The Step-by-Step Guide to Get Out of a Timeshare
One of my sister’s favorite travel hacks is to take free vacations sponsored by timeshare representatives. She attends one high-pressure sales pitch.
Then she tells the salespeople the same line: “This sounds like something for us to consider when we have more money available. Right now, we’ve got a mortgage and two kids in day care.” By using the same line over and over, she and her husband seem to cut the sales pitch short and enjoy their free vacation.
Attending sales pitches may seem like a great hack, but timeshare salespeople aren’t in the business of giving away vacation. They are in the business of selling timeshares, many of which end up costing a boatload of money each year without delivering value.
If you’ve bought a timeshare, particularly one that you don’t use, you may realize that the timeshare is eroding your ability to build wealth. Unfortunately, even if you don’t use your timeshare, you’re contractually obligated to keep paying for it. If you stop paying your dues, the timeshare will go to collections and destroy your credit.
Is it even possible to get rid of a timeshare? Here’s the step-by-step method for getting out of your horrible timeshare.
Just want someone to do it for you? Check out the Newton Group and see if they can help you sell your timeshare. Get started here >>
Step 1: Try to Sell It
Timeshares aren’t an investment. However, it is sometimes possible to resell a paid-for timeshare. Some timeshares (in particular, Disney timeshares) seem to hold their value over time.
You can find a lot of information about selling timeshares on the American Resort Development Association’s website. It provides comprehensive tips about how to sell the timeshare or give it away.
One of the best ways to resell a timeshare is to hire a timeshare real estate agent to help you with the sale. An honest real estate agent should give you a clear picture of the value of your timeshare and whether or not they can help you sell it.
Generally, timeshare resellers can expect to recoup 20% to 50% of the original investment cost when selling their timeshare. It’s not a great feeling to lose thousands of dollars, but it’s probably better than continuing to pay for a timeshare you don’t use.
Step 2: Give It Away
If selling your timeshare won’t work, you may be able to give it away. If your timeshare has a deed, you can even claim a charitable deduction on your timeshare.
If you hope to give your timeshare away, it’s important to do research on it first. A timeshare donation company should ensure that you have no further financial obligations associated with the timeshare. Additionally, the timeshare should go to a 501(c)(3) charity. You can find legitimate 501(c)(3) organizations on the IRS website.
When you donate these timeshares, you can receive a tax deduction for the fair market value of the timeshare. Do not donate your timeshare until you’ve reviewed all the legal documentation associated with it. You may want to hire a real estate attorney to help you.
If you’ve got a “right-to-use” timeshare, you may be able to give your timeshare to a friend or family member who is willing to pay the annual fees. Be sure to hire an attorney if you want to fully transfer ownership to another person (even if the transfer fee is $0).
Step 3: Hire an Expert Group to Help You Exit
If selling or giving your timeshare away won’t work, your last option is to hire a timeshare exit expert such as the Newton Group. It helps consumers sell or use an attorney to end a timeshare contract. Better yet, it follows all of the Federal Trade Commission’s recommendations on best practices when reselling a timeshare.
Before hiring an exit group, be sure to do the following:
- Research the group with the Better Business Bureau.
- Get any contracts in writing.
- Work with an attorney if you don’t understand the contract.
With the Newton Group, consumers pay one upfront fee to the Newton Group, then it takes over all the financial obligations associated with your timeshare. Once it sells your timeshare, you will no longer have any financial obligation associated with the timeshare.
If the group is unable to get rid of your timeshare, the Newton Group will refund your money (except for the resort fees it paid on your behalf).
In some cases, the Newton Group will recommend that a person choose an attorney exit path. With this path, the Newton Group hires an attorney to specifically represent you and help you exit your timeshare contract.
The Newton Group isn’t the right solution for all timeshare owners. In fact, it wrote a guide to help timeshare owners learn how to exit a timeshare most profitably. But if you need to hire a timeshare exit group, consider the Newton Group first.
Get started with Newton Group here >>
Getting out of a timeshare could put money back in your pocket each year. If you’re not using your timeshare, take the time to get out of it.
Whether you work with the Newton Group or sell it on your own, it’s important to take steps today. Don’t let another day pass before you get rid of your money-sucking timeshare.
The post The Step-by-Step Guide to Get Out of a Timeshare appeared first on The College Investor.
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Author: Robert Farrington