You may be considering selling a timeshare because you are no longer using it. However, the process of letting go of your timeshare can be difficult, time-consuming, and costly. If you are thinking about selling your vacation property, you should do some research first.
The resale value of your timeshare depends on many factors, including its location, age, size, amenities, and more. While a timeshare might have cost you thousands of dollars, the price you receive when you sell it could be considerably less. In addition, your resale price will vary based on whether you choose to sell it in fixed or floating weeks. There are also a number of different resale options, which can include selling to a family, gifting it, or renting it.
Before putting your property up for sale, you will need to research the resale market and determine your asking price. Depending on the timeshare you own, it may be worth donating it to a 501C3 non-profit organization to get tax write-offs. Selling your timeshare privately is also an option, though it’s not an easy one to get into.
Some owners use sites like Craigslist and eBay to put their timeshare up for sale. These sites are no better than generic auction websites, however, and will often charge you upfront fees. They are not the most successful way to sell your timeshare, however, so you should be wary of these options.
Another option is to work with resellers. Resellers are third-party businesses that are paid a commission when they sell your timeshare. A reputable reseller will provide you with honest advice and help with the entire process. After a sale, the reseller will subtract the commission from the final price. This is the best option if you are trying to avoid paying an up-front fee.
Alternatively, you can contact a timeshare transfer service. A transfer service will take on all of the responsibility and handle the entire process. It’s usually a small, upfront fee, but it’s a much safer option than trying to sell your timeshare yourself.
Using a timeshare transfer service is the fastest way to get your timeshare off your hands. If you choose to sell your timeshare, make sure you hire a reputable title company. Also, be careful not to accept any offer from a cold-caller. Usually, these people will not complete the sale and try to collect hundreds of dollars in fees. Hang up if they call and never agree to purchase your timeshare.
Whether you decide to sell your timeshare yourself or work with a third party, you will need to be prepared for the long process. Your buyer may not be ready to buy right away, or they might offer you less than you want to pay. Keep in mind that the process can take months, or even years, depending on the situation.
Before you sign up with a resale company, make sure they are licensed to do business in your state. The Federal Trade Commission has provided guidelines to avoid timeshare resale scams.