How to Break Your Timeshare Contract
At some point, you may begin to wonder how to break out of your timeshare contract. This can be for a variety of reasons, including financial hardship, declined use, unhappiness with the HOA, lifestyle changes, or increased travel costs. The reasons are many, but unfortunately your options for getting out of your timeshare are fairly limited.
How Can You Break Your Timeshare Contract?
While your name is on the timeshare contract, you are responsible for the ownership and its financial obligations. Generally speaking, when it comes breaking out your timeshare contract you have two options: giving it to someone else (by resale, donation, etc.) or canceling your contract.
If you recently purchased the timeshare and are still within your cancellation period, you may simply be able to cancel the purchase (please note this recessionary period is limited).
If you are outside the cancellation period, the only way to get out of your contract is to get the property out of your name and into someone else’s. There are a couple ways you can accomplish this.
- Donation—Many owners choose timeshare donation because it is a guaranteed out, you feel like you are helping a good cause, and you can potentially get 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.
- Transfer—Some companies will help you facilitate the transfer of your timeshare to a new owner. While there are some costs involved, this option can offer guaranteed results for those who qualify. Like timeshare donation, not all timeshares are eligible for transfer services.
- Selling—By far the most popular option, more and more people each year are selling their timeshares. However, there will be costs associated with timeshare resale including marketing and advertising fees. Should you choose to sell your timeshare, be extremely cautious as to what company you use, as scams are prevalent throughout the industry.
- 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.
Get Help With Your Timeshare Contract
The best way to find out which option works best for you is to consult one of our timeshare specialists. Together, we will find the best solution for your unique needs and get rid of your property once and for all. To get help with your timeshare, call us today at 1-855-781-0081.
*Please consult your CPA or attorney for information regarding any tax deductions or benefits.
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