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If you have bought a timeshare and have realized it was not a smart investment due to various expenses involved like maintenance fees, annual fees, etc which adds up to the initial investment of buying a timeshare, you are not alone! As per a survey, about 85% of timeshare owners are looking to get rid of the commitment. But getting out of it involves quite a few hassles which can also include legal battles. One can get out of a timeshare successfully without spending any more cash through the following ways.
Check specifics of the contract
The first thing to do is check if there is any cooling period mentioned in the contract. It is a limited time frame that is provided after signing it, wherein you can cancel it without having to answer any questions. While buying a timeshare ensure that you check these, as many states have specific requirements to be fulfilled before the cooling-off period starts. Most of the contracts that have been offered in recent times have this option and you may be able to cancel the contract if it is recent.
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Sale of your timeshare property
Another way to get rid of your timeshare is to sell it to someone who is looking to buy one. Though timeshare is not a great investment, it is possible to resell it as some properties still have considerable value in the market. There are many comprehensive sites which give you detailed information along with tips on how to sell it. If you’re looking to get out of a time share, Tiffany Wells from Square One (https://squareonehelp.com) says using a professional to help you develop an exit strategy is your best bet. There are many frauds that one should be aware of like those who contact you offering to help you to sell your timeshare.
Check if the company will buy back
There are many resorts that buy back the property they have sold. Though it is a rare occurrence some companies do so but you may have to be happy with whatever price they offer, which means losing some money. Some of the buybacks are mentioned in the contracts and should be among the things to consider when buying a timeshare. Even if it is not mentioned in the contract you can still contact the company to check if they have a buy-back scheme.
Renting it out
If you are unable to sell the property, the next best option until you can find a prospective buyer is to rent it out. By renting the property the owner gets enough money to pay for the annual fees or maintenance fees. There are many resources online that offer options to either sell or rent out the property which you can take advantage of.
Give it away
If you are unable to buy or rent it out, you can give it away to friends or relatives who are interested in it. That way you may cut down on the annual fees and other expenses even though you may lose the initial investment money you paid. There are also many timeshare forums that help you get rid of the property. Follow the above-mentioned ways to get rid of the timeshare, because the sooner the better.
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