Inherited A Timeshare?
Have you recently inherited a timeshare from
family or parents? If so there are probably plenty of
questions you'll need answered. How much is it worth?
How can I sell a timeshare? Can I rent my timeshare
resale? Do I have to pay the maintenance fees? For answers
to questions like these please read the rest of this
page to shed some much needed light on these questions
about timeshares.
What Should I Do With My Timeshare?
Chances are, if you've recently inherited a timeshare
you might have been there a few times on a family vacation.
In such cases you might have an idea of it's value on
the resale market. If not the first thing you'll need
to do is determine how much it's
worth.
The next thing you'll need to do is understand how
it works. Basically if your family has owned it outright
for a few years there are no payments to be made. All
you are responsible for are the maintenance fees. These
fees are paid to the resort annually or biannually
depending on whether you can use it every year or alternating
years, odd or even. These fees cannot be ignored and
once the resale is in your name, not paying them can
affect your credit score adversely.
Let's say you like the location and the resort so you
might want to keep it. That's fine, just keep paying
the maintenance fees and all is well. However,
should you want to offset some of those fees each year,
renting the unit might be the answer. Most resorts in
a good vacation area fetch at least $1,000 per week
for a one bedroom timeshare, more for two and three
bedroom resales. As long as your maintenance fees are
paid this can be done easily. See Renting
Your Timeshare.
If you don't want to rent it then perhaps you would
like to sell this vacation resale property. There
are several ways to go. You can do it your self like
we suggest on this website. See timeshare
sellers for information or you can conduct a search
on the Internet for different companies that will sell
it for you. Be careful as there are many companies out
there scamming timeshare owners left and right. Check the Better
Business Bureau and don't fall for the lies and
promises made by these companies. If it sounds too good
to be true it usually is.
Let's say that selling or renting your resale is not
probable or possible. You might want to consider donating
your timeshare to charity. There are a few companies
that will pay for the title or deed transfer and allow
you to get out from under your resale without any more
to do. Although this option might sound feasible we
suggest you try to sell it at least once before you
donate. If you keep your price low you should be able
to make something off of it instead of just giving it
away.
All in all, inheriting a timeshare is not the end
of the world. Just remember you are not in possession
of true real estate, selling it will not get you rich,
and doing nothing with it will hurt your credit. Make
sure to do your homework before you go with any
company. Watch out for resale companies that promises
to sell it fast or for a lot of money. Be realistic
about what you have and what it's worth and the rest
of your time with this resale will be happy.
If you need more help or have additional questions
you may contact us and we
will be happy to provide you with any additional help
you need.
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