Many people would agree that it is much easier to purchase a timeshare unit than selling it after it has been purchased.
If you think about it, timeshare promotions include a lot of gifts and rewards just for watching the presentation. A lot of cost goes in to campaigns to invite you to see a presentation. This is all in an effort to get you to buy a unit. If you are selling, you need to compete with that type of onslaught to potential buyers.
Has this ever made you think how easy it is to resell one once you have purchased it? The honest answer is it definitely is not. You need to already compete with the timeshare organizations and all the resources they have for selling. This also means you will have less means to find buyers and that you will possibly sell for a loss. This is why it is smart to not think of timeshares as monetary investments. They are great investments if you plan to use them, but they are not wise for financial reasons only.
Even with this in mind, many people still find themselves in this pickle. Often people will purchase the unit with all intents to use it. But unfortunately things may happen which force owners to resell their unit whether due to financial issues or even just scheduling issues which end up causing them not to be able to use their vacation time.
So the purpose of this article is to help those who will be looking to resell their purchase. Here are five tips to help you make a successful sale.
1. Check the organization from whom you made your original purchase.
Sometimes the developers offer the original buyer an option to resell their timeshare back to the developer. If not find out if your timeshare is associated with a licensed broker handling timeshare resale.
2. Get realistic about your options for resale.
Do not expect wonders. It is a bitter truth that timeshare properties do sell at less than their original price. Not only that, it may be difficult to resale as well especially if it is in a not so popular destination, is a small unit for example a studio and if the time of use is in an off season. It might be a challenging task to sell a timeshare like the one discussed above. But in case of a property which is located in popular vacation destinations, is reasonably big and offers usage during peak season might sell easily. But again even if the property sells it might sell at 30-50% less than its original price. So be prepared mentally about that, think that it is like your car which depreciates with each passing year.
3. Look to alternative sources for selling where you can find ready prospects.
Besides your obvious choice of timeshare brokers, check out other industry type agents who might be in touch with those that would be interested in a timeshare. Two great examples are travel agents and real estate agents. Travel agents prospects are those people who travel. Timeshare opportunities are interesting to those that travel. Real estate agents have prospects who already understand the value of owning versus renting. That's another valuable resource.
4. Do It Yourself Online.
The internet has no shortage of classified advertising opportunities or auction opportunities. And many of these will be very cheap or free. Craigslist and Ebay are two giants off the top of my head but there are many more you should be able to find with a little internet digging.
5. Reconsider selling and try an alternative.
Because timeshare resell value is so low, it may be better financially to keep it and do your best to gain the value back each year. As an example if you rent it out each year that may end up being a way to get more of your money back then selling it. It will take more time, but you will not lose as much money. Another option is donating the weeks you do not use to a charity where you can write the donation off (check your accountant first!)
After reading this article I hope you are able to have a good and quick sale. You may end up finding it more financially constructive to see if you can rent your unit every year instead of selling it. Whichever you choose, I wish you well.
If you think about it, timeshare promotions include a lot of gifts and rewards just for watching the presentation. A lot of cost goes in to campaigns to invite you to see a presentation. This is all in an effort to get you to buy a unit. If you are selling, you need to compete with that type of onslaught to potential buyers.
Has this ever made you think how easy it is to resell one once you have purchased it? The honest answer is it definitely is not. You need to already compete with the timeshare organizations and all the resources they have for selling. This also means you will have less means to find buyers and that you will possibly sell for a loss. This is why it is smart to not think of timeshares as monetary investments. They are great investments if you plan to use them, but they are not wise for financial reasons only.
Even with this in mind, many people still find themselves in this pickle. Often people will purchase the unit with all intents to use it. But unfortunately things may happen which force owners to resell their unit whether due to financial issues or even just scheduling issues which end up causing them not to be able to use their vacation time.
So the purpose of this article is to help those who will be looking to resell their purchase. Here are five tips to help you make a successful sale.
1. Check the organization from whom you made your original purchase.
Sometimes the developers offer the original buyer an option to resell their timeshare back to the developer. If not find out if your timeshare is associated with a licensed broker handling timeshare resale.
2. Get realistic about your options for resale.
Do not expect wonders. It is a bitter truth that timeshare properties do sell at less than their original price. Not only that, it may be difficult to resale as well especially if it is in a not so popular destination, is a small unit for example a studio and if the time of use is in an off season. It might be a challenging task to sell a timeshare like the one discussed above. But in case of a property which is located in popular vacation destinations, is reasonably big and offers usage during peak season might sell easily. But again even if the property sells it might sell at 30-50% less than its original price. So be prepared mentally about that, think that it is like your car which depreciates with each passing year.
3. Look to alternative sources for selling where you can find ready prospects.
Besides your obvious choice of timeshare brokers, check out other industry type agents who might be in touch with those that would be interested in a timeshare. Two great examples are travel agents and real estate agents. Travel agents prospects are those people who travel. Timeshare opportunities are interesting to those that travel. Real estate agents have prospects who already understand the value of owning versus renting. That's another valuable resource.
4. Do It Yourself Online.
The internet has no shortage of classified advertising opportunities or auction opportunities. And many of these will be very cheap or free. Craigslist and Ebay are two giants off the top of my head but there are many more you should be able to find with a little internet digging.
5. Reconsider selling and try an alternative.
Because timeshare resell value is so low, it may be better financially to keep it and do your best to gain the value back each year. As an example if you rent it out each year that may end up being a way to get more of your money back then selling it. It will take more time, but you will not lose as much money. Another option is donating the weeks you do not use to a charity where you can write the donation off (check your accountant first!)
After reading this article I hope you are able to have a good and quick sale. You may end up finding it more financially constructive to see if you can rent your unit every year instead of selling it. Whichever you choose, I wish you well.
About the Author:
Learn more about all things related to get rid of a timeshare: Stop by Emil Yau's Hub Pages where you can find out all about selling a timeshare and other useful timeshare information
No comments:
Post a Comment