Table of Contents
Average Cost to Get Out of your Timeshare
If you are interested in the average cost to get out of your timeshare, you have come to the right place. Timeshares, also known as shared vacation ownership, is a distributed type of ownership to use rights. People purchase in a resort with on-site amenities to spend their vacations. These amenities generally include a restaurant, bar, gym, pool, and more.
People who want vacation ownership like to own timeshares. They prefer timeshares because it’s easier to buy than a whole other mortgage.
Your lifestyle remains unchanged from the time of the timeshare purchase. You now may have:
- Different plans to spend vacations,
- Visiting grandkids,
- Visiting other places because you’re exhausted from staying at the same location every time, and more.
You may realise it was a big mistake after signing the timeshare contract and can feel trapped. Eventually, you can find yourself among those 85% of timeshare owners who want to eliminate their timeshare. It can be because of the following reasons:
- What was once a glittering holiday you looked eagerly towards every year quickly becomes an obstacle as reality kicks in.
- Schedules never line up, and management costs skyrocket, or worse,
- You were offered a high-end unit or an outstanding spot that was never completely delivered.
You might be thinking about your options, the process of getting out of a timeshare contract, and how expensive the process is. Talking about the options, you may:
- Rescind your timeshare contract.
- Deed back directly to the timeshare developer.
- Try and sell the timeshare on your own.
- Sell the timeshare by working with a timeshare broker.
- Transfer your timeshare to a timeshare transfer company.
- Work with a timeshare exit company.
If this is the case, please contact our team through Live Chat or fill out the form on the right for a free informational consultation. Today we will answer many of your questions, including the average cost of getting out of a timeshare. Need more help? Call our direct line at 833-931-6555 to speak with one of our expert representatives!
Reasons to Get Out of a Timeshare
At first glance, timeshares always look attractive for spending spare time and vacations. Later, a long list of reasons can make this attractive option appalling. You must remember that getting out of your timeshare is more challenging than you think.
The main problems associated with timeshares are:
- The maintenance fees are due regularly. Whether you use your resort or not, you must pay these fees.
- Moreover, prices increase every year at a fluctuating rate since developers, timeshare companies, and the government impose these.
- Mostly, timeshare contracts have no end dates because they are known as perpetuity contracts-to pay an amount rest of your life, and the next generations will inherit this burden.
- You can bestow the timeshare to your descendants, but the obligation never ends.
- Conversely, if you are pending on your dues, collection companies will call you repeatedly, making your life much more stressful.
- As time passes, your preferences will change. It is evident that in early ownership, people enthusiastically visit their timeshare. Later on, they may want to stay somewhere else instead.
- Scheduling constraints are a more common problem with some timeshare kinds than others. Particularly in a well-liked vacation location, fixed-week and right-to-use timeshares can appear as smart holiday options immediately.
- However, you are wasting money if you cannot use your designated week or are obliged to select a less-than-optimal time frame.
Timeshare salesperson's Common Lies:
You may purchase your timeshare due to several reasons. These reasons may include financial benefits. Therefore, you must consider the most common lies that are told by Timeshare salespersons to achieve their sale.
Below are common lies, salespersons tell their customers.
- If you own a timeshare previously, a salesperson can promise to sell this to purchase a new one. Later on, they will not sell your previous timeshare.
- A salesperson will show it as an investment opportunity. If it is so, then 80% of current timeshare owners would not want to be getting rid of their timeshares.
- A salesperson may try to deceive you, promising a bonus week or a rental program. These incentives are a sales tactic, and the companies will not offer this later on.
- They can deceive you by saying the maintenance fee will remain the same for a lifetime. It is not the case; it will increase at approximately at a rate of 4% each year.
- They can tell you to sell your timeshare weeks to make money. It would help if you visited eBay or Craigslist; visiting these sites, however, may shock you considering current listings are as low as $1 and even $0!
- Salespeople will promise to offer discounts on airfare, cruises, and car rentals. Later on, they will deceive you on it.
- A salesperson can advise you to rent your timeshare later on. However, finding a renter is hectic.
- You may be deceived with the later one free exchange offer with another timeshare. But you will be asked to update your timeshare for this exchange.
Average Cost required to Get Out of a 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.
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.
In this article, we have discussed many noteworthy points about getting out of a timeshare. Therefore, you must be very careful from the start because once you purchase a timeshare, it can cost you quite a lot when cancelling it.
Generally, your effort and cost have an inverse relation. The more effort you put into getting out of your timeshare, the cheaper it will be. Contact our team for a free informational consultation so we can recommend you the best exit company for your situation and help find legal exit options best for you.
Free Informational Consultation
By providing my contact information and clicking ‘submit’, I am giving MyTimeshareExitReviews.com and its partners permission to contact me about this and other future offers using the information provided. This may also include calls and text messages to my wireless telephone numbers. I also consent to use of emails and the use of an automated dialing device and pre-recorded messages. I understand that my permission described overrides my listing on any state or federal ‘Do Not Call’ list and any prior listing on the ‘Do Not Call’ lists of our partners. I acknowledge that this consent may only be revoked by email notification to email@example.com.