Did you know that around 9.6 million people own timeshares in the United States? If you purchased your timeshare with the dream of using it and getting your money’s worth, but have found yourself paying for a vacation that you are rarely taking advantage of, you’re not alone. We have put together this guide to share our tips on how to sell timeshare effectively and stop paying for something, you’re not using.
Read on to learn more.
How to Sell Your Timeshare
Market Your Timeshare
One option when selling your timeshare is to list it on sites that will get as many people as possible to see your listing. When you create your listing, you want to use attention-grabbing language.
If adding pictures is an option, make sure you take the most attractive pictures possible without clutter and a mess in the background. The key when you use visuals is to help others visualize themselves in the space.
In your listing, you want to be as transparent as possible by being upfront about any drawbacks or flaws with your timeshare property. Of course, also highlight all the pros that outweigh any negatives. For example, if your holiday destination is great for tourists, speak about this.
You want to make sure that you avoid advertising on any scam websites. There are trustworthy companies that will help you sell your timeshare when you list it with them and won’t charge upfront fees. They might even help you make an eye-catching ad before you list it.
If you go this route, make sure that the company is a member of the American Resort Development Association (ARDA). This will ensure that you are dealing with a company that is being held to high standards in the timeshare industry.
When you’re selling your timeshare, you want to be flexible on the price you list it for. We are not saying that you want to list it for an amount that will make you lose money or still owe money, but be willing to negotiate. The average person is hesitant to buy a timeshare because they feel like they are overpaying for future vacations.
Make sure you are upfront with a potential buyer about maintenance or annual fees associated with your timeshare. This will avoid surprises while they are signing paperwork, which can cause them to back out of the deal.
Contact Your Developer
When you’re looking into timeshare cancellation, you can also contact the developer or the company that sold you your timeshare. Some developers have an in-house program where you can opt for their exit strategy.
These exit strategies are one of the quickest and safest ways to get out of your timeshare without worrying about getting scammed. It never hurts to call and ask if they have any type of exit plan in place for owners to get out of their timeshare.
When you contact your developer or the resort, just be careful because they might try to entice you with more points for another resort or more weeks. They sometimes take advantage of your desperate time to keep you from canceling by offering upgrades to your current membership.
Research Your Timeshare’s Value
Most timeshares do not go up in value, instead, they depreciate just like a car. Take a look to see if others with similar timeshares to yours are selling theirs and for how much. To set up realistic expectations, don’t expect to get all the money back that you put into your timeshare purchase.
Some people are so tired of paying annual dues that they are happy just getting rid of their timeshare for pennies on the dollar to avoid any more annual fees for something they aren’t using.
Make sure when you are doing your research that you also double-check if you are all caught up on your payments. Take a look at your maintenance fees, HOA fees, etc. to ensure that they are up-to-date to avoid any hassles with a potential sale.
Revisit the Contract
Take the time to dig out your original contract and all the paperwork you received when you first took out your timeshare. You want to take a look to see exactly what you signed. The key details you want to look for include the name of the developer, the name of the resort, the location, amenities, the size, the description, etc.
You also want to take a look at who has the deed. Do you have the actual deed to the property, or did you sign a “right to use” in your agreement? In the event that your contract says that you have the deed, double-check with your resort because many times these deeds are held by them or by a trusted company instead.
Getting a physical copy of the deed is important before you try to sell your timeshare.
Once you sell your timeshare, do not stop making any payments until you are 100% sure that the membership is completely out of your name. The title company has to process the transfer and then send out a new title to the resort and the county where the timeshare is located.
When you receive confirmation, take the time to also call the resort to make sure that the membership is out of your name.
Ready to Sell Timeshare You Don’t Use Anymore?
Now that you have our top tips on how to sell timeshare, you can start taking action with our tips above. Don’t forget to be flexible on your pricing and willing to negotiate if you’re looking to get rid of your timeshare sooner rather than later.
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