Selling your timeshare can be challenging because it is different from selling any other property.
The timeshare industry is also filled with scammers and many timeshare owners end up making hasty decisions that end up costing them a lot of money.
However, there are still practical and reliable ways to sell your timeshare without losing money. Given below are some steps to sell your timeshare.
1. Review The Details Of Your Contract
It is very important to review the details of your timeshare contract. This will help you make note of a few things like,
- The physical details of your timeshare property like location, square foot measurements, number of rooms, and included amenities. This information is necessary for selling your timeshare.
- Whether you have an actual deed to the property. Usually a deeded property timeshare can be sold at the owner’s discretion. If you have any doubts, clarify it with your owner.
- The kind of arrangement which specifies how you are able to use your property. This can either be a floating week or fixed week arrangement. A floating week arrangement gives you the option to choose any week within a specific time limit. A fixed week arrangement requires you to select one specific week.
2. Find Out How Much Your Timeshare Is Worth
The value of a timeshare property depreciates over time. So, don’t expect to receive a greater price or even the same price you bought it for when you sell it.
Research all the possible options out there before you accept an extremely low offer. There are useful websites online which help you determine what your timeshare is worth.
If you have a mortgage tied to your timeshare, it can be quite difficult to sell. Before selling your timeshare property, check if there are any pending bills you have to pay including maintenance bills, utility bills and other additional bills.
3. Consider Different Ways To Sell Your Timeshare
There are a few ways you can sell your timeshare.
- You can hire a real estate agent who specializes in timeshare properties. Before hiring an agent, make sure they have a proven track record and have been in the industry for a sufficient length of time. However, these agents often charge huge commission rates.
- Resale companies are another option but you have to be very careful while selecting one. There are many scammers out there who charge huge upfront costs and advertise your timeshare on websites which get very little traffic.
- You can also try selling the timeshare on your own, but this is usually not recommended. The selling process can get quite complicated especially if you don’t have a lot of knowledge about property sales.
4. Watch Out For Timeshare Resale Scams
Don’t be in a hurry to sell your timeshare. Avoid making quick decisions without giving them much thought because you could end up getting scammed.
Some companies might ask you to join vacation clubs for selling your timeshare and you end up losing more money in the process.
Make sure you go for verified timeshare listing companies. You can check their profiles on websites like Better Business Bureau. Avoid companies which charge you high upfront costs more than $100.
5. Consult A Timeshare Exit Company
Timeshare exit companies help owners exit their timeshare contracts in return for a substantial fee. They usually have a team of lawyers who will review your case and help you get out of your contract with minimum risk.
Many popular timeshare companies like Club Wyndham usually try to prevent their owners from consulting timeshare exit companies. If you are currently tied to a Wyndham property contract and you want to cancel Wyndham timeshare, we highly recommend consulting a well reputed timeshare company.
Most timeshare companies aren’t usually paid in full until you successfully get out of your contract.
While you most probably won’t get back what you paid for, you can still try to sell your timeshare at a reasonable price with professional help. There are still many buyers out there so don’t be discouraged too soon.