Selling and Other Methods of Disposing of Timeshare Rights
Many people want to have a vacation home where they can go whenever they want to relax and unwind. However, the costs of owning a condominium, for instance, as a summer getaway deter them from buying property.
As an alternative, a timeshare is cheaper than buying a condo. Unlike real property, however, a timeshare isn’t easy to dispose of, sell, or otherwise cancel payments. The cost of cancelling or disposing of a timeshare includes terms that aren’t usually clear in the contract.
Selling a Timeshare
The first thought of any timeshare owner when he or she no longer wants it is to sell the rights. Unfortunately, there are scam artists who prey on these people. They introduce themselves as brokers and promise ready buyers to the timeshare. In most instances, these brokers ask for cash upfront to cover closing costs. They can cheat because the timeshare owners want to dispose of their property.
Instead, if the owner wants to sell his or her rights, he or she can sell it directly to the buyer. To ensure a speedy sale, the owner has to time it when the demand is high, and then sell low. This is an effective sales tactic for timeshares. Yet, considering the associated costs of maintaining ownership, it’s better to sell as soon as possible.
Other Methods of Disposal
To recoup the cost of yearly maintenance, the timeshare owner can rent it out rent out the property at a lower rate than condo units. The other methods of disposing of a timeshare result in losses. But the owner will no longer have to pay the annual fees. Donating timeshares to charity organizations is one way. These organizations already know what to do to make a profit from the timeshares.
The owner can also get relief by paying someone else to take over the rights. Called timeshare relief, it transfers ownership of the rights. If it’s in the contract, the owner can return the timeshare to the resort.
Disposing of a timeshare isn’t easy. But doing so relieves the owner of the escalating maintenance costs. It’s also advisable to get an attorney to help you with the finer details of selling your timeshare.