The Best Exit Strategy – Timeshare Resort Cancellation
I bet when you purchased your timeshare, you never imagined the day would come when you no longer use or want it. When that happens, what are your options? You can’t keep paying those ever-increasing maintenance fees. Working with a company that provides professional timeshare resort cancellation services is always the best choice. However, there are other options, and depending on your specific situation, you might opt to try one of them instead. Here are a few you should definitely avoid.
Renting Out Your Timeshare Week/Points
Your timeshare resort developer may flat-out not allow you to rent out your timeshare, and you may be at risk of violating your contract. However, if you are contracted with a resort that does allow you to sublease your timeshare, it has; renting your timeshare has its downside. You will be liable for your guest’s stay, and to protect yourself, you should purchase additional insurance. This can cover you in the case of injury, cancellation fees, or property damage. Additionally, timeshares are often in pricey locations, and those considering renting them are looking for a bargain. You will likely receive relatively less than your costs to make the risks of renting even worth it.
Selling Your Timeshare
Despite the common misconception, most timeshares don’t appreciate after purchase, so you probably won’t get anywhere near what you paid. The market for timeshare resale has significantly dropped; there is a saturated supply with timeshare developers listing vacant deluxe properties for rent that “owners” are paying thousands to use.
Stop Payments on Your Timeshare
Unfortunately, you signed on the dotted line and are contractually and legally bound to make those payments. If you cease payments, that will result in your debt being transferred to a collection agency and eventually, if continued unpaid, foreclosure. This route will have a considerable damaging impact on your credit rating, which could keep you from making future purchases.
So, What Next?
Timeshare resort exit or contract cancellation services can be the most effective way to rid yourself of the financial burden without the consequences. Timeshare Legal is a professional, full-service timeshare cancellation company. In addition to cancellation services, we offer a credit safety program. We aim to start the timeshare exit process for you without any upfront cost. Start with our online assessment to see if you qualify for a timeshare cancellation, or contact us directly to schedule a free, no-obligation consultation.
