How to exit your timeshare obligation
The greatest misconception most timeshare owners have is that their timeshare contract is a lifetime one. This is not true. Timeshare developers do not really want people to know how to exit their timeshare because their business model depends on keeping owners and their families in the system. Here are a few tips to getting rid of your timeshare.
- Renting out the timeshare
This does not exactly get you out of the contract but at least it help in sharing the financial burden. Renting is a good idea but it has its own setbacks. Most resorts have renting restrictions. Many Resorts are actively renting out available inventory. This means, you are competing with the resort to find interested renters. Many times the resort where your timeshare is located would have many empty timeshares available for rent; this depresses the rental rate, since the resort is more interested in filling the units than getting premium rental amounts.
- Donate it
The responsibilities attached to a timeshare can be overwhelming. Many owners think they can donate the ownership. Unfortunately, charities will not accept them. The problem is that your timeshare has an annual maintenance fee. The charities do not want to pay the fees. You may be able to donate your paid for week to a charity for their use. Of course, this does not help you get rid of the ownership and future fees. Donating a timeshare is not an effective strategy
- Pay someone to get you out of the timeshare.
This is called a transfer. A timeshare owner simply pays someone to take over their timeshare and its responsibility. The individual would then continue the payment of the annual maintenance fee while the original owner of the timeshare is relieved of the burden. It’s a very simple approach to it. It is important that you work with a company that has experience. Speak to the experts at TS Elimination for help. (888-559-5660 or www.tselimination.com) They have a great track record.
- Return it to the resort
Most resorts will not take back the timeshare. Their business model is to sell out timeshare resorts, then collect the maintenance fees in perpetuity. The more resorts they sell out, the more maintenance fees they can collect. It is not in the resorts best interest to take back the ownership. The resorts do not want to pay the fees. Regardless what you were told when you bought the timeshare, the resort in most cases are not interested in taking back the timeshare.
- Sell it
Most owners wish they could sell the timeshare. When you purchased your timeshare you may have been told that someday you can easily sell your timeshare. The honest truth is it is not easy to sell a timeshare. There are few buyers on the secondary market. Most people do not know where to start. Some check with family and friends. When those close do not want to pay for the timeshare, owners will try a listing company. Beware, the listing companies are not very successful. At most, 3% of timeshares listed ever sell. A quicker way out is by using a transfer company.
If you need professional help in terminating your timeshare contract, you can contact TS Elimination, LLC. (888-559-5660 or www.tselimination.com)