A 3-step guide to selling a timeshare
A timeshare is shared ownership of a property, wherein multiple individuals own a “share” of a particular home or property in return for its access for a specified period, typically once a year. Investors may sometimes wish to sell their timeshare for various reasons like financial constraints or health issues preventing them from traveling. This allows them to transfer ownership to someone else, who can then enjoy the property during their designated time each year.
1. Determine the value
Owning a timeshare means you have essentially paid for a set number of vacation days upfront. A timeshare’s value decreases over time, unlike real estate, so it should not be purchased as an investment. Additionally, you need to have realistic expectations while reselling it. It is quite likely that the resale value will be lower than the price you paid while originally buying the timeshare. Some owners simply return their timeshares to the property managers without asking for any money, but if you wish to get back at least something, you can determine the value of a timeshare by researching the resort it is located in and checking the prices of similar timeshares currently up for sale. The valuation depends on the location, maintenance, and how long you have owned it.
2. Pay the maintenance
Ensure that you pay the maintenance fees before listing your timeshare for resale. This is important if you’re wondering how to sell a timeshare fast, as it prevents repossession and gives your timeshare value.
3. Choose a selling option
One of the most reliable ways to sell a timeshare is to contact the property manager and ask for their help. Another option is to run advertisements in the real estate or travel section of a local newspaper. You can also list your timeshare on websites like Craigslist, RedWeek, Timeshare Users Group, or eBay.
Another option is to rope in a professional resale agent to help you sell your timeshare. Selling your timeshare through agents should not cost anything. If resale companies or agents ask for a large sum of money upfront, it is a red flag. When hiring a resale agent, make sure to check with the American Resort Development Association to avoid scammers.
Many “timeshare cancellation companies” claim that they can get your timeshare contract canceled, but these contracts cannot be canceled unless you are in your rescission period.
