Before You Sell Your Timeshare Ownership
Posted on Friday, October 24, 2008 at 4:05 amTimeshare is both misunderstood and controversial. While the basic idea of timeshare is very good, the pushy hard selling of timeshare marketers has not only ruined the reputation of timeshare, but has also caused many unwilling buyers to part with their money for something they don’t need. Eventually, these people have to find ways to sell their timeshare ownership.
What is worse is that many timeshare companies are only interested in closing the deals and refuse to help their customers enjoy the timeshare ownership. Without any support, these timeshare owners are often unable to enjoy their timeshare ownership and they too, begin to think of ways to sell their timeshare.
As if being harassed to buy the timeshare in the first place is not enough, scammers prey on them again when they need to sell. There are many scams in the market and you should learn to avoid them when you are selling.
Should You Sell Your Timeshare?
You should ask yourself the following questions as you are deciding whether to sell your timeshare.
1. Do you love to travel?
2. You like or don’t mind staying for a week in one location?
3. You like a leisurely holiday?
4. You enjoy being familiar with the place?
5. Do you feel at home when the staff recognize you and call you by name?
6. You prefer resorts that are more like serviced apartments than hotels?
7. You like the flexibility of being able to exchange to over 3000 resorts and condominiums worldwide?
If your answers are yes to most of the questions above, it looks like you will be able to enjoy your timeshare ownership very much. You might want to reconsider selling it and look for someone who can help you benefit from your ownership instead.
Take Note Of These Before You Sell Your Timeshare
Taking note of the following before you sell your timeshare will save you a lot of tears and headaches.
1. The process of selling timeshare is not unlike selling a property and can often drag for very long. If you are in a big hurry, you would be better off looking elsewhere. Even if you can find a buyer at short notice, you would most likely need to sell at rock-bottom prices.
2. If you bought your timeshare thinking it can be a good investment, change your thinking immediately. Buying a timeshare is not unlike buying a car – it is good to use but the resale value is seldom, if ever, higher than the originial selling price. If you can sell your timeshare for 20% to 50% of the price you bought, before factoring in legal, administrative and marketing costs, it should be considered a reasonable deal. If you own a premium unit with many years left, you might be able to sell for up to 85% of the original price even.
3. Be careful. Be very careful. If anyone calls you to say they can sell your timeshare for you at the original price or better, of if they sound a little too enthusiastic, run. They are most likely scammers in disguise.
4. Compare different brokers, their costs, service attitudes etc. before committing to any one of them.
5. Some brokers will ask you to appraise or value your timeshare ownership before putting it up for sale. By and large, this is unnecessary as you will be able to find the prices of other units in your timeshare resort for comparison without having an appraisal or valuation. Moreover, many buyers will not buy based on the appraisal or valuation anyway so it will be a waste of your money.
