Average Cost to Cancel a Timeshare
The average cost of getting out of your timeshare will be less than the expenses you are paying overall. Here’s what you need to know:
- The average cost of getting out of your timeshare.
- Utilize the rescission period of exiting your timeshare.
- Give back your timeshare through the deed-back program.
- Work with a timeshare broker to sell your timeshare.
- Hire a transfer timeshare company to help you exit your timeshare.
- Access the services of a reputable timeshare exit company.
- Sell or rent your timeshare on your own.
There are various ways to exit your timeshare contract. Each cancellation option requires a different amount of money. What you will be paying completely depends on the method you choose to exit your timeshare contract. So, keep reading to understand different cancellation options and their average costs.
What is The Average Cost of Getting Out of a Timeshare?
Getting out of a timeshare can cost you a couple thousand dollars. But if you do the calculation, you are already paying way more than that to keep the timeshare. According to research, timeshare maintenance fees increase on an annual basis. Which means you will be paying more each year. And let’s just not go towards the mortgage expenses or else we’ll lose count.
Cost of Exiting Your Timeshare
As an expert, my opinion is that you should exit your timeshare as soon as possible. The cost of getting out of it will be a one-time investment but the money you will be saving after the exit will help you achieve financial freedom. Getting out of a timeshare, the most you will pay is around $9,000-$10,000. But if you decide to keep the timeshare, your developer will ensure that you pay way more than that.
So, make the smart choice and start the process of exiting your timeshare today. If you are still lost and don’t know what to do, contact my team of experts to help you out. Or keep reading the article to learn more about different cancellation methods and their average cost.
How to Utilize Rescission Period to Exit Your Timeshare?
Exiting your timeshare through the rescission period will be free of cost. Sounds too good to be true, doesn’t it? Well, we have a small problem here. The rescission period of almost every timeshare is quite short. So, you will be able to rescind your timeshare contract only if it is recently bought. And by recently bought, I mean a week at the longest.
If your timeshare meets this requirement, act quickly and rescind your timeshare contract. Many timeshare owners are unaware of the fact that they can give back their timeshare to the resort. The timeshare company hides it during the sales presentation. They do this so you will not be able to escape and will continue to pay the timeshare expenses for the rest of your life.
How to Rescind Your Timeshare Contract?
Now, let’s get to the main point. How can you rescind your timeshare contract? In order to rescind your timeshare contract, you will have to write a cancellation letter. Writing a cancellation letter is not that hard, you just need to follow the rescission laws of the state where your timeshare is located. For more information on state rescission laws and how to write a cancellation letter, contact my team now.
What is the Cost of Exiting Your Timeshare Through Deed-Back Program?
A deed-back program is an exit option provided by the timeshare company you own the timeshare of. A buy-back or deed-back program is when your timeshare developer buys back the timeshare even after the rescission period. The money you receive from utilizing the buy-back program is based on the clauses of your timeshare contract. You can get more information about this program by contacting the customer service department. Or, you can contact my team of experts if your timeshare company is not helping you out.
Cost of Deed-Back Program
The average cost of utilizing a deed-back program is between $500-$2000. This is the cost that can be charged or deducted from the total price being paid by the timeshare company in exchange for your timeshare. If your timeshare company offers a deed-back program, contact the company immediately. Exiting your timeshare through this program is far better than involving yourself in any other cancellation process.
How Much Will it Cost to Hire a Timeshare Broker?
You can hire a timeshare broker to help you exit the timeshare if you don’t want to do it yourself. The first thing to do is to ensure that the person is not a scammer. Work with a legitimate timeshare broker to exit your timeshare with ease. Or, contact my team so they can help find a legitimate timeshare broker.
Commission-Based Charges
Working with a timeshare broker, the charges are often commission-based. You will not have to pay upfront which is a good sign. Paying upfront fees means setting yourself up for a timeshare exit scam. As an expert, I never recommend my readers to pay upfront fees to any company or individual. The timeshare broker will help you sell your timeshare and will probably charge 50% of the timeshare’s sales price. Sounds better than paying those hefty annual maintenance fees and mortgages.
What are the Charges of Hiring a Transfer Timeshare Company?
Transfer companies are experienced in the field. They can help you transfer your timeshare through the vast network of connections they have in the timeshare industry. These companies often charge around $500-$3000. The cost can vary if your timeshare is hard to transfer, but most of the time, the cost is between those lines.
How to Exit Your Timeshare by Working With a Timeshare Exit Company?
Working with a reputable and legitimate timeshare exit company is the best way to exit your timeshare. An experienced timeshare exit company that works alongside attorneys and offers escrow as a payment option, can help you exit your timeshare with ease.
The Expense Range of Working With an Exit Company
The expense range is normally $4,000 – 8,000 dollars. However, for the most part relies upon your case. If you have a mortgage balance, the exit cost could be higher than if you paid off your Timeshare. Our team would say this is a standard range. Most cancellations can run you about $3,000 – $10,000. But, it is best to contact the exit company directly and ask them about the fees. They can guide you better than anyone else.
FREE TIMESHARE EXIT COST ASSESSMENT
What is the Cost of Selling or Renting Your Timeshare?
If you sell or rent your timeshare through websites like SellMyTimeshare, Airbnb, eBay, booking.com, etc., you can register the timeshare for free. Although, you will have to advertise the timeshare if you want to gain attention from buyers or renters. Advertising the timeshare will require a few hundred dollars at best.
Sell Your Timeshare
To sell your timeshare, the first thing you will have to do is look for similar properties on the resale market. This will help you determine the current value of your property. Set a fair price for the property and enlist it on different resale websites like eBay, SellMyTimeshare, etc. Ensure that you post good-quality images and an attractive description.
Rent Your Timeshare
A similar process is followed to rent the timeshare if you don’t want to sell it. The only difference is that you require permission from your developer before enlisting it online. Many developers don’t allow their customers to rent timeshares. So you must determine that they allow it before registering online.
Contact my team of experts for an in-depth explanation of how to sell or rent your timeshare.
Final Thoughts
Most people regret buying their timeshare. As soon as timeshare owners realize their timeshare is of no use, they start to find ways to exit the timeshare as soon as possible. Since the owners are desperate, they end up falling for timeshare exit scams. This is why, I suggest you take things slow and evaluate all the cancellation options carefully.
Never pay upfront fees to any timeshare exit company. Always work with an exit company that offers escrow to its customers. Or, contact my team to help you find a legitimate timeshare exit company that seeks no upfront fees. For more information on any timeshare-related topic, contact us now.
FAQs
Is timeshare ownership profitable?
NO! Your timeshare resale will bring you no profit in the future. Timeshares lose most of their value over time and people enlist them on the timeshare resale market for as low as $1.
Can I donate my timeshare to a charitable organization?
It is a bit hard to give away your timeshare as a charity because of the annual expenses. Also because timeshares lose most of their value over time. But it doesn’t hurt to try!
Is it easy to exit my timeshare?
I will not say it is easy, but it is possible. Exiting a timeshare agreement can be hectic and time-consuming, but the freedom you will achieve after will be worth the effort.