As many as 3% of American households own a timeshare in one of the 1,547 timeshare resorts in the United States. However, approximately 85% of those same households say they regret their purchase.
People who purchase timeshares typically do so because they believe it will help them save money on vacation expenses in the long run. However, cheaper home exchange programs such as Airbnb have become a more popular alternative to timeshare deals in recent years.
Additionally, many Americans often feel confused, afraid, or distrusting of their timeshare deals. If you’re one of them, here are a few ways you can get yourself out of a timeshare deal.
- Sell your timeshare now
The first and most popular option to get rid of your timeshare is to sell it. As you would with selling a home, consider listing your timeshare at a lower price during a time of high demand such as when vacations are most popular.
- Donate your timeshare
If you know you’re not going to make a profit from the sale of your timeshare, it may be in your best interest to consider donating it. By donating your timeshare to a charity organization, you can feel good about getting rid of your timeshare. However,before you donate your timeshare deal be sure to do your research. There are many charity organizations that will accept timeshare donations but some may not.
- Rent out your timeshare
Another way to get rid of your timeshare if it’s too late for timeshare cancellation is to rent out your timeshare. However, it can be challenging to rent out a timeshare because certain timeshare resorts will often rent out their own unoccupied units.
- Cancel your contract while you have time
If it’s only been a couple of days since you signed your timeshare contract, you may still be able to get out of it. Be sure to look up the specific deadlines of each state. Many states have a rescission period of five days, but others may be shorter or longer.
Despite popular belief, timeshare cancellation is possible. For more information on how to cancel your timeshare contract or how to sell a timeshare property, contact the office of Susan Budowski today.