When you purchased your timeshare, you could have never imagined that this day would come. Unfortunately, it happens to many timeshare owners – there comes a time when they no longer use or want their timeshare. 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 Your Timeshare
First of all, depending on the timeshare resort, renting your timeshare may not even be an option. However, if the resort does permit it, renting your timeshare has its downside – a couple of them, actually. Timeshares are often in expensive locations, and those who would consider renting them are looking for a bargain. You are likely to receive significantly less than your expenses to make renting worth it.
Even if you can get the amount you’re looking for, renting leaves you open to multiple liabilities. Should a guest get hurt in your timeshare, you will be liable just as you would be if they got hurt in your home. To protect yourself, you would need to purchase additional insurance, which means additional expenses. There is also the possibility that renters will damage your timeshare, leaving you with the expense of repairs. Timeshare resort cancellation services allow you to skip the hassle of renting and protect you from potential liability.
Gifting Your Timeshare
No one appreciates a gift with strings attached. When you give away your timeshare, you are giving the recipient all of the expenses that go along with it. Those expenses are typically the reason you want to get rid of your timeshare and also the reason no one else will want it. You will be saddling them with a financial burden they may not want or be capable of handling. When attempting to gift your timeshare, don’t be surprised to hear “Thanks – but no thanks.”
Selling Your Timeshare
You may have heard you can sell your timeshare and get out from under it. Unfortunately, the market for used timeshares has dropped significantly in recent years, and there is much more supply than demand. In addition, most timeshares don’t appreciate in value after purchase, so you probably won’t get anywhere near what you paid. If you took out a loan to buy your timeshare and still owe on it, selling it at a loss may leave you financially strapped.
Stop Making Timeshare Payments
Don’t do this unless you are absolutely unable to make the payments. You signed a contract and are legally bound to make those payments. Nonpayment will result in your debt being transferred to a collection agency. If they are not successful at soliciting payment from you, your timeshare will go into foreclosure.
Both foreclosures and collection agencies will have a significant negative impact on your credit which could take years to repair and keep you from making future purchases. Timeshare resort cancellation services can help you get rid of your timeshare without significant damage to your credit.
Professional Timeshare Resort Cancellation Services
There is no quick and easy solution when it comes to getting rid of an unwanted timeshare. However, timeshare resort cancellation services can be the most effective way to relieve yourself of the financial burden without any unpleasant consequences.
Timeshare Legal is a professional, full-service timeshare cancellation company. Christian Highlander and his team are passionate about providing timeshare exit solutions that have the least possible impact on your credit and financial future. If you qualify for a timeshare cancellation, they can even get the process started without all the upfront costs.