Stuck with a timeshare contract? Want to avoid those ridiculous timeshare termination fees? Timeshares are often an emotional fuel impulse buy. Generally speaking, you’ll partially own a piece of property at a vacation spot you might visit once a year. It’s a money sink unless you have that sort of disposable income. Here are some tips on how you might be able to get out of these obligations.
1. Sell It
This is usually the first option that people go for. But it might not be as easy as you think. There is a lot of competition in the timeshare world. Try reselling at a lower price and you might just be able to get out from under your contract.
2. Rent It
This will help you cover costs until you’re able to get out of your contract altogether. You’ll have to do it cheaper than the resorts are willing to rent theirs out though. This can make it difficult to find someone who wants to rent.
3. Donate It
If you finally get to the point where you realize you aren’t going to make a profit selling or renting, consider donating it. There are quite a few charity organizations that accept timeshare contracts, and already have strategies of making their own profit from the gain.
4. Pay Someone for Timeshare Relief
There are companies out their whose sole purpose is to buy people out of their timeshare contracts. You will still be responsible for the timeshare removal fees, however. But once those fees are paid, you’re free and clear of any obligation.
5. Return It
Hopefully you were able to negotiate an exit strategy into your timeshare contract. Just keep in mind that the resort is under no obligation to buy your timeshare back from you.