A growing number of timeshare owners are looking to sell their ownerships for a variety of reasons. Perhaps your travel interests have changed, or you’re tired of the high maintenance fees that come with timeshares. Whatever the reason, there are many options available to you.
Whether you’re interested in selling your own or working with a third party, there are a few things you need to know. First, the resale market is competitive and you will have to price your timeshare correctly.
If you’re not sure how to go about it, a licensed real estate agent can help. They have years of experience and are knowledgeable about the process.
They also know how to list your timeshare on the market, and can offer advice about the best place to sell it. They can also recommend title transfer companies that can handle all the closing details for you.
It’s very important to make sure you work with a reputable company that is committed to delivering results and avoiding resale scams. Some resale companies have a very bad reputation in the industry, and you should never pay them an upfront fee unless you’ve done your research beforehand.
The Federal Trade Commission has a list of timeshare resale companies that you should avoid, and they have outlined how to tell if a resale agent is legitimate or not. You should also ask for a copy of their license and ID so you can check them out for yourself.
Another option is to give your timeshare back to the developer that you purchased it from. However, it can be a lengthy and complicated process. In addition, it’s not always the best option for your financial goals, especially if you’re trying to maximize your tax write-off.
Some resorts are able to buyback timeshares, but these deals can be hard to get. In addition, the resort will usually offer less than what you could expect to receive elsewhere on the resale market.
For those with deeded weeks-based Marriott timeshares, it is essential to note that if you enrolled in the Abound program prior to June 20th 2010, your ownership will revert back to the week you were originally deeded to when transferring it on the secondary market. This is a great option for owners who don’t want to lose the benefits that came with their ownership.
Aside from resale value, it is important to understand the usage rights and benefits you’re entitled to when you own a Marriott timeshare. This includes the deeded view, season, unit size and ability to exchange with Interval International.
The resale value of your timeshare depends on the desirability of the location, the brand name of the resort and the week of your stay. Some popular resorts in Hawaii, Las Vegas, Orlando and New York City can command higher resale prices than smaller, independently owned resorts with less local appeal.
There are many other factors to consider when determining your resale value, but it’s best to get it right the first time. If you’re not familiar with the resale process, hiring a seasoned resale expert can save you time and headaches.