What You Need to Know About Reselling a Timeshare
Timeshares are great for business professionals, couples, and families who want to travel around the country without having to pay for lodging all at once. By paying a regular amount for a fixed number of years, you can buy ownership into a shared property where the days of the year are split between many different owners.
As nice as it is to have a timeshare to lean on when you’re in need of a getaway, not everyone travels as much as they’d like to throughout the years. With work obligations, school schedules, and family life to balance, it’s not realistic for everyone to keep paying for a timeshare that’s just sitting there. If you want to resell your timeshare, here’s what you will need to know.
Reselling Your Timeshare Isn’t Like Selling Your Home
Before you list your timeshare for sale, understand that it will be quite different than a traditional home sale. You’re an owner, but you’re not the company owner. You have legal rights written into your deed, but there’s a strong possibility that some of the legal rights you were granted won’t actually transfer to the buyer. You need to sit with a reputable and experienced closing company that’s familiar with timeshare resales and all of the related legalities.
The Secondary Market Is Great for Well-Versed Buyers
A lot of potential timeshare buyers have no clue that there’s an option to do business in a secondary market. Just like you can save money buying a used car, you can also save money buying a secondary timeshare.
One of the biggest drawbacks of timeshare resales is that you can’t make the property stand out from the competition. There’s even a good chance that there’s a handful of owners in your resort who are also selling their timeshares. Since you can’t modify the property, the only option is to sell the timeshare at a competitive price. This is why resales in the secondary market through companies like Concierge Realty are becoming increasingly popular.
Have Realistic Expectations About How Much You’ll Get Back
If your timeshare is already paid off, you can be a lot more flexible with the listing price on your resale. If you’re still paying off your financing, your flexibility might be limited. Usually, a timeshare will resale for 50 percent of its value.
To sell your timeshare, you can either find a way to advertise your unit, wait for interested parties to contact you, field inquiries and negotiate the sale yourself or you can trust an industry expert such as Concierge Realty to work on your behalf. Working with a licensed broker makes the sale of your timeshare simple because you need only share your information with us and wait for offers. Brokers also research the value of your timeshare to assure that you will be looking to receive a realistic amount for your timeshare. Most buyers find that having a licensed broker handle the transfer of the timeshare makes the process simple.
Contact Concierge Realty to discuss the purchase of a timeshare for a fraction of the developer price or to list your unused timeshare for sale.