Multiple timeshare owners realize that their purchasing decision was a huge mistake, especially when they receive bills for property taxes, maintenance fees, and other expenses. Most timeshare developers limit owners’ ability to get out of ownership without hassle, but some options still exist. While you can use a deed-back program or donate your timeshare, the owners can engage in a timeshare resell process to get rid of the unwanted property. Today, we’ll introduce you to several essential things on how to resell a timeshare.
Can you resell your timeshare?
1. Check up on your timeshare contract first
Your first task is to verify whether your contract allows resale. Unfortunately, you can not resell a timeshare once a contract doesn’t let you do. In some cases, you will need to provide a resort with the first right of refusal if you found a resale clause in a timeshare deed. It means a resort will receive the right to purchase your timeshare ownership before selling it to someone else.
It is worth noting that some timeshare companies tend to limit the rights of owners who buy a timeshare on a resale or secondary market. For instance, timeshare developers might determine the opportunity for new timeshare owners to use international exchange programs. It can significantly affect resale deals, as your timeshare will become less attractive to the potential buyers.
2. Determine the value of a timeshare
The ugly truth is that most timeshares depreciate over time, meaning they don’t increase in value as the specific investments. Keep in mind that the value of your timeshare mostly depends on its location, like with real estate. You can expect the timeshare price will be higher on a secondary market if a resort is in a highly demandable place or stands for a highly demandable week throughout the year. Amenities within a vacation home or resort also matter for timeshare price-determining. Consider that your resort might charge commissions or transfer fees on you during a resale.
3. Figure out the potential buyers
People deciding to purchase a timeshare on a secondary market is relatively easy to understand – timeshares there are cheaper many times, even though encountering a timeshare resell scam is still high. But don’t think that finding a buyer for a timeshare resell is a simple task. If you write a request on a search engine, you will discover numerous timeshare owners who want to sell their properties, such as you want.
It would be best if you did your research on a secondary market where you will list a timeshare and discover competitors. You might need the help of a real estate agent to resell your timeshare successfully, as it is sometimes difficult to seek a buyer. After all, you will have to pay for real estate agent services – it might be an actual issue if you are selling your timeshare due to bankruptcy.