What are the options for selling my timeshare? Can I resell my timeshare? How can I get money for my timeshare?
These are some widespread questions many people ask when they are fed up with their timeshares. Initially, selling your timeshare may seem like a good idea, but in reality, a timeshare resale is rarely a viable option due to unique challenges from a competitive marketplace and the way timeshare loans are structured.
There are many misconceptions about the process of reselling a timeshare, and we aim to help you understand some key truths and highlight the fine print details.
ONE – Heavy Competition
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, driving prices down significantly. Consequently, a surplus of timeshare inventory is available for purchase online via eBay, Redweek, and other marketplaces, often listed at a fraction of its value. In the end, you’ll likely end up 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.
Additionally, 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.
TWO – Prime 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.
THREE – No Money Value
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.
…so, if reselling your timeshare isn’t the answer, what is your solution?
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. Timeshare Legal has helped thousands of clients cancel millions of dollars in timeshare debt. We understand the financial burden that timeshare companies leave their owners to carry; Timeshare Legal offers no-money-upfront options for qualified candidates. With over 150 5-star reviews, there is a reason we are the leading timeshare cancellation company.
