The timeshare industry is one of the many industries that received a massive blow from the Coronavirus pandemic. In 2019, timeshare ownership thrived as people could travel freely from one country to another. Ever since the pandemic struck and the economy took a nose-dive, people globally have been reluctant to travel, making the timeshare industry much less lucrative and profitable. Numerous people have considered getting out of their timeshares, giving rise to multiple fraudulent exit companies. Keep reading this article to discover legal ways to get out of a timeshare.
Consider renting out your timeshare
A short-term solution to getting out of a timeshare would be to convert it into a rental for willing travelers. Remember that not all developers would allow you to rent your timeshare before a lengthy discussion. If you consider this option, you would also consider costs such as time spent searching for renters and repairing damages to the property while the renters are at the premises.
Gift your timeshare to someone else
If you have completed all the payments for your timeshare and would like to opt-out, you could gift it to a friend or a loved one. However, it would be best to let them know they will be responsible for the annual maintenance fees and any damages to the shared property. The person should also know they will carry the burden of getting themselves out of the timeshare in the future.
Sell your timeshare
Another quick and legal way to get out of a timeshare would be to sell it on the resale market. However, certain factors such as the residual mortgage and your timeshare location will affect its resale value. Third parties such as legit timeshare exit companies could help cancel your timeshare ownership. You could also approach a real estate agent or ask your developer to help you sell your timeshare faster and guarantee you will not get conned.
Take advantage of the rescission laws
An excellent option you could consider to get out of a timeshare would be to use the rescission law. However, this option only works if you purchased the timeshare recently. Ensure you confirm this law is applicable in your state before reaching out to your developer.
Approach the developer
One of the first steps to relinquishing your timeshare ownership rights would be to contact the developer. Talking to your developer might also be the safest and easiest way to get out of a timeshare. However, you shouldn’t expect to receive any proceeds from your exit once you decide to give up ownership of the shared land.
Wrap up
It would be wise to steer clear of fraudulent exit companies that require you to pay a considerable sum upfront before they help you. Worst case scenario is that you will not make a profit selling your timeshare, or the developer will ask you to pay them to get out of your timeshare. We hope this article has been insightful and that you will select the most appropriate option.