Does anyone have any suggestions on the best way to use a timeshare, or to sell one?
Linda from Thayer, MO
We use ours for a week away for our wedding anniversary every year, then Thanksgiving every year.
If you want to sell yours, use the person at your home resort.
If you don't like your home, trade for a week at different ones until you find one you like. If you can't go, consider renting it. If that doesn't work, sell. However, the cost of vacations is constantly going up, so this is probably the best bet, especially in the future.
Unless you really love your resort - get out!
It took me almost a year to get mine sold - on the beach in NC - deeded - week of July 4th. I'd paid almost $10,000 with financing, and managed to sell for about $1500 - enough to cover the "special assessment" and broker fee. Don't be surprised if the resort you bought from won't sell it for you - a lot of them won't.
REI and exchange programs can be expensive, and you have to keep paying for them. My personal opinion - I'm glad I got out when I did.
If you can't sell it, advertise it for rent on your own.
( I live in NC, and beach property on 4th of July goes for 900 - 1500 a week! )
Do a search on free ads near the area you have, as well as nationally. Rent your week out, without going thru a broker. If you don't use it, the resort rents it out. I know, because I rent them locally. You can use paypal, so you can make sure you and the renter get what you want out of it. or have them pay in advance, by check, and make sure it clears, before you ok it. ( Allow at least 2 weeks for checks to clear.) The money you make will pay for the payments, and you will still own it if you want to use it. ( Or pass it on to your kids)
No, I don't work for any timeshare...Just been using them for years. You can do a search like you want to rent property at the place you own, to find out what the going rate is for the time you have it..
It's another option you have, to selling, if you have already paid alot on it.
If you can't sell it, donate it to either a church or any charity that is having a drive. Years ago I owned 4 time sharing weeks, 2 @ one place, 2 @ another place. One of the places that I owned was located in Cape Cod, Mass. and was offering time sharing weeks for $1. each, THAT'S RIGHT, $1. Many of the owners could no longer afford the maintenance fee, which climbs every year. So the resort got back the condo since the prior owner defaulted. Now all they are looking for is someone to pay the maintenance fee. Otherwise all the other owners have to absorb the losses from other owners that default. I was lucky enough to sell 3 of my time sharing weeks. One I sold to a gal that was a time sharing agent. The other 2 weeks, I sold to a couple that I met while using my time sharing exchange in California. Didn't make much money on selling but I was happy to get rid of them. I would recommend that if you are not happy there, sell, sell, sell or donate.
Don't consider buying one! ....
You generally can go to any resort area and locate places that sell & rent timeshares. Much cheaper to rent without the years of obligation.
They are so easy to buy and almost impossible to sell.
This is not an investment and generally a money loser & comes with continuing maintenance costs until you can get rid of it.
ugh...buying a timeshare was the worst financial mistake we ever made! We even bought the "BONUS" package...we were supposed to be able to go WHENEVER we wanted. The only problem...they were always booked! I called once and they said the only time we could get in was on a WEDNESDAY, ONE night!...four months from the date I called! RIDICULOUS! It took us four years to finally find a buyer all the while we had to pay maintenance fees of $60 per month. It cost us $12000 to buy it, we sold it for $1000. There was no money back to us because of brokerage fees. Makes me sick to my stomach to think about it but what's done is done. All I can do is advise people to not get sucked in to their little scheme that they got going on when they show you the place! If you want to go to a resort you can usually find people renting out their space. Our resort would NOT help us sell and they wouldn't even let prospective buyers in to see the resort. We ended up selling to someone who buys them up cheap and rents the weeks out.
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How can I get rid of my time-share without it costing me a bunch of money? It is a Wyndham with 126000 points available on the odd years. My husband and I enjoyed the accommodations, but he passed away almost 5 years ago and I neither want it, or need it now.
I am willing to give it away, but I don't want to pay the $2000+ that the companies want to charge me. I would like for the new owners to pay the cost of transferring the deed. The maintenance fees are $36 per month, but that is money down a rabbit hole because I'm not using it. Anyone know of a solution?
By Pat M.
Yes, put it for sale contingent of the buyer paying the $2000. If some one wants it badly enough they will pay it. Do not give it away but sell it cheap enough that the buyer will not mind paying the $2000.
Where are you getting your 2000.00 figure. You can sell it for what you want. Just find the clerk of court in whatever county your timeshare is in and find out how to transfer the deed to someone else. We did a 2 party transfer because the second party never got it transferred and it cost us about 65.00. We are now going to give it to my daughter and the only fees will be recording fees.
Call the time share company and find out what county it is in and what their deed transfer fee is. Sounds like someone is taking you for a ride.
(Best of luck.)
I had a similar problem with a piece of property my mom had. I found someone to give it to. Ask around at your church or club. Just put the word out. Or offer it as a prize at a charity auction. I think the $2000 is a fee to a reseller, correct? You could advertise it yourself the same places. I hope some folks thinking of buying a time share read this. I don't know anyone happy with the purchase after a few years.
Whatever you do don't pay the $2000. They won't have any motivation to sell it then. Those resell companies are shady.
My mother had a time share in TN and we all enjoyed it many years. When she died going on 4 yrs ago, none of her heirs wanted it. The maintenance fee was $500 a year and probably would go up. We asked around if someone wanted to buy it from us at a cheap price and no takers. We just let it go back to the time share company and there was no fees. Time shares are not the good deal that they were originally made out to be. Oh they're fine if you use them I suppose but if you've paid for it and own it which you really only own 1 week of the year and share that with 51 other people and then you think oh I can sell and make a profit.....well that ain't so. NO ONE wants to buy them. Just do a search on ebay for time share and you will see people trying desparately to unload them. I wanted to take it for my family of 4 to use but my husband was against it so that was that.