“Can I sell my timeshare?”
This is a very common question many people ask about timeshares. And initially, this may seem like a good solution. In reality, a timeshare resale is rarely a viable option due to some unique challenges arising from the competitive nature of the marketplace and the way timeshare loans are structured.
First, let’s look at some of the reasons people think about selling their timeshare:
Reasons for Selling a Timeshare
Some of the most common reasons people start to think about exiting their timeshare include:
It No Longer Makes Financial Sense
Purchasing and maintaining a timeshare may have easily fit into your budget when you bought it, but over time things can change. Whether you changed jobs, have retired and are living on a fixed income, or simply have other financial priorities, sometimes timeshare ownership is no longer the best use of your money.
Your Lifestyle Has Changed
When you bought your timeshare, your life was different. Taking the kids on fun trips or just enjoying a romantic getaway was high on your list of priorities. As life goes on, these things change and often you don’t have time to use your timeshare as much as you used to and naturally have other priorities. When your timeshare becomes something you’re trying to fit into your plans instead of the other way around, it’s time to think about your options.
Your Heirs Have Other Plans
When you purchased your timeshare, you thought it would be an additional asset to leave to your children or other family members. But over time, it’s become clear that they have other interests and your timeshare just won’t fit into their plans. Rather than passing the ongoing, lifetime maintenance fees along to someone who won’t use the timeshare in the first place, it’s probably time to start thinking about an exit strategy.
At this point, many people start to think about reselling their timeshare. There are a lot of myths and misconceptions about the process, so let’s take a look at some of the key Truths about timeshare resale.
So What’s the Truth about Reselling Your Timeshare?
It’s a Buyer’s Market
Many timeshare owners are asking the same questions that you are and considering an exit from their timeshare. Competition in the timeshare resale market is fierce and drives down prices significantly. Consequently, there is a surplus of timeshare inventory available for purchase online via eBay, Redweek, and other marketplaces, often listed at pennies on the dollar. In the end, you will likely end up getting much less than you paid, and if you still have a mortgage, you’ll remain liable for the balance until it is paid in full.
Location, Location, Location
Not all timeshares offer the option of a variety of different destinations (and even when they do, the best locations are often booked far in advance and unavailable). Unless your timeshare is in a highly desirable location like an exotic tropical island, you may not be able to attract buyers.
Additionally, part of the allure of owning a timeshare is the opportunity to vacation in a variety of different locations, so the idea of vacationing at the same resort all the time may not be appealing to many buyers.
Timeshares Are Not Assets
While timeshare loans are often positioned as “mortgages”, the unfortunate truth is that there is no equity involved in owning a timeshare. You’re merely paying on an installment loan for the privilege of using the resort.
Developers and Resorts are Competing With You
Resorts routinely rent excess inventory through sites like Expedia and Travelocity. Often, it’s possible to find the exact same room available for rent through one of these sites for significantly less than what you’re paying on a monthly basis. To add insult to injury, you may also find that you can easily book a stay on Expedia during a window when you’re blocked from using the timeshare that you’re paying for…
So, if Timeshare Resale Isn’t the Answer, What Is?
At the end of the day canceling your timeshare is often the best and only way to free yourself from the financial burden of a timeshare for good. If you’re ready to get rid of your timeshare, you’ll want to work with an experienced and reputable timeshare cancellation company.
The best timeshare cancellation company in the market is Timeshare Legal. Timeshare Legal was founded by Christian Highlander in 2009. He has over 20 years of experience and has worked on both sides of the industry. Christian and his team are passionate about providing timeshare exit solutions that have the least possible impact on your credit and the best outlook for your financial future. Over the past 12 years since its inception, Timeshare Legal has released clients from over $250 million in timeshare debt and given them the financial freedom to live their best lives.
Timeshare Legal is a professional, full-service timeshare cancellation company that can get the timeshare exit process started without any upfront cost.
Timeshare Legal offers a convenient online assessment to see if you qualify for a timeshare cancellation, or you can call this 800 number for free information on how to get out of your timeshare or to schedule a free consultation. Learn how Timeshare Legal can help you take the first step toward timeshare cancellation and financial freedom.