Timeshare Resale vs Cancellation

Whether due to financial changes, evolving vacation preferences, or other life circumstances, deciding the best way to exit a timeshare can be challenging. This blog compares two primary options: timeshare resale vs cancellation. We’ll dive into how each works, their pros and cons, and help you determine the best choice for your situation.

But before delving into cancellation and resale, it’s important to understand the rescission period. This is a brief window immediately after purchasing a timeshare during which you can cancel the agreement and receive a full refund. The duration of the rescission period varies by state, typically ranging from three to fifteen days. Always check your state’s specific laws to see if this option is available to you.

How Does Timeshare Cancellation Work?

Timeshare cancellation, also known as timeshare exit, involves legally terminating your ownership. This process usually requires the assistance of a specialized company that can navigate the legal and contractual complexities involved.

Here’s what you need to know:

Pros of Timeshare Cancellation

• Cancelling your timeshare will stop you from having to pay ongoing maintenance fees or other related timeshare financial obligations.
• Once cancelled, you no longer need to worry about the hassle of scheduling vacations.
• You won’t pass down the financial burden, as timeshare obligations are often inheritable. For ways in which to legally refuse timeshare inheritance check out our helpful article here.

Cons of Timeshare Cancellation

• Timeshare cancellation companies can be expensive. Our Best companies to sell timeshares article will help you answer additional questions.
• The cancellation process often takes months to complete.
• Timeshare Cancelation companies have been associated with a number of unscrupulous strategies, some may simply cause unsuspecting owners to default on their ownership harming your credit. Do your research and find out precisely what the cancelation company is doing on  your behalf.

How Does Timeshare Resale Work?

Timeshare resale involves selling your timeshare. This can be done independently or through a resale company. The process typically involves advertising your timeshare, finding a buyer, and transferring ownership, often with the help of a resale agent (download our timeshare sale tips here).

Pros of Timeshare Resale

• You may recover some of the money you initially invested in the timeshare.
• Although rare, you might profit from the resale.
• You have some control over pricing and negotiations.

Cons of Timeshare Resale

• Most timeshares have limited resale value.
• Finding a buyer is often challenging; finding one willing to give you the price you ask even more.
• Selling a timeshare often involves additional costs for advertising on top of agent commissions and transfer fees.

Deciding between timeshare cancellation and resale depends on your unique circumstances. If you’re struggling with the financial burden or no longer use your timeshare, cancellation might be the better option despite the upfront costs. On the other hand, if you believe your timeshare has resale value and you’re willing to invest the time and effort, reselling could be a viable choice.

No matter what you decide, thoroughly research your options and seek advice from professionals to ensure you make an informed decision that best suits your needs. If you choose to cancel your timeshare, check out these popular timeshare removal options.

Timeshare Specialists offers unique services to help you successfully exit your timeshare, as well as free expert advice. Contact us at 800-969-6565.