When I was trying to get out of my timeshare contract I was really confused about where to start. When I did some online research I was shocked to find out that people had so many bad experiences trying to get rid of their timeshare that it made me really nervous and almost made me think it was just easier to keep my timeshare and continue shelling out hundreds of dollars to the developer!
Once I calmed down and began talking to people I decided that the best choice for me was to sell my timeshare. But that wasn’t my only option. There are a lot of ways to get out of a timeshare contract. Common ways include:
Donate
Many people don’t realize that you can donate your timeshare to charity. These organizations often use these properties to auction off the vacation time as fundraisers. It also allows people to claim up to a $5,000 tax deduction, which is more than many timeshares are even worth on the resale market. That is, if you can find a charity that can or will take your property. Depending on the type of timeshare and its costs, you may not be able to donate.
Give Away
Another way to get out of a timeshare contract is to just give it away. As long as the property is no longer in your name, you are not responsible for the fees and payments on it. However, finding someone who is willing to take a timeshare off your hands, even for free, can be challenging
Give Back
In some cases it is possible to give your timeshare back to your developer. This is rests on a variety of factors, and your developer certainly won’t make it easy and often charges a hefty fee to take the property off your hands.
Sell
The most common option is to sell your timeshare. Whether you do this on your own or with a timeshare resale company is up to you, but when I wanted to sell my timeshare I found using a timeshare resale company (that was thoroughly researched and reputable) was much easier than doing it myself since they had access to resources and knowledge I didn’t.
However you choose to get rid of your timeshare is up to you and depends on your individual situation, but doing some research and talking to trusted resources will help you make a decision to get out of your timeshare that is best for you and your needs.