
For instance, if you have a Hilton, Disney, or other chain-based timeshares, then you might get a decent price for your contract.
If that’s not the case, you’ll have to see if your timeshare is popular enough for you to get your money’s worth or not.
Get Professional Help
Sometimes, you might get stuck with a timeshare contract that’s a bit complex. Or, you’d rather have a specialized company carry the burden of getting rid of your timeshare for you.
On the other hand, you’ll want to be rather cautious here. It’s a market that’s well-known for having fraudulent timeshare exit companies, which can cause you financial strain without any results.
That’s why you should check out legitimate companies like https://lonestartransfer.com/timeshare-mortgage-cancellation/, which you can trust not to swindle you and ask for huge upfront payments.
Getting Out of a Timeshare Contract: Unlocked
Exiting your timeshare might seem like a huge legal and financial burden.
However, after reading our little guide, we hope you have a better understanding of the straightforward and easy ways you can get rid of your timeshare contract without losing your money (and soul) in the process.
Moreover, you might want to learn more about the real estate market, whether for investment or business purposes.
That’s why you should check out our real estate guide before you go.