Timeshare Exit Options

How can I end my timeshare ownership?

The first and best option for any owner is to remain healthy and interested in keeping their timeshare until the expiration date. In the case of Vacation Villas at FantasyWorld, that expiration takes place at the end of 2030. Unfortunately, the realities of life sometimes interfere with the best plans, and an owner might need to find an alternate solution. Below is an outline of the available options that owners might consider if they find themselves needing to end their timeshare early.

THE SHORT ANSWER

This is a rather complex question, but the short answer is that there are five options: sell, gift, donate, consume it faster, or let someone maintain it while it sits empty. We will provide a brief explanation of each option here. Email any specific questions to: OwnerServices@FantasyWorldTimeshare.com

Sell Your Timeshare

Selling a timeshare is about the same as selling a vacation home or any other type of property. It involves marketing to attract potential buyers, selling to convince buyers to spend their money, negotiating a fair price, and paperwork to finalize the sale. Unfortunately, these steps are not easy, and they are time-consuming.

Gift Your Timeshare

Giving your timeshare as a gift to someone who will appreciate it is much easier than selling. There is no need to convince the potential buyer to spend their money, and there is no negotiation of a fair price. The need to market to potential new owners and the need to properly prepare the transfer paperwork remains the same as selling.

Donate Your Timeshare

There are plenty of charities that will appreciate the donation of a pre-paid vacation. Many charities raise funds by auctioning off donated items, and a pre-paid vacation is an ideal auction item. Another alternative is Holidays For Heroes (a 501(c)3 charity) which accepts pre-paid vacations from timeshare owners and provides them to everyday heroes (firefighters, paramedics, rescue workers, police, and military). Consult your tax advisor to understand better how this type of donation will benefit your income tax situation. If you are willing to pre-pay the remaining maintenance fees, this is a great option.

Speed-Up Plan

Speed-Up: Consuming Your Timeshare Faster 

How many weeks of timeshare vacation do you have before the end of 2030? Eight weeks or four weeks? If you pay for your remaining weeks of vacation now and agree to use them all between 2023-2024, you can surrender your deed to the association and be done.

Wind-Down

Let Someone Maintain Your Timeshare While Empty 

Are you done vacationing? If you pay the 2023 maintenance fee and an additional $3,495.07 today, you can surrender your deed to the owners’ association today. Your last vacation at the resort will be in 2023. Use, rent, gift, exchange, or donate it as you see fit. Your fellow owners will use the money to cover your share of the expenses until 2030. This is likely the cheapest way to end early because only the fixed costs need to be paid when your townhome is empty. There are no variable costs while the townhome sits empty. If you are planning ahead, you can choose for any year between now and 2030 to enjoy your final vacation.

Can I use a real estate broker to sell my timeshare?

Most people who need to sell a property hire a real estate agent to help them with the process. These professionals earn thousands of dollars for their services. The average cost of a vacation home in Kissimmee, Florida, is about $250,000. USD. If an average real estate commission ranges between 5-6%, the commission the property seller will pay is between $12,500 and $15,000. A timeshare is a 1/52 ownership interest in a vacation home. Regrettably, it is not 1/52nd the work to sell a timeshare. It is commonly more work to sell a timeshare than selling a vacation home or a traditional home. This is why so few legitimate real estate brokers handle timeshares. Sellers will not pay $12,500 to sell a $5,000 timeshare. The finances don’t make sense for anyone. 

Why won’t the owners’ association take my deed for free?

The owners’ association is an organization made up of all the timeshare owners, including you. Do you want another timeshare? No? What makes you think that any of us want another timeshare deed? If you are leaving enough funds to pay for the expenses, we will take the deed as a courtesy, but otherwise, no timeshare owner needs the burden of paying their own expenses and yours too. 

Why do I need to pay to end my timeshare?

At some point in the past, every Vacation Villas at FantasyWorld owner purchased a deeded timeshare which is scheduled to end after everyone gets their 2030 vacation (2029 vacation for biennial odd owners). Owners who are planning to fulfill their original commitment can just pay the annual maintenance fees, vacation as scheduled, and the timeshare will end after 2030 as schedule. This plan has been in place since the resort was created and has not changed.  

The association's exit strategies are opportunities for owner's who are seeking to change their original commitment. In each case the owners association is offering an option which costs less than the original commitment. These are completely optional, and no owner is required to change the terms of their purchase. The association has no desire for anyone to change the original terms. However, quite a few owners have asked for options and we are simply trying of offer the options we can to allow some owners to end early, while not transferring the financial burden on the owners who plan on vacationing with us until the scheduled end in 2030.   

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