With the pandemic causing all non-essential travel to come to a halt in the past two years, many timeshare owners have been desperate to get rid of their shares.
Nobody could have predicted the devastating effects of COVID-19, and it may have been a great idea to purchase part of your favorite resort prior to the pandemic.
However, you may now be wondering how you can get rid of your shares.
Not only are you paying for a holiday home that you are unable to safely travel to, but you may now also be financially limited due to the impact that several lockdowns have had on the economy.
Although many timeshare companies have provided necessary adjustments to their contracts to accommodate for the changes caused by the pandemic, many people are still looking to get rid of their timeshare.
Here are some of the best ways to navigate a timeshare exit after the COVID-19 pandemic.
The most obvious answer to getting out of a timeshare is to sell it. Find a new buyer that will take if off your hands, so you are no longer responsible for the annual payments.
This sounds a lot simpler and easier than it actually is. In reality, it’s fairly difficult to sell your timeshare because you need to find somebody who wants the same resort at the same time of year that your timeshare covers.
Not the mention the difficulties of traveling abroad adding an extra layer of complexity to the issue.
Often, the reselling price of a timeshare is much lower than the original price you paid for it, so keep your expectations low.
Some timeshare companies refuse to end a contract early, regardless of the global situation. After all, you have signed a contract and you are bound by law to pay the full term.
Other companies might accept a premature contract termination, but this will likely come at an exit price and this can be quite hefty.
For example, if they have a resort that is within driving distance from your home, this might suit you better than your original resort abroad.
Timeshare companies may be more willing to exchange timeshares to adhere to social distancing measures post-pandemic. It’s always worth contacting them to discuss your options and negotiate a mutually beneficial deal.
It’s in their best interest to keep you as a paying part owner of one of their resorts, so they are likely to be as accommodating as possible.
Ask for a Break
If you’re unable to sell your timeshare or negotiate the terms of your contract, consider freezing the contract for a couple of years.
This will give you time for the pandemic to calm down and for travel restrictions to lift a little before you return to the holiday home. It also gives your bank a break so you’re not paying for a resort that you can’t travel to.
Before you ask the timeshare company whether this is possible, make sure you know how long you’d like to freeze your contract and double-check that there are no additional fees for doing so.