Most people who research timeshare donation services are hoping to be timeshare free without paying any additional funds. In most cases, their timeshares have already cost them far more money than they anticipated when they attended the initial presentation that convinced them to buy in the first place.
Unfortunately, the way that some timeshare donation companies portray their timeshare exit process misleads timeshare donors into thinking they will actually recoup their initial purchase price and even the “fee” necessary to donate timeshare to charity. In order to be timeshare free through timeshare donation, donors are almost always required to pay a fee of up to a few thousand dollars to facilitate the process of donating a timeshare.
If you want to be timeshare free, it will cost you money regardless of if you give the timeshare away to charity. This is because it costs money to perform the necessary paperwork and court filing to transfer the deed to the timeshare property to any other entity, regardless of whether or not the entity is a non-profit organization.
Because there are so many fees associated with timeshares, and there is little inherent value in the timeshare itself in the current resale market, a timeshare is truly a liability rather than an asset. As such, to give a timeshare to anyone is less of a gift as a transfer of financial obligation.
Methods to be timeshare free
The different methods people use to be timeshare free include not only timeshare donation but also timeshare resale and timeshare redemption. Few if any timeshare owners are able to successfully re-sell their timeshares on the open market. Many pay hundreds or even thousands of dollars to list their timeshares on various websites, where they tend to sit amongst thousands of other listings, simply adding to the owner’s heavy load of timeshare related financial burden.
Yet another way to be timeshare free is to work with a timeshare liquidation company. Timeshare liquidation companies sell large “batches” of timeshare contracts to travel clubs, who then rent the timeshares to vacationers. In order to get your timeshare contract included in one of these liquidation batches, you normally must pay a fee. These fees cover the costs of deed transfer and court costs, just like with timeshare donation.
The difference between timeshare liquidation services and timeshare donation is that timeshare liquidation services won’t mislead you into thinking that the fees you pay will be recouped through dubious tax write-offs like timeshare donation companies do.
You see, a timeshare donation company will charge you around the same price as a timeshare liquidation service in order to be timeshare free, while making you believe that you will get a voucher or receipt that you can then use for a tax deduction. You may get such a receipt, however, the IRS does not recognize the value of a timeshare based on the original purchase price, but rather on the current resale value. As mentioned previously, since there is no resale value to speak of the value of your donation may actually be fractions of a penny on the dollar that you originally paid. Thus, using an inaccurate assessment or valuation of your timeshare value to get a tax break is actually an illegal deduction for which you may be facing a large fine by the Internal Revenue Service.
The BEST way to be timeshare free
It’s best to avoid shifty “timeshare donation” schemes and simply pay a reputable timeshare redemption company to liquidate your timeshare for a fair price. With a little bit of online research on the best timeshare redemption redemption companies you can put an end to that timeshare burden in no time. This is the easiest and most honest way to finally be timeshare free.