Many people would agree that it is much easier to purchase a timeshare unit than selling it after it has been purchased.
If you think about it, timeshare promotions include a lot of gifts and rewards just for watching the presentation. A lot of cost goes in to campaigns to invite you to see a presentation. This is all in an effort to get you to buy a unit. If you are selling, you need to compete with that type of onslaught to potential buyers.
Has this ever made you think how easy it is to resell one once you have purchased it? The honest answer is it definitely is not. You need to already compete with the timeshare organizations and all the resources they have for selling. This also means you will have less means to find buyers and that you will possibly sell for a loss. This is why it is smart to not think of timeshares as monetary investments. They are great investments if you plan to use them, but they are not wise for financial reasons only.
True that many people buy timeshare with the intention of vacationing only but certain unforeseen circumstances may force some timeshare owners to resale their timeshare unit.
So this article is exclusively for those people and may also benefit others also who are contemplating selling their timeshares due to reasons such as change of taste, family has grown and you no longer want to go to the same location etc.
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. Be realistic about your resell options and expectations.
Unlike “traditional” real estate such as houses, homes, and condominiums, timeshare properties will often sell for less than the purchase price. That is the reality. You also have to consider the demand of your property: when is the vacation time, where is it located, what is the size. Even if your property is in a desirable location and during a popular season, it still may sell for one-half to one-third the purchase price. When it comes to selling your unit, think of it more like selling a used car then selling a house.
3. Utilize the many resources to help you reach as many interested prospects as possible.
Besides your obvious choice of timeshare brokers, check out other industry type agents who might be in touch with those that would be interested in a timeshare. Two great examples are travel agents and real estate agents. Travel agents prospects are those people who travel. Timeshare opportunities are interesting to those that travel. Real estate agents have prospects who already understand the value of owning versus renting. That’s another valuable resource.
4. Post Your Own Ads Online.
With the advancement of the internet, there is no shortage of classified ad space available to you. The two big ones would be Craigslist and Ebay (not an ad site, but auction site). With some internet searching you can find a lot more auction sites and ad sites that will either be a small fee or free to post to.
5. Reconsider selling and try an alternative.
Because resale value is so low, it may be worth it financially to try to keep it and do something else with your timeshare for the years you do not use it. For example, you can rent it out every year. For renting it out you may get a lot closer to earning back your purchase price. Another example is donating it each year you don’t use it and see if that will allow you a nice tax write-off (consult your accountant!).
I hope that these tips will be helpful for you when it comes time to sell your timeshare. After your research you may end up finding it more financially acceptable to try to rent your timeshare every year instead of selling your timeshare. Whichever route you choose, I wish you luck.