“I’m thinking of selling my timeshare, but first I want to know what alternatives are available. Can you help?”
Selling a timeshare is a big decision. If you have had years of happy holidays in your timeshare resort, finally making the decision to part with it can be emotional. If you’re still in two minds about whether selling your timeshare is the right choice for you, then trying out some alternatives first might be a good option.
But what options are available? We take a look at some of the alternatives to selling your timeshare.
Alternatives To Selling My Timeshare: Exchange Your Timeshare
Many timeshare holders forget that there is always the possibility of exchanging your timeshare for one in another resort. Most reputable timeshare companies will have the option for you to exchange your timeshare as part of your contract. You don’t necessarily even need to exchange your timeshare with another in the same locality: it could be anywhere in the world.
However, it’s worth bearing in mind that the likelihood of being able to exchange your timeshare is dependent on a couple of factors. Firstly, availability, and secondly, on the desirability of your particular unit. You should also consider that there may be some fees involved in exchanging in order to swap your timeshare week.
Alternatives To Selling My Timeshare: Renting Out Your Timeshare
Renting out your timeshare can be a great option to help you recoup some of those pesky annual maintenance fees. Do your research, and establish how much you should rent your timeshare out for. Check out our guide to Renting Out Your Timeshare for full details on going about it.
Alternatives To Selling My Timeshare: Deeding Back Your Timeshare
Some timeshare companies will allow you to deed back your timeshare to the developer, or to the owners’ association. You should check your timeshare agreement carefully to check that this is an option for you. If your contract says no, then it’s still worth making a written request to your timeshare property’s management company. They may agree to let you deed the property back to them.
If you’ve got the go-ahead, then there are a few more things to consider before you decide on deeding back your timeshare. Firstly, you won’t get any money back from deeding back your timeshare. However, you will save yourself the maintenance fees that can be so financially draining.
Alternatives To Selling My Timeshare: Donate Your Timeshare
There are some charities that accept donations of timeshare property. Whilst obviously not the ideal solution if you were hoping to get back a bit of money from selling your timeshare. You should also know that, if you donate your timeshare, you’ll only be able to write off its fair market value, whatever that may be. If you’re unable to find a charity to donate your timeshare to, there is also the option of just donating the use of it. However, that won’t be tax deductible, and won’t really get you out of the financial bind of the timeshare.
These are all good options to consider if you’re not quite ready to let go. However, if you’ve considered the alternatives, and concluded that selling my timeshare is the way forward, find a reputable timeshare resale company to help you. There are lots of timeshare resale scams out there, so doing plenty of research and finding a company you can trust is your best option. You could try to sell your timeshare yourself, but this can involve a lot of hard work, and may end up costing you more than is necessary. Whatever path you choose, be wise, be informed, and think everything through before committing.
- Saturday, 23 April 2016 14:23