Many people are investing in timeshares, considering them a valuable and fruitful investment. However, the reality is different; investing in a timeshare is no different from burning your money. Despite the lousy market image of resorts, the timeshare ownership market was estimated at USD 17,825 Million in 2022 and is projected to hit USD 31,087.97 Million by 2030, rapidly growing at a CAGR of 7.59 from 2023 to 2030.
So, refrain from investing in the timeshare market, especially if you cannot pay the rising annual maintenance costs. However, suppose a timeshare owner has been misled into buying a timeshare and is willing to cancel the timeshare. In that case, the owner can eliminate the contract with one of the legit timeshare cancellation companies. Keep reading to learn more about how you can cancel your timeshare contract.
Is It Possible to Cancel a Timeshare Legally?
Yes, a timeshare owner can legally cancel a timeshare, which is always mentioned in the contract. However, the resorts are clever enough to hide all those options from you by making you sign the agreement without reading it.
Also, the terms & conditions and information about the surrender program are written in too small letters you can’t read easily. There are numerous ways to cancel your timeshare contract legally. If you are stuck with a timeshare and want to cancel it quickly, let’s look at how.
How to Cancel Your Timeshare Legally?
As stated above, there are many ways to cancel your timeshare, including selling it off, renting it out, hiring one of the legit timeshare cancellation companies, and canceling during the grace period. Let’s learn about all the ways in-depth.
Cancel During Rescission
This option is best for those who have recently bought a timeshare. After purchasing a timeshare, you get a rescission period of 15 days. The grace period duration varies depending on your resort location. An individual can cancel a timeshare without mentioning a solid reason and get a full refund.
However, if your timeshare is older, this cancellation method won’t work for you. In this situation, you must look for other options, such as selling or renting your timeshare or hiring one of the legit timeshare cancellation companies.
Sell or Rent it Out
When your grace period expires, and you want to walk off from your timeshare contract, you can sell or rent it to get rid of it. To sell your timeshare, you need to find an interested personality willing to pay the increasingly high annual maintenance fees and enjoy the amenities of your timeshare.
Though you will get barely $1 for your timeshare, it’s the best option for those who want to get rid of their timeshare and have enough time to find interested people. Also, an individual can consider renting their timeshare to a suitable person. Otherwise, if the second party (buyer or tenant) declines to pay the upkeep fee, you will be held responsible for the same, and your credit score may get hurt.
Hire a Timeshare Cancellation Company
If your grace period is expired, and you are short on time, hiring one of the legit timeshare cancellation companies would be the best option for you. By working with a company, you can eliminate your timeshare contract. The company will need details from you to cancel your timeshare contract.
Once you give them all the required information, you are done. However, to ensure a smooth timeshare cancellation, you must hire a trusted company; otherwise, their unethical methods may get you into trouble or affect your creditworthiness.
Final Verdict
Folks buy timeshares thinking about a great vacation experience at a charming resort. When they know there is no availability at their resort, canceling their timeshare is their only option. So, if you are also a frustrated timeshare owner willing to cancel your timeshare, get in touch with one of the legit timeshare cancellation companies and eliminate your timeshare as quickly as possible.
Thanks for reading!
