The word “timeshare” has become a dirty word in the world of finance over the past couple of decades. While many owners genuinely enjoy their property, for most, the timeshare is a hole in their wallet that feels more like a trap, they were lured into than vacation. For those looking to shed the obligation of the owner’s dues and mortgage payments, maybe the following ideas will help.
While this option seems to rub in your losses, it can be a very affordable option for those who don’t want to deal with the hassle of selling. Many timeshares can stay on the market for years, even with optimal advertising and incentives.
Donating to charity, however, lets you get rid of a timeshare and reap the tax benefits. There won’t be another monthly fee to pay in upkeep, and you can sleep a little easier at night, feeling as if though you have done a good deed. However, to do this, your mortgage deed must be paid off.
There is an abundance of companies that are itching to sell your timeshare. The problem is not finding someone who will represent you; the problem is finding a company that will sell your ownership. You cannot get rid of a timeshare without proper advertising and a reasonable price. There are far more people trying to get rid of their timeshare than people trying to acquire one.
This creates competition in the reseller market and drives down the prices that other people are offering. Make sure that the company you decide to list with offers a guarantee if your timeshare doesn’t sell. They shouldn’t get paid upfront, but instead should get paid after the sale has taken place, giving them a reason to promote your timeshare to the buying public.
There are many ways to go about this, though most are time-consuming. However, if you achieve success in doing this, you will save yourself costly commissions and be able to know that you got the best deal possible. Selling on eBay is one way to go about this.
eBay is full of people looking to find a deal, and you just may have better chances of selling for a fair price on the popular auction website. If eBay is not an option for you, try to get rid of your timeshare through local classified ads.
Many times, people will look through the classifieds with no intention of making a purchase but will see something that looks enticing for what they perceive to be a steal. The chances of selling are even higher if your timeshare ownership is local to the area you are listing in.
If all else fails, don’t let your weeks just accumulate and expire. Though getting away may not be likely for you, there are plenty of other people looking to rent out a condo in a prime location such as yours. This will justify your fees and may let you break even and possibly turn a bit of a profit.
What basically is timesharing?
In a timeshare arrangement, the owner of a piece of property will rent or lease their property for use in a specified period of time. The purchases is purchasing shares of time much as they would purchase shares of stock! #timeshare pic.twitter.com/1CPi7FskZV
— Timeshare Debt Cancellation (@DebtTimeshare) March 7, 2020
Often, the people that sold you the timeshare in the first place will be interested in repurchasing it from you. Be prepared for an offer price much lower than the price you paid. Vacation ownership companies are in the business of making money so that you will pay a very high cost in the end.
Timeshare development is big business. Remember to count all costs for each avenue of selling, including advertising and commissions. These can add up quickly and make the ownership hole even more significant. Read our tips on choosing and purchasing a franchise.