It’s an all too common scenario for many timeshare owners. They’ve grown tired of their timeshare, had too much trouble exchanging it, or they’ve suddenly realized that they’re never going to use it again, yet they continue to pay annual timeshare maintenance fees on it until they eventually decide to take action.
If you’re one of these described timeshare owners, you may try to sell your timeshare hoping to get a little return on your investment, only no buyers ever materialize. After shelling out anywhere from $500 to $1000 to list your timeshare through a listing company, you start to realize that the intention of making money off your timeshare is no longer a viable option. So, like most timeshare owners, you develop what you think is the best way to get out of timeshare property by trying to donate.
Think about it. You are giving the recipient a real bargain with a free timeshare. Who would say no to such a steal? However, timeshare donations don’t occur as often or as easily as many buyers would like. Those looking to donate their timeshare to a charity or non-profit will most likely find themselves out of luck. Many charities, once they learn the property in question is a timeshare, will decline the offer.
Foundations run on a tight budget, so they can’t afford to add any potential liabilities to their list of expenses. This, coupled with the fact that timeshares can only be used during certain weeks, make the purchase less practical for charities with small bank accounts. The larger charities will often decline properties for reasons other than money. Simply put, they have access to a variety of real estate properties, with added bonus of having more control of the usage of said property.
Another issue facing potential donations is the location of the timeshare. There are many timeshares on the market in popular locations, and there are also many discounts available to foundations in popular cities, where they will usually receive tax breaks for hosting events if they team up with other charities and non-profits. A timeshare property is an added, non-tax deductible expense that the foundation will have to take on. The weight of a timeshare property provides little incentive for the average charity organization. And with so many timeshares on the market it only makes sense to try and rent timeshare property.
Timeshares are responsibilities as much as they are vacation packages. Do the research when trying to relieve yourself of the timeshare burden, and make sure you don’t spend money trying to donate timeshare or resell it on the timeshare resale market.
Owners who have trouble selling their timeshare, even after paying hefty upfront listing fees, often times implore the aid of a timeshare ownership transfer company such as Timeshare Relief to successfully get out of timeshare contracts forever.
David MacMillan is the President/Owner of Timeshare Relief, Inc.