What to Do After Deciding to Relinquish Timeshare Ownership

Believe it or not, there are more than 9 million timeshare owners in the United States alone and there is bound to be a lot in other countries too. A lot of people are willing to relinquish timeshare ownership without thinking about the ownership. After all, you could do a lot more with the money you will receive if ever you will be able to sell it. There is a huge difference between the sellers and buyers of timeshare contracts and the former leads by a lot so you would need all the lucky charms you can get if you would try and sell your timeshare contract.

Call Developer

This should be the first thing you must do as they will tell you what you can do in order to get rid of your timeshare. This is the time when you must be pretty honest about your situation so they will be pretty understanding about it. If it is a popular developer, they know that you would benefit a lot if you would surrender your timeshare contract especially if you are at an age that you can’t go there anymore. Also, there is a global pandemic so you would have a hard time getting to where

Rent it Out

Another option would be renting the property out to those people who may be willing to rent the place out for a few months. Remember that it won’t be wise to rent it out for just a few days as that would be bad for the health of your property. It is possible the people renting the place would just trash it up and not even bother to clean it when the exit the place. It would be better to let it get rented out for at least a year or even two.

Give as a Gift

This is the hardest option of them all as you will be giving out your investment and get nothing in return. In other words, it would not be a good thing to do especially when you would want to deal with it in the long run. Of course, that person should be wiling to accept the fact that he or she would be continuing the payment of maintenance fees. If the person is not willing to do that, look for the timeshare property to be gifted again.

When all else fails, you can always avoid paying the maintenance fees as it would be extremely difficult to relinquish timeshare ownership. However, you can bet the collection agency will be after you. Besides, that is not going to do your credit score any favors. You are going to learn your lesson one way or the other and that is to never let anyone coax you into buying anything that is out of your league. Besides, the person who proposed to you the timeshare contract would never be heard from again. It is pretty ironic since that is the person you dealt with in the first place.