Trying To Sell A Timeshare? Look Into These Alternatives
Many people buy a timeshare with the full intention of using them to take vacations every year.
It is not entirely uncommon however that you end up finding that you don't use your timeshare as often as you had originally planned.
At this point thoughts of selling a timeshare usually pop up.
The unfortunate reality, though, is that selling a timeshare can be an arduous task.
It is much harder to sell your timeshare than a regular piece of real estate like your home.
Furthermore, the price normally goes down, not up.
For this reason, there are sometimes better alternatives to selling your unit.
Here they are: One of the best alternatives you can consider is simply renting your timeshare.
You will find a ready list of prospects to rent for a week.
Tourism is still a nice industry, especially if you have a desirable location and time.
You can place ads online, place ads to "sell a week" on auction sites such as eBay, network on your social networking sites like Facebook, and even place your unit for rent for the week with real estate agents and other professional outfits with ready prospect lists.
Make sure to do research with prices for comparable hotels and factor in payments required for advertising and possible commissions for placement: you may find out that fiscally it is a better deal than selling.
You also still own your unit in case you decide you do want a vacation every five years and then work the other four off years on renting.
Remember the cost of a hotel stay will go up, but your loan payment probably will not.
Another possible choice is utilizing the timeshare exchange infrastructure.
Many organizations such as RCI already have an exchange infrastructure you can utilize in case one year you want to go to New York and the next year you want to go to Hawaii.
Besides the developer and source where you purchased your unit, there are other online exchange companies which can help you out.
The downside is that you will still be forced to take a vacation every year and if this was the reason you are thinking of selling in the first place, it may not be helpful.
However, you may end up finding that it will be easier for you to take a vacation in one of the areas available for exchange than your original location.
Another option is that if you want to get rid of it altogether but selling for less than 50% of the purchase price is too much, you can see if you can donate it to charity and have a bigger tax write-off in the process.
If it is a hassle having this asset (or liability) on your books, this will take it off your books.
You can donate it similar to how you might donate any other asset you own: real estate, automobile, etc.
Check with your accountants first.
It might also be tricky finding a charity that could use this vacation getaway often, but it would possibly be better than you having it and not utilizing it.
Good luck with figuring out what to do with a timeshare you purchased.
I hope this has been helpful.
It is not entirely uncommon however that you end up finding that you don't use your timeshare as often as you had originally planned.
At this point thoughts of selling a timeshare usually pop up.
The unfortunate reality, though, is that selling a timeshare can be an arduous task.
It is much harder to sell your timeshare than a regular piece of real estate like your home.
Furthermore, the price normally goes down, not up.
For this reason, there are sometimes better alternatives to selling your unit.
Here they are: One of the best alternatives you can consider is simply renting your timeshare.
You will find a ready list of prospects to rent for a week.
Tourism is still a nice industry, especially if you have a desirable location and time.
You can place ads online, place ads to "sell a week" on auction sites such as eBay, network on your social networking sites like Facebook, and even place your unit for rent for the week with real estate agents and other professional outfits with ready prospect lists.
Make sure to do research with prices for comparable hotels and factor in payments required for advertising and possible commissions for placement: you may find out that fiscally it is a better deal than selling.
You also still own your unit in case you decide you do want a vacation every five years and then work the other four off years on renting.
Remember the cost of a hotel stay will go up, but your loan payment probably will not.
Another possible choice is utilizing the timeshare exchange infrastructure.
Many organizations such as RCI already have an exchange infrastructure you can utilize in case one year you want to go to New York and the next year you want to go to Hawaii.
Besides the developer and source where you purchased your unit, there are other online exchange companies which can help you out.
The downside is that you will still be forced to take a vacation every year and if this was the reason you are thinking of selling in the first place, it may not be helpful.
However, you may end up finding that it will be easier for you to take a vacation in one of the areas available for exchange than your original location.
Another option is that if you want to get rid of it altogether but selling for less than 50% of the purchase price is too much, you can see if you can donate it to charity and have a bigger tax write-off in the process.
If it is a hassle having this asset (or liability) on your books, this will take it off your books.
You can donate it similar to how you might donate any other asset you own: real estate, automobile, etc.
Check with your accountants first.
It might also be tricky finding a charity that could use this vacation getaway often, but it would possibly be better than you having it and not utilizing it.
Good luck with figuring out what to do with a timeshare you purchased.
I hope this has been helpful.
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