Timeshares have become a popular way for individuals or companies to buy or lease vacation properties. For their purchase, each owner gets a set amount of time to use the property each year before usage moves to the next owner. This plan allows people and companies to afford vacation housing at a much more affordable price.
In the current economy, many owners are looking to sell their timeshares to lower expenses. This is not quite as easy as it sounds. Because of the way timeshares work they can be difficult to sell so many brokers will not bother listing them. That does not, however mean it can’t be done. These steps should help you.
- The very first thing you need to do is find out if you can sell it. There are two types of timeshares and one can be sold and one can’t. If you have a deeded timeshare you are in fact an owner and can sell your interest. If the timeshare is leased you will have to look into the details more to see if you can sell the remainder of your lease to another party. This is not always the case.
- You will need to be realistic about how much you can sell your interest for. Timeshares almost always lose value over time, not gain value. In truth, timeshare are often sold simple to get out of paying maintenance fees. You need to set a price you can live with but it will be less than what you paid for it.
- Contact the timeshare management company. This way you can make sure you sell in a way that complies with their rules. A common one you might find is a “first refusal” clause. That gives the management company the right to buy it before it goes on the open market.
- Since finding a broker will not be easy expect to have to place ads yourself. Identify and place ads in publications and online where you think potential buyers will find it. You might even consider putting it up for auction on an appropriate site.
- While most brokers will not handle timeshare there are companies that do specialize in the market. If you chose this option then you need to be ready to research them. The Better Business Bureau is a great place to start. Be leery of anyone or company that seems overly pushy about having you sell your timeshare through them. Make sure that they are able to sell a property in that location. Never feel shy about asking questions. Asking the right questions now can save you heartache later.
- If selling your timeshare is just becoming too much of a hassle you might just want to donate it to charity and let them sell it. Not all charities will take them but some will. This will save you from paying the maintenance fees. Also, if you are careful about which one you donate to you will be able to take a tax deduction for your gift.
Selling your timeshare in any market is not easy and is harder with the present economy. This, however, does not mean it cannot be done. It helps if you have a realistic expectation of the price you are going to be able to get and the amount of time and effort it will take to do it. If you keep that in mind it will help keep you from being disappointed with the price or frustrated with the amount of time it will take.