A timeshare allows you to use a property for a specific period of time every year. Timeshare is basically paying beforehand for a vacation and therefore boycotting hotel and resort bills. It is usually a good investment, but economics doesn’t always work in your favor, and the maintenance fee can pile up into debt for you. If you’ve time shared your way into debt and you’re wondering how to get rid of a timeshare debt, this is for you.
There are many approaches to consider when trying to figure out how to get rid of a timeshare debt. You could try renting out, calling the timeshare developer, or probably reselling. However, the best option is to sell it off, and below is a guide on how to get rid of a timeshare and get out of debts.
Prepare to Sell it Off
The first thing you can do is to confirm that you can sell your timeshare. If you have a loan on it, you might probably find it hard to sell until you pay the loan off. When you confirm your timeshare is available to sell, then try to find out the value of your timeshare and the final sales price of similar timeshares. Most times, you have to prepare your mind that your timeshare won’t be worth much in the market.
List It In The Market
Now that you know the worth of your timeshare, then the best thing is to list your timeshare for sales. Make sure you go for a website that doesn’t require upfront fees to list your timeshare. You can also try contacting other timeshare owners who might be interested in extending their vacation days. Craiglist is a popular site that you can try listing your timeshare.
Get A Timeshare Lawyer
One way to successfully get rid of your timeshare is to get a lawyer; there’s a lot of contract binding a timeshare. Before you can successfully sell your timeshare and get out of a timeshare debt, you need to get rid of all the contracts. You can’t do this all on your own and so you need an attorney who can help you successfully work your way out of these contracts. Ensure your attorney is experienced in timeshare issues, so you don’t throw money away as you’re already trying to get out of debt.
Use an Exit Company
Better than an attorney is a timeshare exit company; they know the timeshare industry’s ins and outs and know the best method on how to get rid of a timeshare. They usually have a proven track record and help people exit their timeshare legally; avoid shady timeshare exit companies that make high promises and lay on the pressure to make you sign a contract with them.
