Inherited Time Shares - What Should I Do With My Time Share?

Inherited A Timeshare?

Have you recently inherited a timeshare from family or parents? If so there are probably plenty of questions you'll need answered. How much is it worth? How can I sell a timeshare? Can I rent my timeshare resale? Do I have to pay the maintenance fees? For answers to questions like these please read the rest of this page to shed some much needed light on these questions about timeshares.

What Should I Do With My Timeshare?

Chances are, if you've recently inherited a timeshare you might have been there a few times on a family vacation. In such cases you might have an idea of it's value on the resale market. If not the first thing you'll need to do is determine how much it's worth.

The next thing you'll need to do is understand how it works. Basically if your family has owned it outright for a few years there are no payments to be made. All you are responsible for are the maintenance fees. These fees are paid to the resort annually or biannually depending on whether you can use it every year or alternating years, odd or even. These fees cannot be ignored and once the resale is in your name, not paying them can affect your credit score adversely.

Let's say you like the location and the resort so you might want to keep it. That's fine, just keep paying the maintenance fees and all is well. However, should you want to offset some of those fees each year, renting the unit might be the answer. Most resorts in a good vacation area fetch at least $1,000 per week for a one bedroom timeshare, more for two and three bedroom resales. As long as your maintenance fees are paid this can be done easily. See Renting Your Timeshare.

If you don't want to rent it then perhaps you would like to sell this vacation resale property. There are several ways to go. You can do it your self like we suggest on this website. See timeshare sellers for information or you can conduct a search on the Internet for different companies that will sell it for you. Be careful as there are many companies out there scamming timeshare owners left and right. Check the Better Business Bureau and don't fall for the lies and promises made by these companies. If it sounds too good to be true it usually is.

Let's say that selling or renting your resale is not probable or possible. You might want to consider donating your timeshare to charity. There are a few companies that will pay for the title or deed transfer and allow you to get out from under your resale without any more to do. Although this option might sound feasible we suggest you try to sell it at least once before you donate. If you keep your price low you should be able to make something off of it instead of just giving it away.

All in all, inheriting a timeshare is not the end of the world. Just remember you are not in possession of true real estate, selling it will not get you rich, and doing nothing with it will hurt your credit. Make sure to do your homework before you go with any company. Watch out for resale companies that promises to sell it fast or for a lot of money. Be realistic about what you have and what it's worth and the rest of your time with this resale will be happy.

If you need more help or have additional questions you may contact us and we will be happy to provide you with any additional help you need.