Today, we’re diving into a topic that might be on your mind – selling your timeshare. But before you rush into it, there are three important reasons why you should think twice.
The Most Common Reasons Why Owners Want to Sell Their Timeshare
Let’s start with the reasons why owners consider selling their timeshares in the first place. I’ve been in the timeshare industry for 15 years, and I’ve seen it all. Here are the most common reasons why owners want to sell their timeshares.
- The sales and marketing agents used aggressive sales tactics. We felt we couldn’t get out of the sales presentation unless we bought something.
- It doesn’t work the way it was explained.
- We bought another timeshare at different location and no longer need two (or more).
- The property is not maintained as we expected.
- The original owner is deceased, and the family doesn’t want it.
- We can’t rent it out like they said we could.
- The maintenance fees are out of control.
- There are new resort fees that weren’t there before.
- There is poor customer service.
- We don’t feel we are getting what we paid for.
- The exchange company won’t provide what we want.
- There is no availability anywhere.
You can find a more comprehensive list in the book, “Everything About Timeshares,” available on Amazon and other online bookstores.
As you can see, there are numerous motivations behind selling a timeshare.
Now, let’s get to the meat of this blog. Here are the top three reasons why you should think twice before listing your timeshare for sale.
Reason #1: High Costs for Selling A Timeshare
Reason number one is the cost involved in selling your timeshare. When you decide to list it, you’ll have to pay commissions, and those can add up quickly. For instance, if you go with a top resale site like “Sell My Timeshare Now,” they charge $1,400 just for listing your unwanted timeshare for sale. And don’t forget about the transfer fees, which can be another $1000 or more. So, you’re looking at around $2,400 just to get rid of your timeshare with them.
On the other hand, platforms like Redweek or Tug2 might have more reasonable listing prices, but they might not provide the same exposure as Sell My Timeshare Now or by using an independent realtor. And you’ll still need to cover those transfer costs.
Depending on your listing price for the timeshare, you must add in these additional costs in the overall sale.
Reason #2: Prolonged Time on Resale Market
Reason number two is that your timeshare could linger on the resale market for months, or even years. While it’s up for sale, you’ll still have to pay those pesky annual maintenance fees and annual listing fees. The big question is, is it financially wise to keep paying those fees if you’re not using your timeshare?
My suggestion? Keep using your timeshare whenever you can, while you figure out your best exit strategy.
If you use a site such as Sell My Timeshare Now, that $1,400 listing fee is an annual fee. So, if your timeshare is not selling and you continue to list it with them, you will pay that fee every year in addition to your annual maintenance fees with the resort.
Because of the thousands of timeshares for sale on the resale market, the longer you keep it, the more money you will be sinking into something that you are not using.
For example, if your timeshare has been on the market for three years and still hasn’t sold, this cost could add up to what would be equivalent to purchasing another timeshare. This is why there are so many timeshares on the resale market that list for as little as $1,000 and some as little as $1.00. Owners just want to get rid of them, and even still, they can remain listed indefinitely. These owners will do almost anything just to get rid of them including paying the transfer costs as mentioned above.
Reason #3: Resort Deed Buyback Programs
Reason number three might surprise you. Some resorts actually offer deed buyback programs. Yes, you heard me right! Depending on your agreements and negotiation skills, certain resorts will let you return the deed to them, for a fee, of course. Most often, those fees will be to pay for future maintenance fees or some other cost.
These programs are an option to explore, and the best way to find out is to simply call the resort and inquire whether they have a deed buyback program.
If you own a vacation club in Mexico or in the Caribbean islands, there is no deed because you don’t own anything. You’re just a member of a discounted travel club. You can always ask them to cancel your membership. Tell them that you’re willing to pay future maintenance fees to cancel. Most will not, but it doesn’t hurt to ask.
A Better Solution Than Selling Your Timeshare
Now, here’s the elephant in the room. Most people want to sell their timeshares because they feel they deserve something back from their investment. However, the secondary market for timeshares can be pretty disappointing, and cancellation services often charge exorbitant fees, sometimes upwards of $10,000. The chance of selling your timeshare for a profit is nil unless you own in a high demand area, a high demand resort property with very little inventory and there are buyers waiting to buy what you own.
But wait, I have a better idea – something you may never have heard of. Have you considered canceling your timeshare on your own? Yes, it’s possible! People are doing it every day with the help of timeshare cancellation courses. You will not get refunded on your timeshare investment, but it is very affordable, you can legally cancel your timeshare and get rid of it forever without affecting your credit rating.
By enrolling in one of these courses, you gain access to expert guidance from someone who’s been through the process successfully. They’ll walk you through the loopholes in the timeshare industry that can help you cancel your timeshare legally and more cost-effectively.
The best part? You’ll receive templates for your cancellation documents, making the process smoother and less daunting. Click here to learn more about our timeshare cancellation courses.
Considering All Options Before Selling Your Timeshare
Whether you choose to sell your timeshare, explore a resort’s deed buyback program, or take matters into your own hands with a timeshare cancellation course, remember that you have options. It’s essential to make a well-informed decision that suits your financial situation and goals.
Whatever decision you make, remember there are alternatives out there. Don’t just jump on the sell your timeshare bandwagon because you feel that you don’t have any other options. You Do!