Though it is easy to become an owner of a timeshare in popular holiday destinations such as Spain, France, and Italy, it is often quite difficult to get rid of one. Because you are normally under a legal contract to pay fees and other maintenance costs, you cannot simply terminate a timeshare contract. Unless you are able to cancel your contract, you can expect to lose money disposing of your unwanted timeshare.
Cooling Off Period
If you get cold feet on a timeshare deal quickly, you may be able to cancel the contract using the “cooling off period.” Essentially, a cooling off period is a set amount of time that allows you to cancel a contract without penalty. The timeshare contract itself may also allow a period of time within which you may cancel. You should carefully study terms before signing, to determine what your cancellation rights are. If you do decide to cancel the contract through either the cooling off period or the contract’s cancellation clause, make the cancellation request in writing and within the proper time frame.
Selling the Timeshare
If you are unable to cancel your contract, you have the option of selling your timeshare, however selling a timeshare can be tough, as there are generally more sellers than buyers in the timeshare market. Even worse, you will generally have to sell for far less than you paid; often you can expect your timeshare to sell for 20 to 60 percent of your original purchase price. There are a number of ways to sell a timeshare; you can try to sell yourself, you can use an estate agent, or you can use a timeshare reselling service.
There are a number of organisations that will help you to sell your timeshare: While some are legitimate, there are also a number of unscrupulous players in the field. Before signing a contract, you carefully check out any company that offers to sell your timeshare.
Donating the Timeshare
Another option for getting out of a timeshare contract is to donate the timeshare to a charity. The primary advantage of donating the timeshare is that the process can be quick, allowing you to stop paying the maintenance fees and other fees. The primary downside is that donating the timeshare will result only in a tax deduction that will often represent just a small portion of your total investment. Also, you generally must own the timeshare without any remaining mortgage, to be able to donate the property.
As you can see, selling a timeshare is often not a straightforward process, and many buyers later regret their decision to buy. Instead of making a rash timeshare purchase, look at one of the many sites offering fabulous holiday accomodation at great prices such as www.puglia-italy.co.uk. Here you will find a great selection of holiday properties, plus a hotel directory.