6 Tips On Selling Your Timeshare
Most people agree that buying a timeshare is easier than reselling one. You get emails, phone calls and loads of mailed invitations to attend timeshare presentations. They even offer you gifts in return for attending their presentations. Why do they do this? Naturally, it's to convince you to buy a timeshare. Buying a timeshare is easy, but have you ever asked yourself whether selling one would be just as easy? Sadly, the answer is "no." Reselling a timeshare can be difficult, and that's why many experts recommend they not be purchased as investments. Chances are good that you won't make any money when you resell a timeshare.
Instead of being a financial investment, a timeshare represents an investment in your life and your dream vacations. However, many people who buy a timeshare for vacation purposes are forced by unforeseen circumstances to sell their timeshare unit. The following tips are intended for those individuals, along with other people who are considering selling timeshare properties because of family changes, a change of taste or a general dissatisfaction.
1. Check with the timeshare developer who sold you the timeshare. Sometimes the developers offer the original buyer an option to resell their timeshare back to the developer. If not find out if your timeshare is associated with a licensed broker handling timeshare resale.
2. Have realistic expectations for the sale. It's a hard pill to swallow, but timeshare properties resell for less than their original price. That's bad enough, but a timeshare can be difficult to sell if the unit is small, can only be used during the off season, or is located in an unpopular location. Reselling that type of timeshare can present quite a challenge. A timeshare property that is reasonably large, offers peak season usage and is located in a popular destination might be easy to sell. But once again, even if the timeshare sells, it might only fetch 30-50% of its original price. You need to be mentally prepared for that. Try thinking that your timeshare is like a car, which depreciates every year.
3. Always do your homework before you sell. Research current market prices for timeshare properties, and thoroughly study your documents so you know what you are selling. If you don't already know, find out whether the timeshare you're selling is a deeded timeshare or a right to use. The values of some right to use timeshares go down considerably when they are close to expiring. Knowing this information about your timeshare will help you resell your property with confidence.
4. List your timeshare with a real estate agency. There is no dearth of online and traditional brokers. But do inquire whether there is any upfront fee for listing the advertisement or commission on sale of property. You may not want to go with a broker who charges very large upfront fee or commission. You can also list your timeshare in classified ads offered by many timeshare developers. The latest trend that is catching up is to list your timeshare for auction on sites such as e-bay which lest you develop your own ad campaign with your own ideas.
5. Don't be duped by a scammer who offers a quick resale of your timeshare. We discussed earlier how difficult reselling a timeshare can be, so don't believe anybody's promise to sell your timeshare quickly. No one can be certain that your timeshare will sell in a specified time.
6. Also do not commit to any offer on phone. Do make decisions in haste. Take your time to make a decision and to come to a conclusion whether to accept the offer or not. Also request the offer in writing and also obtain written contract.
Instead of being a financial investment, a timeshare represents an investment in your life and your dream vacations. However, many people who buy a timeshare for vacation purposes are forced by unforeseen circumstances to sell their timeshare unit. The following tips are intended for those individuals, along with other people who are considering selling timeshare properties because of family changes, a change of taste or a general dissatisfaction.
1. Check with the timeshare developer who sold you the timeshare. Sometimes the developers offer the original buyer an option to resell their timeshare back to the developer. If not find out if your timeshare is associated with a licensed broker handling timeshare resale.
2. Have realistic expectations for the sale. It's a hard pill to swallow, but timeshare properties resell for less than their original price. That's bad enough, but a timeshare can be difficult to sell if the unit is small, can only be used during the off season, or is located in an unpopular location. Reselling that type of timeshare can present quite a challenge. A timeshare property that is reasonably large, offers peak season usage and is located in a popular destination might be easy to sell. But once again, even if the timeshare sells, it might only fetch 30-50% of its original price. You need to be mentally prepared for that. Try thinking that your timeshare is like a car, which depreciates every year.
3. Always do your homework before you sell. Research current market prices for timeshare properties, and thoroughly study your documents so you know what you are selling. If you don't already know, find out whether the timeshare you're selling is a deeded timeshare or a right to use. The values of some right to use timeshares go down considerably when they are close to expiring. Knowing this information about your timeshare will help you resell your property with confidence.
4. List your timeshare with a real estate agency. There is no dearth of online and traditional brokers. But do inquire whether there is any upfront fee for listing the advertisement or commission on sale of property. You may not want to go with a broker who charges very large upfront fee or commission. You can also list your timeshare in classified ads offered by many timeshare developers. The latest trend that is catching up is to list your timeshare for auction on sites such as e-bay which lest you develop your own ad campaign with your own ideas.
5. Don't be duped by a scammer who offers a quick resale of your timeshare. We discussed earlier how difficult reselling a timeshare can be, so don't believe anybody's promise to sell your timeshare quickly. No one can be certain that your timeshare will sell in a specified time.
6. Also do not commit to any offer on phone. Do make decisions in haste. Take your time to make a decision and to come to a conclusion whether to accept the offer or not. Also request the offer in writing and also obtain written contract.