Offering Timeshares for Sale? Here's What You Should Be Aware Of

Offering Timeshares for Sale? Here's What You Should Be Aware Of

You may have valid reasons to sell your timeshare - you may not feel the need for it any more or the cost of maintaining it could be proving to be a burden. Owners who are looking to put up their timeshares for sale should consider a few things.

Know your timeshare

Understand the specifics of your timeshare before putting it up for sale. Is it a deeded ownership or a right to use (RTU) type of agreement? You should have all the documents pertaining to your timeshare at hand and be well-informed on the timeshare laws for the state in which the resort is located. You should know all relevant details about your timeshare to successfully answer the queries a potential buyer may have.

Keep expectations realistic

If your usage weeks are off season or the timeshare property is quite small, you may find it difficult to attract many buyers. In such a case, you cannot afford to quote a big resale price. In some cases, even the larger, more attractive timeshare properties go for just a fraction of the original cost. Keep your expectations realistic and set the price after looking at the timeshare's current market value.

Those who are in a hurry to get rid of their timeshares will have no other option than to quote low prices. You are more likely to find buyers when you quote low resale prices. Ultimately, you have to take the decisions whether to hold out for a higher price and continue paying your timeshare maintenance charges or to get rid of it quickly but at a lower price.

Listing your timeshare

There are numerous online as well as offline options on which you can list your timeshare. Certain agencies charge upfront fees, while others charge a commission on the sale. These charges will vary and are generally higher than those charged in traditional real estate transactions. Shop around and determine which agency best suits your needs. Make sure that you are engaging the services of a licensed timeshare resale agency. Check the agency's record with the Better Business Bureau and see if it is a member of the American Resort Development Association (ARDA). Steer clear of agencies that guarantee a speedy sale at exorbitant upfront fees.

Alternative options to resell your timeshare

Offline auctions and online ones like eBay.

Classified ads at timeshare clubs or even in the print media.

An exchange with another timeshare owner. This may be ideal if you just want a change in resort location and/or dates.

Talk to members who own the timeshare weeks just before and after yours. These members may be looking to increase their timeshare.

These are some of the many options you can consider when putting up your timeshares for sale. It is advisable to weigh the pros and cons of each option carefully before going ahead with the sale.

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