Timeshare-Your Timeshare Resale Made You Bankrupt?

Timeshares over time have received a bad rap. When you go to Hawaii you can get 50 to 75% off the price of most activities by attending time share sales presentations. And then it becomes a number game, which the time share sales people know by heart. 1 in 100 attendees probably buys and has to pay for all the discounts given to the other 99 attendees and the salesman's commission. That's why it is not a good idea to buy a timeshare at these presentations. You can buy good timeshares at resale timeshare companies and there are quite a few available on the Web today. You can buy them at 50 to 30 cents on the dollar and even at those discounts you have to be very careful that you get value for your money. Because; You now have a fixed place to go to every year. If that turns you on, good for you. There is a yearly maintenance fee that can be fairly steep. You may be able to get similar accommodations in the same area at a hotel for the same amount as the maintenance costs for the timeshare WITHOUT BUYING A TIMESHARE. To make timeshares more palatable to the general public there are some new twists such as: A timeshare that you can only use one week every 2 years. That way the annual maintenance fee does not seem so high. And then there is the rotating timeshare so you're not bound to a specific time every year. But you don't find out how much of a hassle it is to get your desired week until you try to fill out the paperwork. How about the new "Destination Clubs"? At first, they seem like time shares, but the "club" says they're completely different. Most prices are sky high, up to $1,000,000 -- but there are clubs offering memberships from $4,000 to $20,000 a year. They say if you decide to leave the club, you'll get 80 percent of whatever the current membership sells for, thus gaining equity. They have many names, but in actual fact you're still buying into a program that qualifies you to use a hotel room, resort, condo, home, airplane or houseboat or other domicile for a set period of time every year, ranging generally from one week to several weeks. In Cabo San Lucas Mexico a 1500 sq foot 1 week oceanfront timeshare with all the bells and whistles sells for $35,000 which will give you the use of the timeshare for 20 years. On top of that you pay another $1200 per year maintenance. So for 20 weeks use of this oceanfront property you pay a total of $59,000 being $2950 per week. The question then becomes; can I get a 1500 sq foot oceanfront condo for $2950 a week? So caveat emptor. Do your research into similar accommodations in the same area before you buy that timeshare. After you buy the timeshare there may come a day that you may want to sell the timeshare.And nobody wants it. What now? You try Ebay, but your timeshare is not during high season but during low season and it is in Brampton Missouri. When you try to sell it you find out that there are 945 other timeshares for sale on Ebay. So there you are with a timeshare you are bored with after 10 years and you can't give it away and you are still saddled with the annual maintenance costs.. Most people at this point will just walk away. Pity! Just give it away. Yes you can, there are now charitable organizations that will take your timeshare. So why donate your timeshare? No Cost to You Fast and Easy Process Get a Tax Write-off Save Money in Broker's Fees No More Maintenance fees, Taxes or Special Assessments Why should you donate rather than sell? There are literally thousands of timeshare owners eager to sell their timeshare. Listen to this scam, it's a real doozie. Many owners have been roped into paying a listing company an upfront fee of $300 to $1000 to list their timeshares for sale. Typically, a listing company representative is able to talk the seller into the listing price by saying the timeshare has a resale value many times the actual amount. Some people cannot believe that their timeshare is actually worth so little. Once the seller pays the listing fees, the timeshare does not sell because of the unbelievably inflated price. At the end of the one-year listing contract, the agent calls the seller and attempts to get them to re-list for another $300 to $1000. In the meantime the seller has not made arrangements to use the timeshare, expecting it to sell. In addition to listing fees the seller has also been paying maintenance fees and taxes on the property. Often times a seller will spend $4000 trying to sell a property that will eventually sell for only $1,000 to $4,000. By making the timeshare a charitable donation donors can get rid of their property in a matter of weeks at no cost to themselves while getting a tax write-off. By donating, timeshare owners capitalize on their profits while also assisting charitable organizations. Before you give away your timeshare spend half an hour with an accountant or a tax lawyer. It will pay for itself.