By: The RedWeek Travel Experts
Timeshare ownership gives travelers the opportunity to secure an annual family vacation. This alternative travel solution omits costly hotel stays and stressful planning. However, timeshares often get a bad reputation; many feel they become more of a financial burden than a place of relaxation.
There are easy ways to overcome that burden, from visiting your timeshare to selling it to an eager buyer; it’s possible to transform your timeshare into a benefit. Here are three helpful ways to regain your money.
1. Visit Your Timeshare
Sounds obvious, right?
When you don’t visit your timeshare, you run the risk of losing money. Many owners don’t even use their timeshare, opting for pricey hotels instead.
Timeshare owners have a unique benefit of knowing where they can vacation each year. With your timeshare, you can plan trips ahead of schedule, making it easier to get deals with surrounding attractions.
With a full kitchen available at most timeshare resorts, you can buy groceries and cook meals for your family. This cost-saving practice will replace dishing out cash at restaurants.
Timeshare owners also have access to washers and dryers. You can save money on airline baggage fees by bringing fewer outfits. Plus, you won’t have to worry about washing dirty clothes after your trip.
If you can’t visit, ask family members or friends to take a trip to your timeshare. They get to travel to a new resort, and you don’t lose money by not using your timeshare. It’s a win-win.
2. Rent Your Timeshare
As a timeshare owner, you’re required to pay annual fees for the upkeep of your timeshare. These maintenance costs add up fast, especially if you don’t use your timeshare as often as you like.
If the days of visiting your timeshare are over, you can actually rent your timeshare to other vacationers. This option lets you earn money to cover those fees.
Rental contracts will protect you from any damages incurred by your renters. You also can work directly with a third-party to handle the process.
For example, RedWeek, an online marketplace for timeshare rentals and resales, streamlines the entire process for both owners and renters. All you have to do is fill out a simple online form, post your timeshare on the site, and then get connected to interested travelers.
Kamil Shakra, a RedWeek subscriber, enjoyed his experience: “I’ve used RedWeek to list my timeshare for rentals multiple times…The RedWeek support team is very professional, knowledgeable and responsive. I’m very pleased to be working with them.”
3. Sell Your Timeshare
Sometimes the best way to stop wasting money is to get rid of it all together. If you’re no longer interested in owning a timeshare, you may want to start researching how to sell it.
It’s unlikely that you’ll recoup the full purchase price, but without timeshare ownership, you’re not obligated to pay annual maintenance costs.
Potential buyers want to purchase directly from owners, rather than developers. That’s because most owners discount their timeshares between 30-50% off the original price. With a booming resale market, you can still sell your timeshare at a competitive price.
Avoid timeshare exit scams that make empty promises. You don’t need to pay anyone thousands of dollars upfront to sell your timeshare. By advertising in the right place, you can relinquish your timeshare obligations without being hassled by a pushy salesperson.