Most times people look at their yearly timeshare or fractional ownership statement and wonder how to get rid of timeshare maintenance fees.
Well directly, there is no way to erase the maintenance fees from your timeshare payment obligation, particularly if you've signed a contract.
And as we know, a contract is binding.
But there are options to getting out of your timeshare agreement altogether. If you love your timeshare, and you are only just stressed out about the maintenance fees in which you must pay on the vacation property, you may consider options which allow you to keep your timeshare, but offset some of the expenses in owning one.
One way to get rid of timeshare maintenance fees, is to rent your timeshare for a premium which covers the fees to maintain your fractional ownership property.
There are many companies which provide you with tenants for your property. But be advised that a timeshare rental company should NOT promise you the stars and the moon. And unless you have a timeshare that's say a Marriott or Ritz Carlton property, you may have to wait a while to find a suitable renter through a timeshare brokerage company. Many times, you'll have a better opportunity to rent your property by asking friends and relatives if they want to in fact rent it.
Another great way to eliminate your timeshare maintenance fees is by getting rid of your timeshare all together. There are tons of reputable companies who can help. Just remember that its unlikely that you'll be able to make money on your fractional ownership property unless its a sought after property in a hot location.
Lastly, there are other ways to get out of a timeshare agreement and cancel your contract. You might also want to consider a timeshare swap. If there is a timeshare that you really love, you might consider contacting a timeshare broker to help you do an in kind trade. This way very little if any money is exchanged. You're only taking your name off of one property and putting it on another.
Some other options to consider when trying to cancel your timeshare agreement:
Do your research on the timeshare rental/buy/sell company.
Be aware when a company over promises. If it sounds too good to be true. It is.
Be cautious regarding timeshares. You should know that fractional ownership properties are typically hard to move. This fractional ownership industry is susceptible to fraud because of so many people who will do just about anything to get out of a timeshare.
Contact a timeshare attorney if you suspect that your contract may have issues in it, like misrepresentation or other issues with fraud. Also give your state's AG a call as well.
Be advised that timeshares are hard to sell. And rarely ever get more than 60% of it's original sale price.
Fractional ownership properties can be a real headache. Sometimes people just have buyer's remorse.
Luckily, getting rid of timeshare maintenance fees are possible through the rental or resale of your property. You just need to vigilant and realize that fraud sometimes persists in this industry, but good companies are around.