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Tuesday, August 17, 2010

Smart Options for an Unwanted Timeshare

Timeshares are known as properties that can be passed down to the owner’s children or heirs. As it turned out, many heirs don’t like such idea as they shoulder the costs associated with it. Thus, many of them want to get out of these timeshare contracts. To recover some expenses, they try to sell it first before any other option. The question now is, what is the best way to sell it?

As we all know, timeshares are very difficult to sell, particularly at a decent price like something close to what was paid for it. Usually, the price that you sell it for is generally about the same that you would have to pay in annual maintenance charges. So, essentially you're just giving it away. In fact, one of the problems in trying to sell your unit is that there are many unsold new properties on the market and timeshare sales have suffered significantly from the recession.

Meanwhile, the market nowadays is full of timeshare resale scams. However, you can try to search on the internet and get a look at all of the good deals that are offered that seemingly make it easy to sell and at a good price. Most of these ads will require you to give the sales company a down payment of several hundreds of dollars for them to list it. And as the scam cases reported, you never hear from the company again.

You can also get some compensation out of your unit by donating it to a charity. Most of time, you can probably deduct the cost from your income tax. You could donate it just once a year for a raffle or charity auction, or you can donate it permanently.

Moreover, you can market your timeshare as a rental property. Maybe, some of your friends might be interested in renting the property for the week or two that you own it. With this, at least you'd get enough money out of the rental to pay for the annual upkeep fee. Timeshare properties are nice to stay in and a good to vacation. But remember that you can often rent them rather than own.

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