Timeshares can be enticing business opportunities. Many people opt to join a timeshare and reap the benefits they were promised.
But due to various circumstances, some people might decide that they want out. They talk to a representative and try to get their money back, only to realize that they have been locked into a long-term deal.
Tip: Timeshares aren’t as easy to get rid of as that hermit crab you spontaneously bought on vacation. (What!? You’re kids aren’t showering it with love after a week?)
Anyway, here’s how you can get out of your timeshare and get back your hard-earned cash:
First, figure out how much your timeshare is worth
Your timeshare may be worth a lot more or less than what you’re paying for, and you may not even realize it.
The price of your timeshare in the resale market will depend on a variety of factors, including how attractive the deal is and how successful the company is at that time.
You will have the option to resell your timeshare, rent it to someone else, or buy yourself out of it, depending on the stipulations in your contract.
Contact a licensed broker to help you determine the value of your timeshare before you attempt to get rid of it. That way you can decide the best course of action.
Sell or Rent Your Timeshare
Your contract may allow you to rent or resell your timeshare without having to pay any penalties. This is a common way for people to rid themselves of their timeshares.
Consider dealing with a broker who will be able to sell your timeshare in no time at all. This way, you won’t have to deal with any headaches, and you will get your money back quickly.
However, be aware that brokers often charge a high price for their services, and they rarely deal with timeshares that are low in value or from unknown companies that would be harder to sell.
Contact an Attorney
It’s something that’s been shouted to the sky by frustrated people countless times. (more than, ‘help, I’ve fallen and I can’t get up?’)
If your contract does not allow you to part with your timeshare by selling it yourself, you should consider getting a lawyer that is experienced with getting people out of timeshares.
An attorney will be able to tell you how strong your case is. In some instances, you may be able to cancel your contract entirely and get your balance back. If you have a lot of money tied up in a timeshare, a lawyer may be your best option.
Some timeshares are a murky business from a legal standpoint, and if a lawyer can uncover any poor business practices that form the basis of a lawsuit, you may be entitled to a large settlement.
Timeshares can be a fantastic way to ensure a guaranteed vacation spot for you and your family. That’s probably why they’re so popular today.
But a lot of companies know this, and they attempt to take advantage of people’s desires to get away. They lock you into long-term contracts that they have no intention of letting you out of.
If you have any questions on how to avoid bad timeshare schemes, send us a message!
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