If you can no longer afford timeshare maintenance fees, it’s easy to be tempted by any potential way out. However, there are a lot of timeshare exit scams out there. If you want to exit your timeshare safely and responsibly, it’s essential to understand the best timeshare relief options for owners. Here are your best options for a responsible exit, and what options to avoid.
Work With Your Resort
Your first step when looking for timeshare relief should always be to consult with your developer. They may offer relief options that are quicker and easier than other methods of exiting your timeshare. They may also be able to recommend ways to get more value out of your timeshare, or point you toward a reputable resale company, should you decide to go that route. Dead-set on selling your timeshare? Your first course of action should still be to contact your developer.
Timeshare Resales
One of the best options for responsibly exiting your timeshare is by selling it on the resale market. This allows you to transfer ownership while potentially putting some money back in your pocket. However, the resale market is also the frequent target of timeshare exit scams, so it’s important to know how to identify a legitimate resale company.
In general, try to find a company with a proven track record, a strong code of ethics, and ARDA recognition. The Coalition for Responsible Exit lists trusted timeshare resale companies on its website.
Timeshare Rentals
Renting out your timeshare is another way to help with maintenance fees, albeit less permanently than selling. It’s a good option if you only need temporary relief, but want to resume using your timeshare in the future.
The timeshare rental process is similar to the resale process, and some resale marketplaces allow you to rent out your timeshare while searching for a buyer. When looking for a rental marketplace, look for the same things you’d look for in a legitimate resale company.
Timeshare Gifting and Inheritance
Many timeshares are deeded property, which means you can transfer them in the same way you would other forms of real estate. You can will them to heirs, give them as gifts, or even give them away to a stranger.
It’s not quite as simple as handing over your deed, however. Timeshares have different procedures for ownership transfer, and the process may involve additional fees. Consult with your developer to learn more about your timeshare’s rules and procedures.
Scams to Avoid
Timeshare exit scams are unfortunately widespread, targeting people in difficult situations. They tend to follow the same basic pattern, though variations exist. Here’s what to look out for.
- Too-Good-to-Be-True Claims: Any company that makes promises that seem too good to be true is likely a scam. Here are some common claims.
- Exit companies guaranteeing big returns. While not impossible, this is rare, and never a guarantee.
- Timeshare resale companies claiming that they have many buyers waiting for your timeshare. Selling a timeshare takes time, and while you can sell one quickly, instant sales are rare.
- Large Upfront Fees: You don’t need to pay thousands of dollars to sell, rent, or otherwise get out of a timeshare. Timeshare exit scams charge exorbitant upfront fees for their services, though they ultimately offer nothing of value in return.
- Many timeshare marketplaces will charge you a small advertising fee. These are different from the fees that exit scams charge. Not only are they much smaller, but you’re paying for a specific service rather than the vague promises exit scams offer.
- Immediate Relief from Annual Fees: Some exit scams claim you can stop paying maintenance fees on your timeshare as soon as you sign up with them. Not only is this false, but it can be ruinous for your credit. Don’t stop paying any fees until you’ve completed the ownership transfer process outlined by your developer.
Find Relief With Timeshares Only
Timeshares Only is one of the most trusted names in the vacation ownership industry, with over 30 years of experience helping people sell or rent out their timeshares. It is a Featured Reseller for ARDA’s Coalition for Responsible Exit and has an A+ rating with the Better Business Bureau (BBB). You can trust the professionals at Timeshares Only to make the resale process smooth and seamless.