How Much does it Cost to Cancel a Timeshare?
You’ve come to the right site if you’re looking for the typical cost of getting out of a timeshare. Timeshares, also known as shared vacation ownership, are a kind of ownership in which usage rights are split. To spend their holidays, people buy a block of time at a resort with on-site facilities. Restaurants, bars, gyms, pools, and other facilities are common.
People who wish to buy a holiday home choose timeshares. They like timeshares since they are less expensive than a full-fledged home.
Your lifestyle does not remain the same when you acquire a wyndham timeshare. You may have various vacation plans, such as seeing grandkids, traveling other areas since you’re tired of being in the same spot all the time, and so on.
After signing the timeshare contract, you may realize you made a big mistake and feel trapped. You may eventually find yourself among the 85% of timeshare owners who desire to sell their property.
How Much Does Getting Rid of a Timeshare Cost?
Using a timeshare exit provider to get out of your timeshare contract costs around $5,000 to $6,000 on average and takes 12–18 months. However, the price and timescale may differ based on various circumstances, such as how many contracts are tied to your timeshare.
Your single timeshare might have many contracts on it, believe it or not. The timeshare firm put a new contract on top of the old one every time you upgraded your timeshare or changed your vacation dates. Over time, the contracts pile up. Your timeshare departure agency will have to cancel each one to get you out. A large number of contracts on your timeshare mean more work for them and maybe a greater price.
Even if you’ve had your timeshare for a long time, it may be worthwhile to engage a timeshare departure business. Doing it alone can seem like running into a brick wall, and hiring a professional exit team can save you money in the long run on the cost-to-benefit ratio later.
Options to Avoid
You’ve certainly received a lot of advice on how to get rid of your timeshare but proceed with caution. Most bad ideas sound wonderful at first, but then they backfire. Don’t make things worse by choosing one of these dangerous alternatives.
Renting Out Your Timeshare
Some people, such as self-proclaimed timeshare “experts” you find online or your know-it-all Uncle Lou, think renting out your wyndham timeshare is a good idea. At the very least, they reason, you’ll get paid for your trouble.
However, this solution reeks like a dead possum beneath the porch for various reasons. To begin with, most resorts do not permit it. Second, all it takes is one lousy tenant to ruin the apartment, leaving you with a large repair project that will cost you extra money and bring you problems with the resort. What a bit annoying!
Even if you locate reliable tenants, the money you earn will almost certainly not cover your expenses. At best, timeshare rentals are a Band-Aid, and at worst, they increase the gap. Keep your distance since you’re attempting to halt the bleeding.
This is our personal favorite. This theory claims that your timeshare will disappear if you close your eyes, ignore it, and wish hard enough. That isn’t true, no matter how much you wish it were. You owe these individuals money. They aren’t going to let you forget about it.
If you don’t pay, they’ll pass your overdue money on to collection agencies. Get ready for the obnoxious phone calls at all hours of the day and night! Your timeshare may be repossessed if you still don’t pay, but this isn’t a given. Some developers want to keep bothering you for payments and destroying your credit rather than foreclosing. We’re talking months of court battles, legal fees, and heartbreak—all because you decided to stop paying your bills.
We realize you’re sick of paying these vultures, but the aggravation of being harassed and hounded isn’t worth it.
The Bottom Line
Overall, the expense of attempting to get you out of a wyndham timeshare contract is not cheap, and it varies greatly based on the circumstances. But don’t despair; there are various options for getting out of a timeshare contract, including drafting a letter to the timeshare business yourself, hiring a lawyer, or having the timeshare company do it for you. You can check out this article to know more on how to create an anantara vacation club timeshare cancellation letter.
Before you hire a corporation or a lawyer to assist you in getting rid of the property that’s now giving you worry, it’s wise to look into all of your alternatives. We’ve covered a lot of ground in this essay on getting out of a timeshare. As a result, you must exercise extreme caution from the beginning since canceling a wyndham timeshare may be quite costly.