Timeshares can be a dream for travelers, but when that favorite vacation spot becomes a burden, due to changes in your financial or family lifestyle, opportunities to travel elsewhere more frequently or simply wanting to move on, unloading that holiday gem can be a struggle.
Supply is, unfortunately, greater than demand in the timeshare market, according to Forbes. Recent market research has shown that for every person looking to wade into the timeshare pool, there are 600 people attempting to get out. Here are a few tips to give you a good start in getting rid of your retreat.
1- Honesty Upfront
Be honest about the value and the perks of your timeshare. Don’t be overly greedy and attempt to inflate the value of your property if your true goal is to unload the timeshare. Go out and get a professional estimate of the market value of the property from a real estate broker. This is a free and efficient way to go into a legitimate sale. A good real estate agent can assist you with understanding how much your timeshare is worth, how long it may be on the market before selling and how to make it shine so it sells quickly. Have your deeds and documents in order so that you are prepared for buyers to come knocking.
Be candid about the surrounding area that lured you to this vacation spot in particular when you bought the timeshare. Use the amenities that made you interested in buying your timeshare in the first place to your advantage. Travelers enjoy getting out and exploring the area. Tempt them with an extensive list of restaurants, activities, the best tours or attractions for your area. This will also give them a better sense of your honesty as a seller.
2- Beware Upfront Fees
Always be aware of fees attached to the selling of a timeshare. This is a red flag that they might not be legitimate, according to CNN. If an individual or company asks for you to pay an upfront fee to sell your timeshare, it’s probably best to do more research and check with the Better Business Bureau. You could easily end up losing more money and still not selling your timeshare.
Pay attention to the details of the transfer process. If you aren’t careful, you could still be responsible for fees or other financial obligations from your original contract.
Consider a cancellation of your original contract. This will stop the bleed of your funds to a timeshare you no longer particularly want and relieve you of the hassle of selling the timeshare. Find a knowledgeable seller who will confidently tackle your transaction and not charge an exorbitant upfront fee and will collect money after the deal is done to your satisfaction. A good agent can assist you in properly cancelling your contract so that you can walk away free and clear of future obligation to the property.
3- Web Help
By searching the Internet, you can find updated information on how much your timeshare is worth based on resort and market research. It lists the number of timeshare re- sales of timeshares in your area and the average price, giving you a better idea of how much you can sell your timeshare for realistically and how long it will take to unload your former vacation spot. Other solid online sources specialize in timeshare re-sales, and eBay, which safely sells previously owned timeshares and attracts impulse buyers.
The American Resort Development Association has updates on scam alerts and a verified list of licensed resellers who can make your timeshare transfer a breeze. If selling your timeshare becomes too daunting, ARDA suggests you donate it to charity. This becomes a fantastic tax write off and you gain a bit of your financial loss back as well as time and energy you would have spent selling the unwanted holiday break base.
Once you’ve made the decision to sell, you’ll want it to go as quickly and efficiently as possible. With a bit of research and understanding of the market, it should be smooth sailing to a solid sale.