Despite their bad name, the timeshare industry continues to flourish and grow. According to the American Resort Development Association, the timeshare industry is worth an astonishing $10.2 billion dollars!
The good news is that if you got suckered into buying a timeshare, you’re not alone.
But now you might be wondering how to get rid of a timeshare gracefully. Unfortunately, there are just as many timeshare exit scams as there are timeshare scams. Here’s what you need to know to get out of your timeshare without getting suckered again.
Don’t Expect a Return on Your Investment
Don’t even expect to get your money back. Instead, focus on being thankful that you’re getting rid of those awful maintenance fees and interest payments. What you’ve already spent is gone with the wind.
This is important because many unsavory characters out there will tell you they can help you sell your timeshare for what you paid for it…for a handsome upfront sum. As you might guess, they never sell your timeshare and you never hear from them again once you’ve paid that upfront fee.
Give It Back to the Resort
There are a small handful of resorts with formal programs for relinquishing your timeshare. Wyndham and Diamond Resorts are a couple of examples. Keep in mind that the programs are often discretionary and they won’t take back every timeshare.
Even if your resort doesn’t offer a program, you should ask anyway. You might get lucky.
Sell It Yourself
You can try to sell your timeshare, although remember that you won’t get near what you paid for it. If anyone tells you otherwise, run the other way quickly.
There are a few online marketplaces where you can advertise your timeshare. Check out RedWeek or the Timeshare Users Group. You can also list it eBay or Craigslist.
Hire a Legitimate Timeshare Exit Team
Though many are scams, there are a few legitimate timeshare exit teams that can be a great resource for selling your timeshare. They can help you get a decent price for your timeshare and make the headaches go away.
Before hiring a team, be sure to check out reviews and ratings for the company to ensure that they aren’t new shysters looking to take advantage of you. Remember, if they ask for a large, upfront fee — run away. A reputable company should take their commission out of the sale, just like a real estate agent normally would.
How to Get Rid of a Timeshare Gracefully Without Losing More Money
Figuring out how to get rid of a timeshare gracefully might feel like an impossible task when you’re stuck in the middle of it. Don’t worry, you have options. Once you get the financial burden of that timeshare off your plate you can finally start saving money for a vacation to an exciting new destination next year.
Looking for more helpful tips? Don’t hesitate to check out more of the articles on our site!