When you buy a timeshare you’re buying an interest in a vacation property. To buy a timeshare you usually have to pay a down payment and then monthly payments. As an owner of a timeshare you usually have a right to stay at a participating property for several weeks throughout a year. But be aware, it’s difficult to sell a timeshare. Some people give timeshares to charity. Learn about timeshares here.
Getting rid of a timeshare can be a tricky business. Follow the advice below to sell or otherwise get rid of your timeshare and avoid timeshare scams. Q: I am successfully retired after making very good personal money decisions for 50 years. I think I’ve only made 3 huge mistakes: I did not buy Home [...]
Inheriting timeshares and how to avoid an inherited timeshare. As part of estate planning, inheriting timeshares should be considered in order to avoid undue hardship. There are many benefits and obligations associated with timeshare ownership and inheriting timeshares. Fees and maintenance can make executors want to learn how to avoid an inherited timeshare. Passing property ownership through estate planning can make inheriting timeshares a burden depending upon the executor's wish to avoid an inherited timeshare.
A woman married to a widower wants to put her name on the title of her husband's home and delete his late wife's name. She can add her name to the title using a quit claim deed. But, because the home is pre-marital property, the husband may not want to add his wife to the title so the property can be passed down to his heirs.
Timeshare companies are affected in this poor real estate market, too. If you have an interest in a timeshare, you have a responsibility to pay your monthly maintenance expenses, real estate taxes and other fees associated with the timeshare. While the timeshare developer or the timeshare operator might have filed for bankruptcy protection, your financial obligations will continue.
Today on the Ilyce Glink show, Ilyce talked about selling timeshares, and some last-minute things you can do to lower your taxes next April 15th. She also answered questions on new car financing, paying for college, switching careers, and using IRA cash to invest in real estate. Don't forget to check out Ilyce's Forum for radio talk show notes (www.thinkglink.com) and be sure to subscribe to her YouTube channel, www.youtube/expertrealestatetips.
Today on the Ilyce Glink show, Ilyce talked about the new version of "The Game of Life," the classic HASBRO game, which has replaced the use of with credit cards. Since kids as young as 9 play the game, Ilyce wondered if that was a good thing. It's the game she's going to buy for all of her older nieces and nephews this holiday season (as well as buy one for her sons, Alex and Michael to play). Ilyce also answered questions on timeshares, investing, financing and refinancing, and talked to Peg about consolidating her 9 credit cards with a home equity loan. All this and much more on today's Ilyce Glink show.
When you get a timeshare inheritance you're responsible for property taxes and maintenance as if it were real property. Even if you don't want the timeshare, you're responsible for property taxes and maintenance until you can sell the timeshare. To determine what to do with the timeshare you may want to contact a real estate attorney.
This week on the Ilyce Glink Show, Ilyce talked about her trip to Cancun and the lingering effects of the Hurricane. She also talked about the membership in a vacation points club that she was offered, and how she thinks about decisions like vacation clubs and timeshares. Michael called in and asked a question about sellers paying a buyer's closing costs. Tune to find out what Ilyce suggested he do to differentiate his property in a soft real estate market.