When my husband and I were younger, we attended one timeshare seminar in Hawaii in order to get free tickets to a luau. The lady who signed us up insisted that it will take no more than 1 hour of our time. It was 3 hours later before we were finally able to leave the premises without signing a contract.

A timeshare is no deal.

When you factor in how much you have to pay to initially purchase a timeshare, the yearly maintenance fees (which may increase with time), and other transaction fees if you choose to stay at another resort, you end up spending more money than you are saving in for lodging with a timeshare. And do not forget the cost of flying or driving to your timeshare destination each time you visit. There are some timeshare that is based on a point system that you can then use for a cruise. But when you call to book a trip for a cruise there is often a fee that you have to pay in order to complete the booking. You will find that it will be much cheaper to get a good deal on a cruise than to pay for the timeshare. That is why I find it so amazing that one of my co-workers recently returned from his vacation owning one.

But I already signed the contract!

Timeshares are very difficult to sell. Most people never get rid of them. Like a mortgage, they go on your credit report. Once you signed the contract, you cannot just walk away from the timeshare because it will show up on your credit report even if you paid the deposit.

The company selling the timeshare does not want it back either. They have a hard time selling them in the first place. Why do you think they always offer these incentives for free tickets to popular tourist destinations in order to lure you in for the sales pitch?

How to get rid of timeshare

You can try selling your timeshare on at an auction site such as ebay. You might also want to visit the timeshare users group (Tug2.net) or timeshares.com to list your sale. Unless your timeshare is in a popular vacation spot, you will not get much for the sale. But at least you will not have to pay the yearly maintenance fee if you get someone to take it off your hands.

You can try giving it to a charity. The charity can then sell it at a fundraiser. But if you still have a loan on the timeshare, then you will have to pay off the loan first before a charity will take it.

You can try giving it back to the developer. Notice that I said giving because the developers will never buy it back from you. They will not want to go through the hassle of reselling something they already gotten rid of.

You might want be able to find other timeshares owners in the property who might be interested in buying yours. The management company should be able to help you with this. But make sure to stay away from agents who offer to sell your timeshare if you have to pay them a fee in advance. Unlike purchasing a house, an agent will not be any more effective than you in trying to unload a timeshare.

Try renting out your week of the timeshare. Try putting up your sign in the laundry room or talking to other timeshares owners in the property. My husband and I rented a timeshare from a listing on ebay. The seller has good feedback from other people that rented from him before. The guy contacted the management company and let them know that we were his guest after we paid with paypal. Once our names were in the system, we dealt with the management company directly in making our reservations for the timeshare.

How to purchase a timeshare

If you buy a timeshare, make sure the resort you make the initial purchase is a popular vacation spot that you would like to visit over and over again such as Hawaii. Having a timeshare in a popular place will ensure that you can find someone to pay for your week if you cannot go. You will also find it easier to trade your week in Hawaii for some other location than if you own a timeshare in Arizona.

Buying a timeshare from someone selling a timeshare will give you the most bang for the buck. The resale value for timeshares is at least 50% less than what the owner originally paid. And make sure the property is well maintained. How much fun is it to visit a place every year that is falling apart? The Holiday Group resells timeshares at a fraction of its original purchase cost. Google will bring up more listing if you are interested in purchasing a timeshare.

Until next time and thanks for stopping by.