3 Things to Consider When Selling a Timeshare

You bought a timeshare and you had your fun, but now it’s time to sell. You might be tempted to just try to get a quick sale so you can take the money and run. You may want to consider these three things first, though.

Number 1: Are you sure you really want to sell your timeshare?
If you really want to keep your timeshare but you just need money, you may want to consider renting instead. Unlike homes, timeshares often depreciate in value. This means you might not get anywhere near the amount you paid for your little slice of heaven. This can be a concern especially if you bought directly from developer. (Something to consider for the next time you’re in the market to buy a timeshare: look at used listings; you’ll usually get a lot more bang for your buck that way.)

Instead of selling, if you rent out your timeshare for a couple years, it may bring you comparable money to what you would have made selling it. This way, however, you can go back to it whenever you want in the future. It’s a win-win.

Number 2: Go back to the place you bought from
Sometimes timeshare companies have a resale program. They can occasionally help you sell your timeshare. They may just have a list of interested buyers available if you ask. At the very least, you can ask them who owns the intervals near yours. Sometimes, people want to extend the length of their yearly stay and would be willing to buy your timeshare to do so.

Number 3: Keep an eye out for con artists
This is the big one. As soon as it becomes known that you have a timeshare for sale, you can expect the scam artists to come out of the woodwork. The rule of thumb is: if it sounds too good to be true, it probably is.

Watch out for re-sellers who offer to take the timeshare off your hands, but ask for a large upfront commission. Don’t give anyone money until the sale is made. It is rare that a legitimate company will ask you to do that. Also, be wary of anyone who claims you’ll get a huge payday out of the sale.

Get everything in writing, and double-check on the credentials of the company with the Better Business Bureau or your state’s Attorney General. Finally, make sure you are dealing with a licensed broker (and that the license is valid where your timeshare is located).

Remember to pay attention and do your homework, and your sale will go just fine!