Owning a vacation residence can be a fascinating desire for several homebuyers, and this can drive them into purchasing a timeshare. Investing in this holiday accommodation has its own sets of pros and cons. Some can be entirely happy with the bargain they received, whereas some can find this arrangement extremely cumbersome. If you belong to the latter half, then it’s time that you consider letting go of this real estate deal. How? By selling it!
How to sell your timeshare?
If you wish to sell your timeshare, there are a few options at your disposal. You don’t have to get anxious about handling the resale process all alone. Usually, your manager, owner, or resort developer will assist you with advertising your timeshare resale offer on newsletters, bulletin boards, or websites. If these mediums don’t fare well, then you can try the following alternatives:
- Seeking assistance from a website that specifically deals with timeshare resale advertisements such as Timeshare Users Group or RedWeek.
- Running an ad in the real estate or travel section of the local newspaper.
- Putting on an ad for the timeshare on an e-commerce site such as Craigslist or eBay.
- Selling your timeshare via a licensed timeshare resale business. However, if you are opting for this method, ensure that the resale company is legitimate. You can verify their credibility by narrowing down reliable references, scrutinizing their ratings via reputed business agencies, and reading any consumer complaints registered against their services.
Moreover, if you are unsure about selling your timeshare, you can resort to timeshare exchange systems. In this method, the resort allows two owners to trade their timeshare units if they’re dissatisfied with their current accommodation.
Pricing a timeshare
Putting the right price tag on a timeshare can be somewhat complex. This is because unlike conventional real estate properties, timeshares aren’t investments as they depreciate in value. Therefore, while determining its worth, consider factors such as its location, how well maintained it is (both, indoors and outdoors), and for how long have you owned the property. Likewise, be on par with the current real estate prices in the location where the timeshare is situated.
Make a note of the cons associated with timeshare
Timeshare owners have to be cautious if they are working with a resale company as many organizations are involved in fraudulent activities which can leave a huge dent in your finances. Look for warning signs such as unsolicited contacts via mail or phones, insistence on sharing your credit card information, or requesting money transfers without meeting in person or proper paperwork.