Despite the joy that owning a timeshare can bring, many owners at some point begin to wonder who to break their timeshare contract. This can be for a variety of reasons, including financial hardship, declined use, unhappiness with a poorly managed timeshare HOA, changes to the family, or increased travel costs. The reasons are many, but unfortunately your options for getting out of your timeshare are fairly limited in scope.
Your Options
Generally speaking, you only have two options when it comes to how you can break your timeshare contract – give it back to your developer or give it to someone else. Most timeshare agreements, even if you have temporary ownership through a right-to-use timeshare, are your responsibility while the property is in your name. This means the only way to avoid having to keep up with your end of the timeshare bargain, you have to get the property out of your name and into someone else’s. There are a couple ways you can accomplish this.
- Timeshare Giveback – Some timeshare developers will allow you to pay to essentially “restock” your share in the property to allow them to sell it to someone else. The fees for this can vary widely depending on your property and not all developers offer this option, so you will have to double check your contract or contact your manager for more information.
- Donation – A lot of people like this option because it is fairly inexpensive, you feel like you are helping a good cause, and you can potentially get a hefty tax deduction for your donation. Unfortunately, not all timeshares are eligible for donation and not all charities will accept these properties as the cost of ownership often outweighs the perks of any fundraising they would be able to accomplish.
- Selling – By far the most popular option, more and more people each year are selling their timeshares. However, the word “selling” can be misleading, as you will often spend money that you would receive in order to get rid of these properties. Essentially, you are paying to get rid of your property, which is still often cheaper than what your timeshare will cost you to keep over the course of a year anyway.
- Gifting – As nice as this may sound, who really wants to get a timeshare as a present? However, if you are able to find someone who will take your timeshare off your hands (and maybe even pay the transfer fees) this is by far the most affordable and easy way to break a timeshare contract.
What You Can Do
The best way to find out which options works best for you is to consult with a timeshare resale specialists about what will work best for your unique needs. There are a variety of places that offer free consultations to help get you on your way, and can even help you find reputable resale professionals who can help you break your timeshare contract and get rid of your property once and for all.