So many years ago, you and your partner decided that you were tired of paying so much money when going on vacation and you elected to go out and see what the best option would be in order to stay where you wanted while at the same time spending the money you wanted too. You spoke with one of your friends that travels often and found out about the beautiful world of Timeshares, and your life changed forever. You were financially able to enjoy the fruits of your labors and decided this would be the very best means to enjoy yourself when on vacation.
You now had a place to go on vacation multiple times a year as well for a fraction of the price you had previously been paying to stay at other resorts and hotels as a guest. Everything was working out well, and you both enjoyed the many years and memories that you were able to share, but now you are thinking about taking a break from traveling. So now you have this financial and time commitment, and you are asking yourself, “How do I exit my timeshare?”
One of the most important factors that should be considered is the fact that in most cases, selling your timeshare takes time. Timeshares are in a class all their own, and though at the end of the day it is still real estate, the mass populous are unable to vacation much so unless they have someone in their immediate circle that owns a timeshare, chances are they will not have much insight on how they operate, which will lead to them not purchasing the property. This fact alone causes sellers the most stress when they decide to buy you out of your timeshare. Unless the resort offers a deed back option, then consider renting the property out each year.
The next step would be to examine the resale value of the timeshare. Depending on many factors, you could be suffering a loss simply because there may be a growing number of competitors in the timeshare arena. If the competition is stiff, there is a high likelihood that the timeshare will not sell for a price higher than what you paid initially.
Depending on the timeshare, the property may or may not be an investment, depending on your sources, but no matter what, you do not want to suffer a significant loss of money because of the sale. Now, if you find yourself unable to sell the property, maybe you can also contact a timeshare resale organization that would be willing to help you dispose of the property. The final option that a lot of people utilize is to give it away; this would benefit you mostly because you will no longer have to pay those meddlesome maintenance fees thereby saving yourself money, time, and the headache of finding the right person to take on the timeshare.