Many timeshare owners find that their units aren’t getting utilized as they once did and decide to sell. But sadly, it’s very difficult to sell a timeshare on the secondary market for anything close to what you paid for it new. It doesn’t take a rocket scientist to understand why. In the timeshare resale market, sellers outnumber buyers by a huge margin. This makes the resale prices very depressed, especially for those that own in high demand destinations like Florida and Hawaii.
And the maxim that real estate is all about location doesn’t apply either because you will have to compete with thousands of other properties selling for much less than yours. Also, remember that your buyer will likely be able to rent your unit for less than what you’re charging for it on popular online travel sites. This will make your timeshare even harder to sell.
Timeshare resale companies (deal with only licensed real estate brokers who are easily verified) can help you get more exposure for your property but will charge you a fee upfront. That’s why it’s important to research any resale company thoroughly and be sure they are doing business legally.
Whether you own deeded or right-to-use timeshare, it’s worth looking at the resort’s buyback program. If you’re current on your maintenance fees, the resort may be willing to buy back your timeshare at a price significantly below what you could expect to get on the resale market.
If your resort doesn’t have a buyback program and you still want to sell your timeshare, try reaching out to the timeshare developer directly. Several major brands offer these options (Wyndham Ovation is one of them) that can be less hassle than dealing with the resale market and often allow you to stay current on your maintenance fees.
If you’re still unsure about how to sell your timeshare, check out a reputable timeshare exit company such as Centerstone Group. We specialize in helping our clients break free from their timeshare contracts without gimmicks or phony promises.