What You Can Do If You Don’t Like Your Timeshare
For many families, purchasing a timeshare was an excellent investment for their vacations. However, over the years as family dynamics change there may be reasons why a timeshare may not be the excellent investment that it once was. There are a few things that timeshare owners can do if they no longer like, or use their timeshare.
The very first available choice is to sell your vacation property. While the timeshare presenter or seller may have told you that you can always sell your unit, it can be very difficult to do so, and most often requires a financial loss. Timeshares that are most often sold at retail include a variety of other fees that inflate the price. The secondary resale market usually has time shares at a 20 to 30% discount. For a vacation property owner, this result is the opposite of what the original investment was worth. However, this loss still can put some cash in your pocket.
Renting your timeshare may be an option if you have difficulty selling it, or if you still would be interested in using your vacation weeks in later years. For those looking to have a wonderful vacation in an apartment-like unit, a timeshare rental is perfect. Renting out your timeshare may also be easier as there is less paperwork and no advanced or difficult transactions take place.
Another choice is to donate your timeshare. Several timeshare donation companies–often non-profit–will accept your timeshare and then sell it to raise funds for a specific charity. In return for donating your timeshare, you may receive tax deductions that range from $5000 to $40,000 depending on the unit. The donation company can help take your timeshare off your shoulders relatively quickly compared to selling your timeshare, or renting your timeshare.
One of the last choices to get rid of your timeshare is to convert your weeks to points. A few timeshare resort companies may allow you to convert your weeks into points, and then each year after that you can earn more points. The point system allows owners to save, earn, trade, and buy points to arrange for accommodations at destinations within a specific timeshare resort network.
Regardless of how you choose to get rid of your property, be very wary of timeshare scams. There are a variety of scams and schemes out there to give you hope in getting rid of your timeshare, taking your money, and leaving you with no results. Often times, these scams have well-protected contracts that prevent you from taking legal action. Sadly enough, even timeshare donation scams exist.
Timeshares can be a wonderful investment for future vacations, but things to do change. Selling your timeshare or offering timeshare rentals can be one of the most financially beneficial ways to reduce your stake in your timeshare investment. However, the ability to donate your timeshare or even convert your timeshare to a points system can provide you with more options as well.