If you have bought a timeshare, anywhere, there is a chance that you will want to get out of it, for many factors. However, the worry that it will cost high can be a hindrance, and it’s a justified one. However, luckily for you, in most cases the cost to get out of a timeshare is not as high, as long as you consider a few factors.
Factors Influencing Cost of Timeshare Cancellation
Here are some factors that may influence the cost to get out of a timeshare:
Timeshare Laws of Your Country
Timeshare laws of your country will play a fundamental role in determining how costly will getting out of a timeshare would be for you. These laws determine the recession period, the type of property one is eligible to buy, the time limit and to some extent even the cost. Therefore, depending upon if you are in the US, Mexico, or some other country, your timeshare cancellation cost will be influenced.
Recession or Off-Recession Cancellation
There is a recession period in some states after a timeshare is bought. Within that recession, you can cancel easily and get most of your money refunded immediately. However, once the recession period is gone, the additional charges for procedures may get the cost of getting out considerably higher. Some countries do not even have a recession period.
Quality of the Property Timeshared
Also, note that the quality of the property you have bought will also play a big role. If the property is in a famous location and the space is luxurious, it will cost you undeniably higher if you consider a variety of factors, i.e., the refund you are getting (it’s usually just a percentage), other maintenance charges you’ve already paid, and what the company had to go through to get you this property.
Timeshare Company’s Policies
Lastly, it depends on the timeshare company’s policies too. True, the timeshare laws may have some degree of influence, but in the end, it’s the company itself that has its policies determined within the laws and legislation and may determine how much you will have to pay to get out. Critically acclaimed companies usually are more lenient about the cancellation.
Average Cost to Get Out of a Timeshare
On average, you have to spend about $5000 to $6000 to get out of a timeshare contract, regardless of if you use a timeshare attorney or a timeshare exit company. The cost will get lesser, to about $2000 if you do it yourself, but it will put you through a lot of problems, especially since the contract pile up over time and you have to get out of each one of those contracts.
Note that even if the cost seems high, it would be best if you walk out when you want to walk out because you will be saved from the additional fees being subtracted from your bank account.
To have a general idea, if you’ve bought a timeshare via an elite-level company and the property is in a luxurious tourist spot, the timeshare cancellation cost would be considerably higher. It can be reduced to zero if you cancel within the recession period, though.