Nearly 10 million US households own one or more timeshare products — but this doesn’t mean they will keep their timeshare forever. Whether the result of changing life circumstances and family preferences or concerns over annual maintenance costs, many timeshare owners eventually decide to sell their timeshare.
Many timeshare owners are able to find success by selling their timeshare on the resale market — essentially, by selling their ownership contract to other buyers who want to use the property. But just like traditional real estate, understanding the ins and outs of the resale market is essential for a successful transaction.
Understanding what to expect from selling a timeshare is actually an important first step. SellMyTimeshareNow notes that timeshares should not be viewed as an investment property in the same sense as traditional real estate. This is because when selling, you are unlikely to make back the money you originally spent to buy into your timeshare.
With this in mind, timeshare owners can set goals for whether they want to sell their timeshare quickly, or prefer to take their time so they have more selling options. Setting realistic goals and expectations upfront will set the tone for the rest of the selling process.
To sell your timeshare, you’ll need to make sure you have all relevant property and ownership details that prospective buyers will want to know. Organize and document key information such as the timeshare’s location and amenities, the number of bedrooms and bathrooms in the deeded unit, whether ownership is based on a fixed week, floating week or point-based use agreement, and so on.
This information is essential for creating an attractive advertisement and helping you find the right buyers for your timeshare. This will also help you price your timeshare appropriately when advertising your timeshare on a site like SellMyTimeshareNow.
You’ll need to carefully review contract details such as who has the deed to the property or whether the resort has a right of first refusal (ROFR) clause. These and other details could affect your ability to sell.
For example, with a ROFR clause, the resort could enforce the right to purchase the timeshare from you for the amount you agree upon with a buyer. Though you would still be able to sell the timeshare either way — to the original buyer or to the resort — it’s important to understand these factors, as they can sometimes extend the length of time it takes to finalize the closing process for a timeshare.
Alternatively, some timeshare companies may require that you convert points into equivalent weeks before you sell your timeshare property. There are also some instances where certain benefits will not transfer to a new buyer, such as the ability to use points in an extended network of resorts. It’s important to be aware of such restrictions upfront and to be transparent in your advertisement so that surprises do not appear at closing that might jeopardize your sale.
Fully understanding any restrictions or requirements for selling your timeshare will help you avoid unnecessary penalties and headaches with your timeshare resort.
Timeshares do not appreciate in value. As a result, the timeshare resale market tends to be less expensive than buying a “new” timeshare directly from a resort or timeshare company.
To make your resale offer attractive, you need to price it competitively. Sites like SellMyTimeshareNow collect details like your resort location, amenities and usage agreement to help you determine an appropriate (and competitive) resale price. For example, a timeshare week during peak tourist season will generally be more valuable than a week in the off-season. You can also research comparable advertisements to get an idea of how much you could price your timeshare for.
Ultimately, you, the seller, maintain full control over the asking price for your timeshare. However, it is important to keep in mind that appropriate pricing will be the biggest factor in determining how many potential buyers you attract, and how quickly you can sell.
Not all timeshare resale marketplaces are created equal. When considering where to advertise your timeshare, make sure that you choose a website with a good reputation and consistent track record, such as SellMyTimeshareNow.
Such marketplaces are tailored to reach a global audience interested in timeshare resale properties. With dedicated marketing opportunities, they ensure that your advertisement gets in front of interested buyers, while also providing an easy-to-use platform where you can manage messaging with prospective buyers.
A reputable marketplace not only exposes your advertisement to more buyers, it also gives those buyers greater confidence in submitting an offer. Timeshare scams are still an issue, but working with a legitimate marketplace will give those buyers peace of mind.
Regardless of how you price your timeshare, don’t be surprised if you need to negotiate with interested buyers. While keeping your goals for selling your timeshare in mind, be willing to negotiate with interested buyers so you can reach a “win-win” price.
This is helpful regardless of the number of prospective buyers you’ve heard from. If your goal is to sell quickly, being open to negotiations will make you far more likely to accomplish that. If you have multiple interested parties, negotiating offers can help you get the best deal possible.
Selling a timeshare on the resale market can take time, with timeshare closings taking an average of 60 to 180 days, even after a buying agreement has been reached. However, by following the above tips, you can ensure that the selling process goes as smoothly as possible and will end in a way that meets your needs.
