Timeshare contracts may look attractive at first –the whole idea of owning a property without buying it outright sounds cool. However, most people soon find out that the various fees are a nightmare. Thankfully, anyone can cancel timeshare legally. Here are the best ways to do so:
- Rescind the contract: Timeshare rescission is the best way because you get a full refund of your deposits, and most times, there are no rescission charges. You only have to write a letter stating that you are rescinding and finish up the legal process involved. You may choose to do this yourself or hire a team of experts to do it.
- Sell your timeshare via a broker: Some brokers deal specifically in timeshare contracts. These brokers are experienced and skilled enough to get you a better deal than you probably would get by yourself. All you need to do is contact them, submit and fill in any necessary documents then they take a fee when a sale is completed. However, there is a need to be careful. Some brokers offer carefully-worded terms that may rob you of a large chunk of your money if you are careless with them.
- Sell your contract yourself: Another alternative, if you do not want to cancel timeshare legally, is to sell it by yourself. You can easily sell to colleagues who are interested, or you may place some cheap advertisements online or in your local prints. Before long, a sale should turn up. Remember to set fair prices that leave you with enough money to recoup expenses, but that is also competitive enough to attract buyers.
- Rent out your timeshare: Instead of an outright sale, you could also consider renting out the property for the period you are supposed to use it. By listing the property for rent in popular places, you can recoup some money to at least cover yearly fees.
- Hire a termination team: Termination teams are specialists in helping people get out of difficult timeshare situations. Hire one, and there is a possibility of you being able to cancel timeshare legally.
- Give your timeshare for free: This is the least desirable option as there is no hope of getting some money back. But if you can afford it, gift the contract out and forget about it. It will save you some money in the long run.