If you bought a timeshare and have found you no longer want it, you are, by no means alone. It has been estimated that at least 85% of people who buy one end up being not so happy about their purchase. For that reason many look into ways of getting rid of a timeshare.
Jon Gorey, from the Boston Globe, took a look at the best ways of getting rid of a timeshare. He also goes over some of his family’s experience with owning timeshares. When Gorey was ten years old, he went to a timeshare sales weekend in the White Mountains. The facility had just about everything a person (or family or couple) might want while on vacation. They had great restaurants, a golf course, a large pool. While they all went to the required seminar on buying a unit but did not buy anything. One reason was that they already had purchased two timeshares in other areas.
Many people can be seduced by the idea of a time share but the bud comes off the rose when they actually start using it. Many timeshare buyers, such as Gorey’s parents liked the idea of saving money on their vacations. The bonuses of timeshare vacations can be appealing. You can have all of the benefits of a vacation home without all of the headaches that so often accompany home ownership. In the United States, the estimated worth of the timeshare economy is around $70 billion. Some experts say that as many as 10 million people have bought a timeshare.
The Gorey family started having trouble with one of their timeshares (in New Hampshire), they tried to sell it. The problem was that they discovered, much to their chagrin, was that getting out of a timeshare contract was a lot harder than getting into one. They were horrified to learn that the New Hampshire timeshare had no value, it could not be sold and they could not convince the resort to take it back. While the timeshare seemed to be a great deal in 1979 when they bought it (for $4,000), the costs associated with the timeshare were just too much for them to deal with.
Jeff Weir, who works for Redweek says that there are a few reasons people start looking into how to legally get out of timeshare contract. They are health issues that prevent people from traveling enough out of the experience, it can be too expensive. and owners can only expect to get, at most, 10% to 15% of the money they paid for it.
- Buy a timeshare from Ritz, Disney, Starwood, Hyatt, Marriott and the Hilton. Not only do timeshare owners who have their property with one of these companies have a much better chance to sell their units but they will also get back more of the money they spent on the investment.
- Buy a timeshare that you LOVE. This is the best way to get the most from your timeshare. This is the only way you can make sure that you get the most from your timeshare property.
- Talk to a timeshare lawyer. You should have them look over your contract. Before you buy the property, you should have your contract reviewed by timeshare lawyers so you have a better idea of what to expect if you want to look into getting rid of a timeshare. Remember an ounce of prevention is worth a pound of cure.
- Lower your expectations. In times past, say before “the great recession,” people were getting more of what they spent on their timeshare back when they sold it. When the economy tanked this all changed.
- Advertise your property online. There are websites that have been designed for people selling a timeshare.
- ‘Buy your timeshare in a secondary market. Think through your options when you are buying this kind of property. Where is is located can have a great influence on how easy you will find it to be to go about getting rid of a timeshare.
Before you purchase any real estate, you should read through all the fine print and have an expert go over it. This is the best way to be really happy with your purchase.