A timeshare, also known as vacation ownership, is determined as a lifetime commitment to pay for the annual trips to the same resort. You will have to prepay the one-time cost, apart from the yearly fees related to maintenance. Whether you are interested in staying in another place, you should pay other expenses too. Typically, the trip lasts for one week. However, many owners found a timeshare not worth investing in, and then the question of how to get out of your timeshare contract appears. Experts recommend applying to the best timeshare exit company if you want to get rid of a timeshare without hassle. But first, let’s figure out what is the average cost to get out of a timeshare.
The best way to perform a timeshare cancellation
1. Use the recission period
Typically, the recission period is a short period when you can take back your purchasing decision and go out of a timeshare. Depending on the state, the recission period can last between 3 to 15 days. You will have to carefully check up on the recission laws to determine when a recission period starts and ends. These laws are mostly based on the location of the resort. Whether you are still in the recission period, you need to write a cancellation letter and mail it to the cancellation address of the resort.
2. Ask the resort to take timeshare back
Another simple way to walk away from your timeshare is to apply to the timeshare deed-back. This act provides a legal solution to give the property back to the resort. All you have to do is check the documents concerning a timeshare to figure out if a deed-back variant will work for you.
3. Consider selling your timeshare
If you have already missed the recission period and the resort refuses to take a timeshare back, you may think about selling a timeshare. Even though this process is not as quick and straightforward as it may seem, it is possible to sell your timeshare successfully! You will need to do research on the market or apply to an attorney or timeshare exit team to help you with selling. Usually, using the services of specialists will ease the long process of timeshare’s selling and keep your mind calm.
How much does it cost to get rid of a timeshare?
Once you have applied to the timeshare exit company, you will have to pay approximately $5,000-$6,000 to get out of a timeshare. However, the exact cost depends on a few factors. For instance, the number of contracts with your resort will influence the timeshare exit team cost. Typically, a timeshare has numerous agreements with an owner that add over time. The more contracts with the resort you have, the more cases your timeshare exit service will have to cancel, and as a result, the higher cost for services of a timeshare exit team you will have to pay.