Average Cost to Get Out of your Timeshare

The average cost of getting out of a timeshare depends upon the method you choose to get rid of it. Mostly, owners use seven different ways to get out of their timeshares. These methods are discussed in detail based on cost and effort from the owner’s side.

Rescission

Most of the countries have made timeshare rescission laws. These laws permit the owners to return their timeshare directly to the timeshare company for a full refund. This method is cost-free but requires time and patience. Here’s what you may need to know about timeshare rescission.

• Many timeshare agreements have a “rescission period,” which is a brief period following the purchase, during which consumers can cancel the contract without incurring any fees. The rescission period can change according to the state or nation the timeshare resides in, but it usually lasts a few days to a week as per the rescission laws of the state or nation. 
• During this time, consumers can usually cancel the contract by giving the timeshare provider a written letter to rescind the contract.
• In this method, you only need to send a rescission letter in a particular format. Hence low effort is required.
• Cancelling a timeshare agreement may be more challenging once the rescission window has gone. A provision allowing owners to exchange or sell their ownership may be present in some timeshare contracts.

Deed Back Directly To The Timeshare Developer

• It is the best method available if you want to avoid selling your timeshare. 
• This option is unavailable for every timeshare since not all developers offer a deed-back option. 
• Before opting for this, you must be current on all timeshare dues.
• Usually, the timeshare developer charges a fee from $500 – $2000. 

Selling The Timeshare On Your Own

• Selling a timeshare independently is difficult because you need a reasonable price. 
• The main reason is timeshares decrease in value considerably after purchase.
• In this method, you have to advertise your timeshare. Hence, the average cost to get out of your timeshare is an advertisement. 
• On average, advertising on the following websites costs about $50 – $125. On Craigslist, you can sell free of cost. But eBay can cost you $50.
• There is no need to pay a high up-front fee exceeding $150 for advertising your timeshare online. Moreover, it can take more than a year to find a favourable customer to sell your timeshare; therefore, it requires a high effort.

Selling The Timeshare Through A Timeshare Broker

• This method is excellent if your timeshare is of fair value. 
• You can sell your timeshare through a broker. Timeshare brokers work on commission. Therefore, they like to sell a well-valued timeshare to earn a good amount.
• Because of the broker’s commission, this method may be costly. This method’s average cost to get out of timeshare depends on the commission rate. A low effort from your side is required.

Through A Timeshare Transfer Company

• It is a great option when your timeshare developer needs inventory. Therefore, this method is also referred to as inventory recovery. 
• The developers contact the timeshare real estate brokers and Timeshare Transfer Company to collect inventory.
• You need to search for a well-known Timeshare Transfer company having good experience and connection with your developer to get more benefits from this option.
• Developers pay little in general. Though, you can get a price depending on your timeshare condition, week number, the number of points, etc. You have to pay a fee to transfer the company to avail of this option.
• In this method, the average cost to get out of a timeshare falls somewhere from $500 to $3000. 
• The fee of a Timeshare Transfer Company is generally less than a law firm or Timeshare Exit Company. In this method, less effort from your side is required.

Timeshare Exit Company Working With Lawyers

• Although it is the best way to get out of your timeshare, in contrast, it can prove to be the most expensive method. 
• Furthermore, you may need to write a statement to describe your situation where you were misled or told a lie during the sales presentation. Consequently, you may have to do some work.
• This is one of the only methods for those who owe a mortgage since getting rid of a mortgage timeshare takes a lot of work. Besides, most timeshare developers do not allow you to deed back if you owe a mortgage.
• The average cost to get out of timeshare in this method is about $4000-$15000. This fee can increase significantly if the owner owes a mortgage on the timeshare.
•  A medium effort from your end is required in this case.
• We always recommend working with companies that offer escrow, so you pay $0 up-front fees directly to the exit company.

Timeshare Exit Company Working Without Lawyers

• This method is cheaper than a Timeshare Exit Company that works with lawyers. However, it only sometimes works. 
• You may need to write a statement to describe your situation where you were misled or told a lie during the sales presentation. You will need to write more letters, as well.
• The average cost to get out of your timeshare in this method is between $2000 and $15000.
• A high effort from your side is required.