Purchasing an unnecessary timeshare can cost a lot of money and give investors a headache. However, the average cost of exiting a timeshare property has the prospective to be even greater. Therefore, let’s now examine and consider all the factors while selecting a reputed best timeshare exit company to minimize the cost of exiting a timeshare.
Top 7 Methods of Exiting a Timeshare and Average Cost of Following Them
The average cost of exiting a timeshare contract depends on the methods that you select to utilize to avoid it. Investors can use several methods to exit their timeshare contract and know the average cost of exiting it. In addition, there are multiple methods investors can follow to exit their timeshare contract for which they can go through exit their timeshare contract. Well, in this article, we have listed a few ways which timeshare owners may follow:
Most United States have ‘Timeshare Rescission Laws’ that let you return their timeshare week directly to the contract developer and receive a full refund. It’s a completely free process, requiring very little effort. The time available to reciprocal a timeshare differs from state to state in which the timeshare was being purchased. Usually, Timeshare Rescission Period remains between 2 to 14 days.
Feedback the timeshare property directly back to the timeshare resort. It’s a great option if the timeshare owner wants to try and display their contract for reselling. However, in the majority of cases, owners will have to pay the contract developers or resort to taking back the timeshare. When an owner wants feedback on his timeshare back, this process usually costs between $500 to $2,000. But the good news is that it takes little effort to execute the process. A fact to note is that this option isn’t to avail for all owners as not all timeshare developers and resorts offer feedback options.
Selling The Timeshare on Own
If a timeshare owner wants to sell his timeshare on his own, they can sell it on platforms such as Craiglist and eBay. One thing that timeshare owners should remember is that they should not pay more than $150 up-front fee while advertising their timeshare. In maximum cases, this comes out as a scam. Also, the owner will have to put in a lot of effort to sell it online as it may take years till the time someone shows up to buy it.
Take Help of a Broker
Taking the help of a broker to sell your timeshare contract can be very expensive as they charge about 50% of the final price at which the owner has sold his contract. Like in every other field, Timeshare Brokers also work on commission. Although it’s illegal for Timeshare Brokers to impose an up-front fee in many states, it is still a good option to consider if your timeshare has a high value and always ask the broker if “is a timeshare considered a mortgage” for you to be able to know any other fees when selling your timeshare. Unfortunately, the majority of timeshares are hard to sell, even for as low a price as $1.
Timeshare Transfer Company
Sometimes, the timeshare developer may pay the owner for not selling it away or giving it back (in case they require some inventory). The timeshare developer will not pay the owner a lot, but they may expect to receive between $1000 and $2000 depending on the timeshare, week number, and the number of points. Other times, the timeshare owner will have to pay a specific fee. The fee may range anywhere from $500 – $3000; it is generally less than a law firm or timeshare exit company.
Usually, the more effort timeshare owners make to cancel their contracts, the cheapest the exit will be. This can be true for multiple things in life. For instance, you may need to hire a company to cut your grass or cut your grass for free.