Why Timeshare Cancellations are Better Than Resale

Timeshares drain people dry. Millions of vacationers regret making the purchase every year. Luckily, there are options for people who want to get out of the agreement. Some people decide to sell their timeshare to another person. While this may seem like a wise idea, this article will explain why timeshare cancellations are better than resale.

Resale Scams

It’s incredibly challenging to sell a timeshare. One of the reasons this is true is that there are so many of these properties on the market. Buyers are more likely to invest in a new property than a used one. Since timeshare resales are so rare, some individuals take advantage of the situation by running scams. Owners may believe they’ve found someone to relieve them of their financial burden when, in reality, the person is trying to get more cash out of them. Since the resale market is scarce, and there are many gimmicks out there, it’s better to cancel your timeshare than sell it to someone else.

Tax Implications

People buy timeshares because they believe they’re an investment. This statement, however, couldn’t be further from the truth. Timeshare owners lose tons of money on the property every year. Sadly, this pattern will only continue if you decide to sell. For starters, you’ll have to sell the property for a much lower price than what you bought it at to attract buyers. The IRS occasionally lets people claim bad investments as capital losses on their tax returns. Unfortunately, this rule doesn’t apply to timeshares. You can’t claim your timeshare as a capital loss on your returns.

Canceling Is Less Stressful

If you work with a trusted timeshare exit company, cancellation is much less stressful than selling. Owners get overwhelmed trying to find a buyer within a tiny market. People must also be wary of scams. In addition, there’s a fair amount of uncertainty when it comes to putting your property up for sale. What if the deal isn’t finalized correctly, meaning you owe a ton of money in the future? You’ll have much stronger peace of mind if you’re sure your contract has ended lawfully.

There are so many reasons why timeshare cancellations are better than resale. Selling your vacation property is a fairly shaky undertaking. There’s no guarantee that things will be done properly, and the process could affect your financial future even more. So, please, consider canceling your timeshare today.