Timeshares are great vacation options for many people. However, if you no longer want to use your timeshare or need to sell it, there are some important things to consider before you start the process. There are a lot of scams out there that take advantage of desperate owners looking to get rid of their unwanted timeshares. It is very important to research any company you are considering doing business with and never pay large upfront fees to a company until they have successfully sold your timeshare.
It is not uncommon to find that your timeshare is not worth the amount you paid for it when you originally purchased. That is because, unlike a residential or wholly-owned property, timeshares are not able to appreciate in value the same way as an independent real estate product would. The resale market for timeshares is very different than that of traditional properties and, as such, requires a unique approach to pricing.
If you decide to sell your timeshare yourself, be sure to make a list of your available weeks/points for sale and post them on a number of online marketplaces (Timeshare Marketplace being the most popular). You should also utilize local free or low cost advertising outlets like Craigslist or Ebay. Also, don’t forget to check with your timeshare company – many brands now offer buyback programs that may offer less hassle when trying to sell your timeshare than independently selling it yourself.
When determining how much to ask for your timeshare, keep in mind the price you paid for it when you bought it new and how many vacations you have actually taken with your timeshare. You also need to take into account the fact that you are now competing with resales from other owners of your same resort or ownership type. This is especially true if you are at a resort or club that has been around for some time and is already well established.
One of the biggest mistakes that many sellers make is assuming they are going to be able to sell their timeshare for what they paid for it when it was new. While this is sometimes possible, it is not always the case. Many people also fail to factor in the ongoing maintenance fees that are associated with a timeshare ownership.
If you are not able to sell your timeshare on your own, you can hire a Licensed Broker who is familiar with the resale market for your particular resort or developer. A knowledgeable broker will be able to guide you through the process and help you sell your timeshare for a fair market price. Just be sure to look for an accredited, reputable broker that offers a free listing and charges no upfront fees. A good broker will handle the entire resale process on your behalf and close out the sale for you. This will save you time and money in the long run. You can even work with a broker who has a relationship with the developer of your timeshare and has been endorsed by them.