Timeshares are an excellent way to save money on your travel costs, but they also come with a number of obligations. These include paying real estate taxes, insurance and maintenance fees.
Many people who own a timeshare end up wanting to sell it because they have outgrown the property or are no longer using it regularly. However, selling a timeshare is not a simple process and you should be prepared for a lengthy and complicated procedure.
Achieving a Successful Timeshare Sale
You will need to determine how much you are willing to sell your timeshare for and then market it appropriately. This may involve listing it on various websites such as eBay, Craigslist or the Timeshare Marketplace. You will also need to make sure you have an accurate and complete description of your timeshare.
The resale value of your timeshare will depend on many factors, including the resort location and week or season you own. High-demand destinations, such as Hawaii or Las Vegas, will attract more buyers than independently owned resorts in less desirable locations.
Another important factor is the quality and size of your timeshare. If you own a large timeshare unit, it will be harder to sell than a smaller one.
A good place to start is to contact your resort directly and ask whether they offer a buy-back program for their resale members. Often these are offered by brand name resorts such as Disney, Hilton and Wyndham.
If your resort does not have a resale program, it is still possible to sell your timeshare. This can be accomplished through a resale broker or by working with an experienced timeshare resale company.
There are some brokers who are happy to list your timeshare for you for a small fee. This will usually be a percentage of the amount you end up selling it for.
This can be a good option for owners who are looking to reduce their annual maintenance fees or simply want to get rid of the timeshare for good. But you will need to ensure that the resale broker you hire is licensed and accredited in your state.
Then you will need to have an adequate budget for advertising and the closing costs associated with the sale. These costs vary widely depending on the destination and the complexity of the transaction.
The best thing to do is to get in touch with a reputable resale broker, as these professionals can help you to navigate the process. They can then assist you with putting your timeshare on the market and handling the legal details. Typically, these agents will charge a commission between 10 and 30 percent of the sale price.