Many people are unaware of the actual cost of a timeshare.
Timeshares, or fractional ownership in properties, can be expensive because they require you to pay annual maintenance fees and an initial deposit. These fees may not seem like much at first, but over time they compound into extreme debt. This reason is why it’s essential to know how to exit a timeshare deal early if you’ve made the mistake of signing one!
Timeshares can be challenging to get out, of-especially when there are penalties for buying your way out.
In this article, we’ll explain how to exit a timeshare deal quickly.
Step 1: Know what kind of timeshare you have
There are two main types of timeshare deals available today:
- Ownership – You own the property outright. The only fee you need to pay is the yearly maintenance fee which varies from resort to resort.
- Leasehold – You rent part of the property from the owner. In exchange for renting the unit, you agree to pay a monthly rental fee plus additional taxes, insurance, etc.
The most common type of timeshare is leasehold. It’s also known as “fractional ownership” since you share the use of the property with other owners who all contribute their portion towards the upkeep costs. If you’re having trouble trying to exit WorldMark Timeshare, there’s help.
On the other hand, if you’re looking to buy a timeshare, make sure you understand what you’re purchasing before making any commitments.
Step 2: Find out whether you need to sell your timeshare.
Before selling your timeshare, find out whether you need to do so. There are many reasons why someone would want to sell their timeshare. Some examples include:
- If you plan to move away permanently, then you might consider selling your timeshare.
- If you no longer wish to live in the same place where you purchased your timeshare, then you could choose to sell it rather than give up your right to stay in the property.
You will probably receive more money by selling your timeshare now versus waiting until later. However, you must weigh the pros and cons carefully before deciding.
Step 3: Determine whether you qualify for a refund.
Some resorts offer refunds for specific conditions. For example, if you cancel within 30 days of booking, you may be eligible for a full refund. Other resorts allow you to apply for a partial refund after 90 days. To see if you qualify for a refund, check with the resort directly.
Some resorts charge extra fees for cancelling your reservation. Make sure you read through the fine print before committing to anything.
Step 4: Decide whether you want to go private sale or public auction.
Private sales are usually made privately between buyer and seller. They tend to take less time and cost less than auctions. Private sales often involve face-to-face meetings and negotiations. On the downside, they require both parties to travel to meet each other at least once.
Auctions are typically held online via an internet platform. Auctions generally last much shorter periods. Also, buyers can bid on multiple properties simultaneously. As a result, auctions tend to attract higher numbers of bidders.
Selling your timeshare is easy if you follow these steps correctly. If you decide to sell your timeshare, remember to keep track of all documents related to the transaction. Also, try to avoid using third-party services unless necessary. Lastly, always ask questions about the process and terms of the contract before agreeing to them.