How to Get Out of a Timeshare: A 5-Step Guide

Traveling has always been important to us. We all try to make time each year to take a trip or two, so we can relax and unwind. 

However, sometimes costs can get in the way. On average, people spend over $2000 on vacation. As a result, to get to specific destinations at a lower price, most people opt to use timeshares.

They allow individuals to purchase vacation packages in exchange for sitting through hours of seminars. However, most see it as a scam. If you want to exit your timeshare, take a look at our 5-step guide below on how to get out of timeshare.

1. Review Your Contract

Understandably, you’ve jumped at the chance to buy a timeshare in an exotic location. However, after further thought, you’d like to get your money back.

Luckily some timeshares come with a “cooling off” period which allows you to cancel your contract. Usually, you can cancel your timeshare between 3 to 15 days after purchase, but it depends on the state you live in.

2. Sell It

When most people want to get rid of a timeshare, they often ask, “Can you sell a timeshare?” The answer is yes.

First, research the market to see how much you’ll get for it. Once you figure out how much it costs, list it on various sites such as:

• Craiglist
• eBay
• Facebook

You can choose to do it yourself or have a company do it for you. However, if you want a guaranteed sale, you can always visit HGVC resale, a site dedicated explicitly to reselling timeshares.

3. Timeshare Deed Back Program

Timeshare contract elimination can be challenging. However, if you’ve failed to sell it, another option is known as “timeshare deed back.”

In this program, you give the timeshare back to the company that sold it to you with no questions asked. Yes, you’ll lose all the money you paid already, but you’ll no longer have to pay maintenance and annual timeshare fees.

4. Rent It To Others

For some, the annual timeshare fees can be a killer. That’s where most of your money gets spent since these range from hundreds to thousands of dollars.

But even though costs are high, getting out of your timeshare isn’t an option because you enjoy the location. So what can you do instead?

You can rent your timeshare out to others. It will help you offset the cost of annual fees, and you won’t have to give up your timeshare.

5. Use a Timeshare Exit Company

If you haven’t been able to give your timeshare back to the company or sell it to someone else, you can hire a timeshare exit company to help out. They work with lawyers to help you get out of a timeshare.

If you choose to work with one of these companies, ensure an escrow payment option is available. It will protect your money and hold the company accountable until the timeshare cancellation is complete. 

Follow These Suggestions To Get Out Of a Timeshare

Most people feel stuck when they buy a timeshare. However, after reading our article, you now know various ways you can get out of a timeshare. Do your research to figure out the best option for you.

Do you want some more tips about avoiding timeshares? Then check out our blog for related content.