Are you trying to figure out how to get rid of a timeshare? If you are one of the people who went to a timeshare presentation for a free dinner and are now stuck with a timeshare you never use, don’t fret, I have put together a list of the best ways to get rid of a timeshare for good.
Why Timeshares Suck
Timeshares are one of the biggest scams on the market today. The average cost of a timeshare in the United States is $14,500 plus hundreds of dollars in yearly maintenance fees and they can be nearly impossible to get out of once you have one. Take a quick look at eBay, there are hundreds of timeshares on eBay posted for sale for only $1.00.
Timeshares are typically marketed to people who can’t really afford them. They sucker you in with things like a free dinner for two or in Las Vegas they will give you free tickets to a show to come listen to their sales pitch. The next thing you know, you’re signing a contract for a timeshare you will likely never use.
A timeshare is basically a way to prepay your hotel bill for the next 15 years. Just a quick example: The average timeshare costs about $14,500. I am currently online looking at a timeshare in Orlando that is located 1 mile away from Disney World. It says that the maintenance fees are $647.00 per year (which rise each year). Let’s say for arguments sake, the maintenance fees stay the same. Over 15 years, if you were to break down the cost of the timeshare into a yearly payment, you would be paying $1613.00 each year just for a “hotel” to stay in on your vacation. You still have to factor in things like your flight tickets, meals, activities you will be doing on your vacation and maybe even renting a car to get around.
This current timeshare I am looking at in Orlando has Valentine’s week as it’s scheduled week of time you would be visiting. I went through Travelocity and entered this week in and looked at the rates for one room with two beds at B Resort and Spa which is also near Disney World. It would cost $1,162.00 for the same week, but guess what, if you do not have a timeshare, you can go on vacation any week you want! This wasn’t even the cheapest option, I just used one of the nicer hotels for this example.
Basically, save your money for a vacation. In the end, you will be able to travel to any destination you want, any week you want and more than likely you will save a lot more money by doing this.
How to Get Rid of a Timeshare
If you have found this article, chances are you probably already know why timeshares suck and just want to know how to get rid of the thing. Unfortunately, the chances of you recouping the actual cost of the timeshare are unlikely, but there are several ways to get rid of it so you no longer have to pay the dreaded maintenance fees each year.
Try to sell it back to the company
Contact the company you purchased your timeshare from and ask for information on how much your current timeshare is selling for. Speak with a manager if you need to. Offer to sell them the timeshare at half it’s current selling price and pay them double the commission. This way you may get some of your money back, although sometimes this is a hard sell. If these things are so great….why do the timeshare companies not want to buy them back at a huge discount to resell?
Craigslist and eBay
I would start with Craigslist first because they are less saturated. You may be able to find someone in your local area willing to buy the timeshare from you. In my local area, it looks like currently most timeshares are listed for under $5,000.00 You may luck out and get a few thousand back this way.
eBay is a great way to unload a timeshare if you do not care about getting any money back. Like I mentioned before, most of the timeshares on there sell for literally dollars, but it saves you all of those maintenance fees.
If you want to get rid of maintenance fees, another thing you could do is donate it to charity. A lot of times, charities will auction timeshares off at charity auction dinners. This helps you eliminate the fees and from what I understand, you also can get a tax break for doing this. I am not a tax professional, so make sure to double check with your tax advisor on this. Redweek has an in-depth article regarding donating a timeshare and tax deductions you should definitely read if you are interested in going this route.
Timeshare Exit Team
I recently heard about this company while listening to The Dave Ramsey Show and it really peaked my interest. Timeshare Exit Team is a consumer protection firm that helps dissolve your contract legally. They do charge a fee, however, they have a 100% money back guarantee, so if they are unable to get you out of the timeshare, you get all of your money back. Find out more here.
I hope this post has given you some ideas on how to get rid of your timeshare and also provided you with good reasons to not get stuck in a timeshare. Have you ever bought a timeshare and found a unique way to get rid of it? Post your story in the comments below. I would love to hear other great ideas on how to get out of these!