Timeshares appeal to the vacation-lover in all of us, especially though interested in “investing” in their vacation rather than spending money each year on hotels and resorts. But although they often sound great from the offset, timeshares can be a huge headache in the long run, and more than that, a massive money-hole. You may find yourself enjoying your timeshare for a few years, only to find the exorbitant maintenance fees draining all your funds away. Or maybe you bought a timeshare in California, but then moved away and can no longer use your timeshare every year. So the next question may be: How on earth do you get out of a binding timeshare contract without losing all of your initial investment? Here are some tips for passing off your timeshare:
Check Your Contract
The first thing you need to do is check your contract to see if you have a deeded or a leased timeshare. A deeded timeshare is ongoing, while a leased timeshare is set only for a certain number of years. If your timeshare is deeded, you are able to sell it but if it is leased, you may be unable to sell; you’ll have to continue making payments until the lease is finished.
Selling Once you’ve determined that you can sell your timeshare, the next step is to contact the company that manages the property. Often, they have a service that helps owners sell their timeshares. You might have to pay a percentage for the help, but it’s better than not being able to sell at all!
If you can’t get any help from your property manager, you can always go the individual route. Post your timeshare on websites like Craigslist or even eBay, get an idea for the market and you can gauge the price and whether people in your area are looking to buy a timeshare property. Another option is to hire a real estate agent who has a great amount of expertise in this area to help you sell your timeshare.
If your timeshare is in a very desirable area and you’re not exactly sure if you want to get rid of it for good, is to rent it out. This way, you’ll be making a monthly income to cover the timeshare costs and maintenance fees without losing your property completely. There are tons of websites out there that you can list your property for rent.
A final option that might work for you if you’re unable or unwilling to sell or rent your timeshare is to trade it for another location that might be more desirable or affordable. Talk to your timeshare company to find out what your options might be in this area. If all else fails, there are companies out there whose sole purpose is to assist you in getting out of a timeshare contract. Talk to Right Choice Transfer for advice and assistance in dealing with an unwanted timeshare.