Like all other business owners, Timeshare owners have greatly been affected by the worldwide spread pandemic. By all means, people are being affected, and businesses are being destroyed. Many of the timeshare owners have lost their jobs in this global disease outbreak. They are now unable even to pay the monthly maintenance fees of their properties and wonder how they can get rid of the timeshare during this pandemic.
The first thing that any consumer will want to consider is what they want or what they wish to happen to get their goal. You may not want to visit your home resort anymore. You may believe you have outgrown the resort, or the most relatable, this pandemic may have ruined your dreams of having a timeshare. You may have decided that it is time to give it all up.
So to get rid of your timeshare, the following tips may be of help.
Sell It or Return It Back
You can use many such in-between connectors, which can further get you in touch with the timeshare developers who have free or even low-cost exit choices or have professionally licensed real estate brokers specializing in timeshares. You may list your timeshare over a website that does this task for you. Or you may also contact the timeshare resellers that will help you out of this issue. Selling the timeshare may be very tricky.
Mainly in this time of travel climate where nobody is allowed to travel. So as you begin to sell your timeshare, make sure you don’t have high expectations. The market won’t consider what you have paid for the timeshare as its value depends only on how many people are traveling and getting the timeshare. The rue resale market is mainly a lot lower than what people have paid for it.
Many timeshare companies won’t want to have unhappy owners, and hence they are open for negotiation. You may engage with the timeshare company and ask them about the exit options. You must also remember that exiting may cost you money if you are going for this option. If you are in a position to accept this loss, then you can go for it.
Hire An Attorney
This may be necessary if you are out of the recession period. The cooling-off period lets you cancel the purchase without getting any penalty and believe that you have a legal cause of action against your developer. But you should make sure that you consult this with your attorney and fully understand what you are stepping into.
Will this firm fight for you, or have you just paralegals send form letters on your behalf? If you are within the recession period, you most probably won’t even need a lawyer. But in this situation, a few of the strategies mentioned above may also not work.
Reverse Premium Brokers
If no sale materializes, then you still have options. Some such brokers only deal with the reverse premiums. These companies will not most generally offer you money to buy the timeshare. However, they will relieve you of the ownership for a certain fee. Even though you may not be interested in paying people to take it off your hands at this stage, it is always worth an inquiry; hence, when pursuing what you want, you are aware of the last resort.
Other avenues are also to approach the resort and discuss the possibility of resorting to taking the timeshare off of your hands and trying to get their best price. Some resorts are not amenable to the thought, but if they get a reward in cash sums, they may help you and release you from the contract.
Long/Short Term Rental
Have you ever thought of loaning out your timeshare to people for years in exchange for the maintenance fee or possibly a lot more? A few people do want the timeshare but do not want to be committed for a long time. So a shorter period may be of benefit for them and relieve you of any intermediate liabilities. With the loan agreement taken place and the liabilities deferred, you may get a better price from the Reverse Premium brokers.
These were a few ways you can get rid of the timeshare in this situation.