With nearly $8 billion a year in US sales alone*, there are throngs of people who own timeshares.
Do they all keep the forever? No.
Many changes in life’s circumstances push timeshare owners to sell or dispose of their timeshares. But what if you come to the end of you life and you still own a timeshare?
Normally, the timeshare passes on to the heirs.
According to one real estate attorney, you can avoid inheriting this timeshare as long as you didn’t sign the contract. If you are not on the contract, the timeshare developer will have a hard time holding your feet to the fire to assume the responsibility of paying the annual maintenance fees – especially if you have no inclination to use the timeshare.*
But before all of this happens the best case scenario is that you as a timeshare owner enlist the help of a timeshare resale specialist or broker to sell it for you. This way, you will be able to at least recoup some of what you have spent on it.
And some folks have spent a lot! Anywhere from $8,000 to well over $50,000 is what timeshare weeks retail for as the first time buyer. But will you get all of that back?
You have to be realistic in your expectations on what you can get out of your timeshare. While selling your timeshare may not net what you’d ideally like to see, at least you would be rid of the timeshare maintenance fees and special assessments that continuously roll around.
*You should be able to refuse this inheritance as long as you didn’t sign the contract, and your credit rating should not be impacted. “If you’re not on the contract, the timeshare company doesn’t have a legal hold on you,” according to a real estate attorney. (source – MarketWatch.com)
*The timeshare industry in the U.S. generates nearly $8 billion a year in annual sales, according to the American Resort Development Association, which represents many timeshare developments