Timeshares can be a good option for those seeking to vacation in the same place, or in a certain variety of places, for about a week each year. However, there may come a time that a timeshare isn’t a logical part of your time or financial plans. People decide to sell their timeshares for a variety of reasons, from income fluctuation to less ability to travel. Whether you’re preparing to sell, or are still deciding, this step-by-step guide can help you in the preparation and selling process.
- Assemble Appropriate Documents
Your first order of business is to gather official paperwork that proves the true nature of your timeshare ownership. It will tell you whether your timeshare is a club property, right-to-use, or deeded.
- Pay Attention to Possible Restrictions
Now that you’ve found all the paperwork associated with your timeshare, you will need to carefully read through it for any specific restrictions. For example, your documents may state that the first right of refusal is to be given to the timeshare’s original seller, or another person. Always double check with your specific resort on their policy for resale of timeshares, as you may not be allowed to do the reselling.
- Check for Fees
When reselling your timeshare, you may encounter transfer fees upon completion of sale, as well as a commission charge, regardless of who sold the timeshare. These will be unpleasant surprises if you choose not to check resort policies beforehand.
- Research Potential Buyer Restrictions
It is possible that the new owner of your timeshare will be subject to certain restrictions due to resale. Some companies do not allow new owners, who purchased their timeshares using the resale market, to take advantage of reward programs. You need to be upfront with potential buyers about all perks and restrictions that will come with the timeshare.
- Post the Details
It is highly recommended that when posting your own timeshare for sale, your listing be as detailed as possible. This includes any resort policy restrictions, pictures of your unit, the specific kind of ownership, and any other useful information. It can pay off to spend some time researching the area where your timeshare is located, in order to attract maximum possible buyers. You may enjoy golfing and shopping while on vacation, but including all local activities will appeal to a wider variety of buyers. When it comes time to actually list your timeshare, be sure to include any expenses you will incur as part of the total sale price.
- Completing the Sale
To ensure that the process is handled correctly, it is highly recommended that you use a title and escrow company when finalizing the resale of your timeshare. Professionals will be able to make sure that the transfer is handled appropriately and all the right steps are taken.
Following these steps will help you to streamline the resale process for your timeshare. It’s always a good idea to consult with professionals when thinking about posting your timeshare for sale.