How could you not have enjoyed all those years and family memories made down at your timeshare? Enjoying your time in this manner is money well spent, but eventually, the moment comes for nearly all families where it is time to move on. Especially in the past couple of years, sales have been common.
However, there are also many who are not certain of how to approach the problem of how to sell a timeshare. Selling a timeshare can be complicated and somewhat confusing, so you can’t be blamed if you’re not 100% certain of how best to start the process.
What are some selling tips that can help make a big difference when trying to go through this process? Read on and we’ll walk you through a few major points you won’t want to start without.
Re-Read Your Timeshare Contract
Depending on how long it’s been since you first got the timeshare, your mind may have become a little muddled when it comes to the details of your arrangement. Before you do anything else, the most intelligent thing you can do is pull out the old paperwork and go back over the details of your timeshare arrangement.
The original contract should give you all the information that you really need, however, there might be other paperwork that is also worth looking over. Anything you have from the time of initial signing should be pulled out and looked over.
The paperwork should have all the basic information that you’ll later need for your sale, even if some of it is information you already have. The location, developer name, and descriptions of the size and amenities should all be present there for your reference.
The first important thing you’ll need to look into is who actually owns the deed to the property. There is a chance that you might, but there is also a chance that you signed a right to use agreement, which means the resort still owns the actual deed to the property.
Regardless, you’ll want to get a copy of the deed for your sale.
The contract should also stipulate when you have access to the space. Contracts can vary quite a bit in this department: perhaps you can visit during a fixed week each year, or during a certain window of time, or perhaps over a certain number of days.
Whatever the situation is, make sure you’re very clear on the details before you move any further.
Understand Timeshare Worth
The most important element of your timeshare sale might end up being exactly how much money you can hope to have back into your bank account. In order to get a sense of how much you should expect, you’ll need to do a little research.
Now, remember that a timeshare is different than a typical property purchase in that you can’t hope for the price to appreciate. A timeshare is more like a vehicle, in that the price value decreases in time and with use.
For that reason, it’s important to have realistic expectations when going into your timeshare sale. There is likely no scenario where you will get the money back you invested in the property. Consider that money well spent on the amazing memories you had there.
What elements do you need to focus on to determine how much you might stand to make? The first thing you’ll need to consider is your outstanding mortgage payments.
Timeshares & Existing Payments
Your sale scenario will be different depending on if your timeshare is already paid in full or if you are still in the process of making mortgage payments. Timeshares with the mortgage still in process of being paid can be much more difficult to sell.
If you are all good on your mortgage, there are still other payments you’ll need to look into and make sure you’re caught up on. These kinds of fees will vary from property to property but might include HOA fees, maintenance costs, and other such reoccurring costs.
These expenses need to be paid to the date before the property will be able to be handed over to a new owner.
Determining an Asking Price
Understanding all of this will help to ensure that your timeshare can hit the market in a proper stride. But how can you determine how much of a payout you might get?
The easiest way to get a straight answer will actually be to look at the existing timeshare market yourself. If you can find timeshares that have similar square footage and the number of bedrooms? You might get a glimpse at a price similar to the one you can expect.
When doing this, it might be better to look at listings that have actually sold successfully. A high-priced timeshare might give you high hopes, but there’s no promise that any timeshare will actually go through at that price, yours or theirs.
You can look into the hgvc resale value to get a better estimate of what you may be able to get out of your timeshare when the time comes to sell.
Selling a Timeshare
With this information in hand, you can actually start the process of getting your timeshare on the market and ideally in the hands of someone else. Of course, this is all going to be quite difficult to do on your own. Most would recommend that you bring in some professional help.
Why? The complexities of selling a timeshare are numerous, and without a hearty amount of knowledge on your side, it is easy to make a mistake.
That likely means you’ll either want to get the help of a real estate agent or work with a professional listing company. The choice is up to you.
If you do go with a real estate agent, ensure that they have experience with timeshares. It might be all well and good to sell homes, but a timeshare is a whole different set of rules. If you want a successful sale, it’s better to work with someone who has managed this kind of thing in the past.
The same could be said for a listing company. There are many scammer listing companies out there and it’s important to look closely at who you’re willing to work with.
Make sure that the listing company you’re looking into is certified by the Better Business Bureau. It can be easy to look for an easy way out since selling a timeshare can be so difficult – but some try to prey on that separation. Don’t let yourself become a victim.
Consider Selling to the Resort
One other option that may not be likely but is well worth looking into? You might want to look into talking to the resort itself. You may find that the resort in question is happy to take the timeshare back into its possession.
This may mean you end up getting next to money from your ‘sale.’ However, you’ll no longer be expected to put any more money towards the property, and for some timeshare owners, this is enough. It may be well worth the trouble of going through the sale process to be able to wipe your hands clean of it all.
The resort may try to upsell you or extend your stay with them when you reach out, so make sure to stay focused and don’t accept any offers.
In some situations, the resort may not be interested in taking your timeshare back or helping to sell it. That means you’re on your own and you’ll need to get in touch with one of the options above.
Timeshare Exit Companies
You might also want to consider working with a timeshare exit company. This is a company that is particularly adept at looking into timeshare contracts and finding legal out points for their clients.
Again, the same principles hold here as before: there are many scammers who will tell you what you want to hear and won’t be able to follow through.
However, there are some trained legal entities that can really help to get you out of your contract with some hard work and a long enough timeline. It might take as long as a year or two, but it’s well worth looking into if you’re uncertain about what other options you may have.
How To Sell a Timeshare
Had your vacation property for long enough? If you feel it’s time to move on, the above advice can be hugely helpful when it comes to learning how to sell a timeshare. While the road ahead can be difficult, the above information can make it a bit easier to manage.
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