Tips for Selling Your Timeshare May 29, 2012Posted by JamesJewhurst in : Charity, Donate a Timeshare, General, Information, Timeshare Resale, Timeshare Resource , trackback
Is it that time? Time to get rid of the timeshare you bought from the resort when all you were trying to do was relax. Are we over the yearly fees, and another vacation gone by? Well then, it’s time to sell it. Or at the least find someone to rent it to help cover those costs. Here are some tips for you when you decide it’s time.
Get Up To Date – First, make sure you’re current with all payments, taxes and maintenance fees, and any other resort payments that you make. Otherwise the resort may have an issue with you trying to resell your timeshare. The remaining balances could also come off your final monies received when you finish closing on the property.
Also gather all of the information that you have. Most resorts give their owners a large packet with all relevant information, including amenities, unit information, and your usage and availabilities. If your resort offers you any points or any type of point system, you should check and see if you’ve received any or are eligible for any.
Decide your timeshare value – You need to understand your timeshare’s value. To figure out the value you can either hire a property appraiser, a licensed Real Estate agent, or a licensed broker. Then they need to make an assessment on the property, create a comparative market analysis and go from there. This can be hard. Now you need one who is licensed where your timeshare is physically located. Using an appraiser might end up being a long drawn out expensive idea, so be sure to do the research.
Instead you could ask yourself…
What are similar timeshares like yours going for? What are you looking to get from the sale? Do you want to make money, or are you looking to break free from your timeshare? Do you owe anything on your timeshare?
These are the questions you will want to ask yourself. Timeshares are generally worth what somebody is willing to pay for it. You can use some online forums such as ‘Timeshare User Group’ (tug2.net) and compare your timeshare to ones on their forum. You can even ask some users. Since you’re looking to sell, why not see what the developers are currently selling timeshares for, and in what range. You can come up with some standard market value based on comparisons alone.
Can’t sell? – If you can’t sell it, and the resort won’t take it, and you have no other options. Donate it. There are many options for donating. Donateforacause.org is well-known for accepting timeshare donations and can learn more about it on their website. You can also do a quick search and see where you can donate. Of course you want to contact your accountant and discuss this as far as taxes and claims are concerned.
Upfront Fees – Before you just dismiss any company looking for those upfront fees, you need to understand them first. Just as you were to advertise your car or boat for sale in your local paper. You pay an upfront fee to place your ad, regardless of whether it sells or not. Timeshare re-sales can work in a similar fashion. You pay to market and advertise your timeshare in hopes in finding a buyer. Timeshares aren’t treated like traditional real estate, you might be hard pressed to find a broker willing to take it on for an end-sale based commission. You can also try other less costly or free avenues such as Craigslist, Etsy or EBay, but be ready to put in the work making sure your property gets the exposure it needs to find a buyer.
When it comes to upfront fees there are some things you should know. What is included in that fee? What are my guarantees with this fee? Are there hidden fees? Is this a one-time fee? These are all excellent questions to ask the companies that call you.
Also, who called who? Did you submit your name and number, in request of information ? Did you call them? Always be wary of companies who call you when you didn’t request more information. At the same time, if you do request information, write the name of the company down. That way you can check who is calling you.
Always be sure of who you are doing business with. Get names, business references, credentials or any information that can be used to validate the business. Research the companies that contact you, or whom you contact. You can use several online resource tools offered by companies such as Google or Amazon. Make sure their business is known, and they are licensed. Be sure their website receives the online traffic to prove it’s a trusted resource. There are lots of companies out there wanting your business, be sure it goes to one who is business-worthy.
Timeshares are always that good idea that runs its course. Sometimes due to financial restraints or a loved one passing on. We all have our reasons. So be sure to find the right company, that can help you through to the end and make it as seamless as possible, and help you get released from your timeshare now. Don’t become another statistic of fraud by not doing the research and getting ripped off.