Although the timeshare industry is more popular than ever, with an average of $10.5 billion in annual sales, only 67% of timeshare owners are satisfied with their purchases overall.
As a result, many people look at timeshare cancellations for a way out. Although canceling a timeshare can be a tricky process, knowing the right tips will get you to where you need to be.
Keep reading this guide to learn four essential tips about timeshare cancellations.
1. Know the Laws
Many people feel stuck and think they can’t cancel a timeshare. However, it is possible to cancel; you must educate yourself first. Your first step is learning more about the type of timeshare you have and the laws in your state.
First, every timeshare comes with a rescission period. This time frame allows you to cancel the timeshare without any penalties. The rescission period depends on the state you live in.
Typically, this period ranges from 3 to 14 days after you sign the contract. You must notify the company in writing if you change your mind during this period.
If it’s outside this period, you can still cancel your timeshare, but you’ll need to look at your timeshare contract. You should look for what’s known as a cancellation clause.
This clause outlines the conditions under which you can cancel your contract and what steps you must take to get timeshare relief.
2. Contact the Timeshare Company
Once you review your contract and better understand the laws, you’ll need to contact the timeshare company directly.
All you need to do is explain your situation and state that you want to cancel your timeshare. Then ask what options you have and about any cancellation deadlines or policies.
Some timeshare companies may offer a cancellation program, but this isn’t always the case. Be willing to negotiate and take time to consider the terms if you don’t feel comfortable.
3. Rent or Sell Your Timeshare
If you can’t cancel your timeshare contract, you can look at renting or selling your timeshare.
Before you rent, you must ensure the resort allows you to rent your timeshare. Some companies have strict policies against doing this, so get the details before renting.
However, even if you rent, you’ll still have the financial burden of costs like property taxes and maintenance fees. Additionally, be sure to research to better understand the rental market in the area you want to rent in.
Selling is also an option, but finding a buyer can be a long process. Selling a timeshare for significantly less than what you originally paid is common.
Some people turn to timeshare brokers, but you’ll usually need to pay high fees for this service.
Overall, renting and selling are reasonable options, but you must research and crunch the numbers first.
4. Use a Timeshare Exit Company
If you can’t cancel, rent, or sell and feel stuck with a timeshare cost burden, consider getting help from a timeshare exit company.
Timeshare exit companies are experts in negotiations and can often help you get out of a contract. These companies have timeshare specialists and lawyers with plenty of contract experience.
You may also find timeshare resale companies that will help you sell your timeshare for a fee.
Be aware of the differences and ensure you choose a reliable company; reputable companies usually don’t charge upfront fees.
Learn more about how to cancel a timeshare and timeshare exit companies here.
Learn More About Timeshare Cancellations
Use this guide as a starting point and do further research to learn more about timeshare cancellations.
Remember, even though it may seem complicated, don’t give up too soon. Talking to a professional timeshare exit company is a good option, and you’ll better understand your rights.
Read the rest of our blog articles today for more helpful tips and tricks!
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