Once you decide to sell your timeshare and begin the process you will probably come across steps or processes that you do not understand.
There are two very common misunderstandings about selling your timeshare.
The most common myth about selling your timeshare is the misconception that a timeshare is a good investment. The seeds for this notion likely came from the salesperson who sold you your timeshare. The value of a timeshare is found only when you use it. It has no true intrinsic value on its own. Plus, if you do not use your timeshare and still pay the annual maintenance fees it is near to impossible to place a value on it. In fact, some accountants may consider it a liability instead of an asset.
Along with the first myth about selling your timeshare is the notion that you will sell it at a profit. Very few timeshares will grow in value. As a general rule, timeshares will sell for about 25 percent to 50 percent below the developer pricing. If you use your timeshare every year you will realize the cost savings it was designed to bring. But a profit? No.
I wish selling a timeshare was as simple as running a local ad, receiving the cash, and handing over the timeshare deed. It isn’t that simple. Especially if you are trying to sell your timeshare yourself and treat it like selling a home. Figuring out how to price your timeshare will be the biggest first step for most timeshare owners. As a rule of thumb timeshares will sell anywhere from 25% to 50% below the retail pricing at the resort. While that may be disappointing to some timeshare owners, the good news is that timeshares do in fact sell. Timeshare resales are quickly becoming the fastest segment of timeshare sales overall. And at the same time, timeshare owners are buying more of them as well.
Once you have a meeting of the minds on the terms of your timeshare sale the details will need to be conveyed to a title company and the timeshare resort management company. You’d hate to sell your timeshare only to get the maintenance fee bill next fall!
Understanding the process of selling your timeshare is critical. Take the time to educate yourself about it before you decide to sell. Guides to Selling Timeshare are available through www.RPMLS.com. There are FAQ sections, loads of information and people you can call if you need help.
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