The promise of being able to enjoy endless holidays while saving money, in the long run, hasn’t quite lived to expectations, and you’re now looking to exit your timeshare agreement.
If you’re considering exiting your timeshare contract, then you certainly aren’t alone. In fact, you could be within the 250,000 Britons looking to dispose of their investment as reported in this Telegraph article.
The important point to be aware of, despite what your timeshare company may tell you or what you might have heard or read, is that you can legally exit your timeshare through a few different options.
Cooling Off Period
Your timeshare agreement will come with what is known as a cooling off or recession period. On February 23rd 2011, new laws for long-term holidays and timeshares were enforced giving consumers the right to be able to cancel their timeshare within a 14-day window of time as further explained at Which? News.
This gives consumer at least a two-week period to cancel their agreement, should they no longer wish to commit to the investment.
If you are still within this 14-day period of time and are looking to exit your timeshare, this would be your first option to look at.
Should the cooling off period have passed, then there are still plenty more ways that you can legally exit your timeshare contract.
Selling your timeshare is another option which you could consider. On the other hand, this option is unfortunately not as easy as you perhaps thought it would be.
Investor Junkie explains that the main reason why timeshares have become increasingly difficult to sell is that as more and more timeshares are built, the timeshare market has become completely flooded.
This, in turn, means that those looking to sell their timeshare have more difficulty in being able to compete against newly built timeshares presenting a more attractive purchase for buyers.
The benefit of donating your timeshare is that it can often be a much quicker process in exiting your contract, especially due to the difficulties in selling a timeshare within an overcrowded market.
A number of organisations can assist you with the process of donating your timeshare should this be the path you wish to follow in escaping your timeshare agreement.
While this option does come with the disadvantage of not being able to recover the initial payment made for your timeshare, it will mean that you no longer have the financial burden of having to worry about maintenance fees and future costs.
Renting your timeshare could be another possibility to consider should you be experiencing difficulties selling your timeshare, or you feel that donating it isn’t the most financially viable option for you.
You will have to check with the timeshare company that your agreement allows you to lease your timeshare. After this has been confirmed, it would be valuable to carry out some research into what other timeshare owners with a similar sized property and offerings are renting their timeshare for.
Should you then go ahead with renting your timeshare, it’s advisable to make a clear rental agreement, even if you’ll be renting out the timeshare to someone who you know.
While renting might not be a long-term solution for exiting your timeshare agreement, it could be a great temporary solution should selling your timeshare prove to be challenging.
Take legal action
The above solutions for exiting your timeshare might not be practical, or may not have led to a positive outcome. The next step could be to take your matter to a higher level and seek advice and assistance from the experts.
Timeshare Consumer Association specialising in helping timeshare owners with a range of matters including the acquisition, purchase, sale, exits and legal matters regarding timeshares are an example of a company who would be able to deal with your case in a professional manner. As well as providing strategies to assist you in planning to exit your timeshare, the company reassure that ‘we will provide advices particularly to consumer’s contracts and assist with litigants in person actions.’
Seeking assistance from the experts could be a valuable way of getting a positive outcome from your situation, particularly if the above options have been unsuccessful.
As you can see, there are a variety of ways in which one can legally exit their timeshare. Which route you follow will, of course, depend on your own individual case, but with plenty of research and advice from the right people, this will help in making the process hopefully more straightforward and hassle-free.