While the majority of owners are very happy with their timeshares and the thought of reselling is a distant idea, there are a number of circumstances that might lead otherwise happy timeshare holders to want to to sell, such as an illness in the family that limits regular vacations, a change in marital status or perhaps the timeshare was inherited.
Whatever the reason, timeshare resale is a reality, and in some cases a potential nightmare if you do not go about it in the right way.
What you need to do to avoid a timeshare resale nightmare?
Firstly, beware of resale scams. These come in many forms but usually center around companies offering to sell your timeshare on your behalf for a large upfront fee. When they still haven’t sold your timeshare and you are wondering what you money was spent on, don’t be surprised if their telephone number no longer works.
Other timeshare resale scams involve those companies that set out to entice owners to sell their timeshare by cold calling, saying that they have a buyer for your unit. This can turn into a resale nightmare should you hand over any money in order to get the details of the potential buyer. Usually, the buyer doesn’t even exist, and your money is long gone by the time you realize.
Finally, beware of any resale company offering to buy your timeshare unit, claiming that they need to carry out an appraisal. If you are asked to pay for this service, it is very likely you are being duped into a resale scam. You will probably pay a high price for the appraisal and find that in the end they never buy your timeshare.
What do you need for a timeshare resale success?
Firstly, you need to focus on whether you are going to use a genuine resale broker or to sell privately. If you decide to use a resale broker, opt for one that works on a commission basis and take their advice when it comes to setting a price. Avoid any that ask for an upfront fee and choose a registered timeshare broker.
If, however, you wish to sell privately, then you need to carry out a little research into the price that other timeshares of a similar size, location, age, amenities, and caliber of resort sold for. Once you have valued your timeshare at a competitive price, you need to think about where you are going to advertise your property, perhaps on the internet or local press. In the meantime, you might think about renting your timeshare to bide you some time so that you don’t jump at the first offer you get.