A lot of people are asking “how to sell my timeshare” and recoup some of its costs. That is the key to this problem. You have to first accept that you are never going to recoup the full value of your investment.
But there are lots of ways in which you can increase the return you achieve on the sale of your vacation unit. You might not know but you don’t have to sell your timeshare to make money from it. You can rent it out if your need for cash is temporary. There are people who are not interested in buying condos but love the idea of staying in an apartment or house rather than a hotel. You can advertise your week or fortnight on EBay in the rental section.
But if you really want to sell your vacation unit then here are some tips to help achieve the best price.
1) Be realistic when setting the price. You can easily do some research and establish the market value. Do not waste your money on appraisal values. Instead just speak to your resort and ask them to provide details of resale values other owners have achieved. Check out EBay and classified adverts in the papers.
2) Check that you do not need the permission of your loan company to sell the investment. Most people used a personal loan or cash to buy their timeshares but some loans were arranged on a basis similar to a mortgage. Always double check to be on the safe side.
3) The sales advert must reflect a true picture of the investment. Don’t be tempted to add glossy statements to help a sale unless these are true. Make sure that all facts and figures are correct from the dates of the timeshare weeks to the maintenance or upkeep costs.
4) Spell check your advertisement. You only have to look at some adverts to see how often people misspell words. This makes you look unprofessional. Not the option you want especially as the vacation home market has a rather tarnished image.
6) Always be professional when dealing with potential buyers no matter how they act. The rudest person you deal with may turn out to be the buyer. This is not a friendship contest and at the end of the day, all you want is to sell your unit.
7) If you are not keen on dealing with buyers or writing advertisements, you could consider using a licensed timeshare real estate broker. I would advise that you only work with your agent on a commission only basis. They only get paid if your investment sells thus giving them an incentive to perform.
8) You might not want to retain an attorney to cut costs (we would advise that you do so or proceed at your own risk). If you decide against using an attorney, at the very least use one of the timeshare closing services in an effort to protect both you and the buyer. This transaction involves a significant amount of money, cash you probably cannot afford to lose.
I hope that these tips have helped answer your how to sell my timeshare question. Good luck with your sale.