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Donating Timeshares to Charity

How to Donate Timeshare to Charity and What are its Advantages

If donating your timeshare to charity is on the cards, you need to understand about its benefits and how you can go about it. This article shares some insights into the same, that would be resourceful for you.
WealthHow Staff
Last Updated: Jun 3, 2018
Paying for a timeshare that you are not using is like wasting hard-earned money, just like that. Many owners go through such situations, as they buy one enthusiastically, only to find out that they cannot enjoy it every year, as planned. As a result, they end up paying for maintenance fees and other expenses, without even enjoying vacations at their favorite condominiums. It is like paying for goods and services that are of no interest to you. If you too are stuck in a similar situation, and want to reduce the financial burden that comes with such a property, then donating it to charity is the best option for you.

Advantages

Following are some of the most crucial benefits of donating timeshare weeks to a charity:

Social Service: Selling a timeshare, which was an investment property will definitely earn you more money, but not satisfaction. If you genuinely want to do something for your favorite charity, then nothing can be better than donating one, as many organizations need such properties for their fundraising activities.

Less Time-consuming: If you do not have time to sell or rent it, then donating it to a charity can save you a lot of time, as it is a fast and easy process, especially if you do it online. Selling or renting the same is a tedious and time-consuming process, which needs a lot of your time, money, and energy.

Inexpensive Process: When you donate timeshare weeks, you do not have to pay any upfront costs, as most of the charities do not charge fees for many costly services, such as advertising, legal advice, and commissions, etc., that you have to pay when selling or renting the property.

Tax Benefits: By donating it, you can avail some tax benefits by asking for its market value against your taxes. You may not save as much if you sold it yourself; but after all, it is a charity, and you are still getting something in return.

Ownership: You can donate timeshare weeks for a particular period, when you cannot utilize them, but you can reclaim the same, when you can make up for the vacations at your favorite holiday destinations. By selling it, you will lose the complete ownership, and cannot come back to the place, where you shared some happy moments with your loved ones.

How to Donate it to Charity?

Following are the simple steps that will assist you in the safe and successful transfer of your timeshare to a charity you trust in:
  • First, you need to find out the right charitable organization that seeks these properties as donations.
  • Contact the organization you trust in, or want to help, and ask if they would accept such properties as donations. It is advisable that you donate to a non-profit organization, as you may get more tax benefit.
  • Consult the co-owners, too, if you wish to donate the entire value of the property.
  • Once you choose a trustworthy charity, make arrangements to handover all the legal documents and complete all the paperwork.
  • It is suggested that you consult your financial advisor, real estate agent, or a legal expert, so that you make a safe donation.
  • You must check the contract and donation papers thoroughly before signing them.
  • First, you will need to analyze all the documents of the deed and other contracts needed.
  • You need to submit the photocopy or duplicate of all the legal documents. You must also ask for the value certificate of your timeshare from a charity.
This is a simple process that will help you to serve the purpose, without much hassles. This will reduce the unnecessary expense of an unused property, and will also provide you with peace of mind and satisfaction for contributing to a noble cause.