Can’t Sell Your Timeshare? Here Are Some Alternatives
Many people originally get involved with timeshares with the full good intention of using it every year to take a vacation. However, realistically speaking, there is a good percentage of those folks that find they end up not using their timeshare. When this happens, the timeshare ends up unused even though the owner continues to pay the maintenance fees and if applicable the loan fees. Many owners may then consider selling their timeshare. While this is a viable option, selling a timeshare can be quite tough. Not to mention that when it finally sells, it is common for it to sell for less than the purchase price unilke a house or a condominium. If you are already having issues selling your timeshare or you are simply considuering it, here are a few alternative options to consider:
One of the best alternatives to selling a timeshare is to rent your timeshare instead.
hile many people already pass up timeshare buying opportunities, people still take vacation all the time. Renting is a much easier committment to swallow than buying so you will find plentiful prospects for renting. One possibilty is going back to the source you purchased from to see if they have any rental resources. Otherwise, you can put an ad in the many online advertising sites and ad sites. You can post your ad on auction sites listing your unit “for sale” for that year. You can even place your unit for rent with a real estate agency since they have a ready list of prospects. Do your research and diligence and know what a comparable hotel stay costs compared to what your timeshare property offers in the way of amenities. Consider in the possible perentage or fees paid for advertising. You may find it a better fiscal opportunity. The downside is that you would have to repeat every year you don’t use your unit, but the upside is you may get more money and you also can still use your unit if you do find you can take a vacation.
Another choice you might look into which is common is an exchange.
Timeshare exchange is getting popular with many people facing problems with fixed schedule. And also many people get bored of going to the same place over and over again and they want a change. Timeshare exchange enables them to exchange their timeshare unit with similar unit at other timeshare location and at different time. Most timeshare companies have this facility and offer free exchange in the first year and charge a free from there on. But you can also go directly to a good exchange company and place your unit for exchange. But you have to remember that you can trade in only similar units only. You can’t trade in a one bedroom for a two bedroom. Also you cannot rent the exchanged timeshare to somebody else. You may also be charged a fee for this service and you will get a timeshare in exchange depending on availability.
Another option is that if you want to get rid of it altogether but selling for less than 50% of the purchase price is too much, you can see if you can donate it to charity and have a bigger tax write-off in the process.
If it is a hassle having this asset (or liability) on your books, this will take it off your books. You can donate it similar to how you might donate any other asset you own: real estate, automobile, etc. Check with your accountants first. It might also be tricky finding a charity that could use this vacation getaway often, but it would possibly be better than you having it and not utilizing it.
Good luck with figuring out what to do with a timeshare you purchased. I hope this has been helful.
Looking to find hints on how to sell timeshare, then visit Emil’s site full of tips and advice related to all things a timeshare and more.
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