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.
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.
Real Estate Minute with Ilyce Glink Looking To Get Rid Of A Timeshare? Original Air Date: August 23, 2006
A timeshare investor forgot about a debt owed on a timeshare that she and her ex-husband purchased before their divorce. She does owe the money for the timeshare, and it will start to affect her credit history, if it hasn't already. All consumers should think very carefully before purchasing timeshares, it might turn into a long-term arrangement you will come to regret.
A timeshare owner is enjoying their property, but not their 17% interest rate. Taking money out of their home equity to pay off the timeshare or getting a personal loan are better solutions. A home equity line of credit or a home equity loan would cost anywhere from 6.5 percent to 9 percent.