Over the years Timeshare has been a readily available product across the globe, with families from all walks of life purchasing an ownership to enrich their future holidaying potential.
Buying a Timeshare is the easy part. Most homes around the world are regularly inundated with special promotions and invitations by phone, post and email offering various valuable incentives to attend. Once you arrive for the presentation you are dazzled by the grandeur and before you know it you have been persuaded to purchase your timeshare. With the spectacular opportunities available to you, who wouldn’t be tempted. Many look at the purchase as a great investment for their family’s future.
This being all well and good for a certain period of time, while you enjoy watching your love ones grow and you all travel around the world making lasting memories together. But what happens when at some point in the future your personal circumstances change? The kids grow up and fly the nest, your taste in holidaying destination changes or you become unable to travel due to health of financial issues.
Many people say that re-selling your Timeshare is far harder than buying one, which is most definitely true. If you can relate in any way and may be contemplating the possibility of re-sale, below we will break down some of the options available out there to assist you in re-selling your Timeshare.
• The first point of call would be to check with the company or resort that originally sold you the Timeshare. In some cases, the company or resort may have a buy back programme in place for this exact reason. If not enquire as to any specific broker, they may use to successfully assist their owners in re-selling their ownerships. When using a company or resort’s broker please use caution and attempt to get testimonials from other owners who have used this service successfully before.
• Research the market to establish an estimated value of your timeshare property. Also do your due diligence and delve in to what you have actually bought. Is your ownership deeded to you outright or do you have a right to use for a specific number of years? If you discover you own the later, you may find your ownership to be worth less when nearing the end date. Knowing these pieces of information is key in selling your timeshare with confidence.
• Be realistic in your expectations. The harsh truth is that Timeshare properties do re-sell for considerably less than the purchase price, so be prepared to make a loss as the ownership will depreciate in value over time. It may be a more difficult task to sell depending again on what you own. If you have an off-season week it will take longer to sell than a more desirable mid-summer week, also the same can be said for apartment size or location, these things can deter interest from potential buyers.
• There are various ways to personally re-sale from high street real estate agents, to online agents or traditional brokers. Always enquire regarding any fee’s payable beforehand. These could include an upfront fee to advertise, but also may include a commission percentage of the overall sale cost, either way you have to be fully informed to allow you to cover these costs with the value you accept from any interested party. Alternatively, you can advertise your timeshare for sale in the classified pages of your local paper in the hope someone may be interested.
The latest craze catching on is to list your Timeshare on re-sale sites like E-Bay allowing you to instigate your own advertising campaign to drum up interest. The more desirable you make it sound the more enquiries you may receive.
• Beware of fraudsters, do not be caught out by unscrupulous companies offering a quick re-sale, knowing the many factors involved with re-sale the likeliness of a quick sale is very limited due to the tough market. You have no definitive guarantee that your timeshare will sell especially within the very short period of time these companies may tell you.
• Do not rush to make any decisions, take your time to consider any proposed offer, take in to account all the parameters involved and make a decision based on the facts available to you. Always be sure to ask for any offer in writing never accept a verbal agreement. Contracts stand up in court words do not.
Overall the re-sale market is a very tough nut to crack. It is completely possible that by being well informed and knowing how to gain the assistance you need to help you succeed in selling your timeshare will be the best use of your time while awaiting your buyer.