When planning to purchase a timeshare, an essential factor you need to keep in mind, is the best way to get rid of a timeshare if need be. Some individuals are steadfast on their desire for a timeshare, however, even those individuals need to review, consider, and accept any and all exit solutions if the time arises that they need to get rid of a timeshare. Understanding the best way to get rid of a timeshare will ensure that you are guilt-free when you opt to purchase one. When selecting the best way to get rid of a time share, there are a variety of options to select from. You can then select the option that best suits your current situation and needs.
One of the initial options you can try for is returning the timeshare back to the resort that owns it. However, many who have tried this option will tell you that it is not the best way to get rid of a timeshare. It is highly uncommon that the resort on ownership of the timeshare will take it back. The reasoning is that the timeshare is worth more money when you own it, because you are paying annual fees on it. The resort is not making any money if you offer it back to them. Your annual fees ensure the resort is able to afford the operating costs. Many times, the resort will tell you to locate another option to get rid of your timeshare ownership.
For many, the best way to get rid of a timeshare is to sell it. There are many venues available for selling timeshares, including classified advertisements (via both printed and online media), online auctions, or through a real estate agent. However, when opting to get rid of your timeshare, it is vital to understand that you will not be able to sell the timeshare at the price you bought it from. Unlike homes with appreciate in value, timeshares depreciate in value (much like automobiles), and often you will be selling the timeshare at a price that is at least 40 percent less than what you originally paid for it. As well, understand that there are numerous timeshares for sale on the market.
Other individuals are also trying to dispose of their timeshare, meaning the more timeshares on the market; the less likely you will be to sell yours. For example, if you are trying to sell your timeshare at the current market value, but someone is selling theirs through an online auction, taking the highest bidding price, they have a higher chance of selling their timeshare than you.
If you are having a difficult time determining the best way to get rid of a timeshare, then, in the meantime, rent it out. It will provide you with enough income to at least break even when it comes to paying annual timeshare fees and additional timeshare-related expenses. This does not solve your problem of getting rid of your timeshare, but it gives you more time to determine a course of action. Who knows, someone who rents your timeshare may want to buy it from you!