Should you Sell your Timeshare or Donate it?

Should you Sell your Timeshare or Donate it?

There is no point in owning a timeshare that doesn't interest you any more as you'll have to keep spending an annual fee on its maintenance. If you have enjoyed enough number of vacations with your timeshare property and no longer have any use of it, then you can sell your timeshare. But if selling is proving to be difficult, you can donate your timeshare to a charity.

Why donate?

Selling your timeshare is effort and time intensive. If you have a busy work life and do not have the time to advertise your timeshare, it is best you donate it to charity. You can also engage the services of a timeshare resale company, but there are so many unscrupulous ones that choosing a reliable resale partner can be a big hassle. Once you find a resale company, you will have to bear certain costs. This includes costs charged for advertising the property, paying commissions to dealers or real estate agents and so on. Instead of spending on selling your timeshare at a loss, it may make sense to donate it to a charity organization.

Who can you donate it to?

There are a lot of charity organizations that accept timeshare donations. Find a company that can sell your timeshare property for you and donate the sale proceeds to a charity. But make sure you go through a legitimate company that can help you sell the property without any unreasonably high fees and charges.

Before you donate

You can donate a timeshare only if it not mortgaged. Don't think that you can get rid of a mortgaged timeshare by donating it, because charitable organizations do not accept timeshares that have loans due on them. So make sure that your entire mortgage, maintenance and other dues are clear before you donate it.

Other benefits of donating

You can benefit from tax write offs when you donate your timeshare to charity. This may not be a significantly large amount, but something's better than nothing. You don't have to deal with any expenses, which is not the case when you sell your timeshare.

Here is a look at some of the benefits of donating your timeshare

You won't have to pay any upfront costs to timeshare dealers or companies when you donate your property.

The process of donating your timeshare is simple and much quicker than the tedious job of selling it. Most of the charitable organizations take care of all the paper work including transfer of ownership.

When you donate, you are helping somebody who needs the money more than you do. You can donate it to any cause you like, as most charitable organizations will let you choose the cause to which the amount can be donated.

In the long-run, you will be saving a lot on the maintenance of your timeshare property.

Selling your timeshare is a complex process unless you have a reliable resale partner. Donating is a socially-responsible way of getting rid of your timeshare.

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