Buying a timeshare can lead to an exciting time, one that is filled with tons of fun memories. But what happens when you want to offload the property?
Selling a timeshare comes with a lot of considerations. While you may see your property’s value, other vacationers may not. You are unlikely to get what you paid for your timeshare, and it may take some time to sell.
To help prepare you for the process, five members of Forbes Real Estate Council discuss some of the important things sellers need to remember when planning on putting their timeshare onto the market. Here’s what they said:
Members discuss some things to keep in mind when looking to sell your timeshare.
Photos courtesy of the individual members.
1. Timeshares Are Not Investments
Understand that it’s unlikely to get the full amount you paid back. Timeshares are not investment properties and the market is flooded with them. Approach it more like selling a used car than a home. Hopefully, it served you well while you owned it, and now you should expect to get a portion of its initial value that you can put toward something else. – Gary Beasley, Roofstock
2. Who Your Competition Is
One thing that has always puzzled me is how you sell a timeshare when they just make more. When you are competing against the originator or their lot, it’s an uphill battle. Are you selling (well) before a high season? Is there anything geographically great or of concern where you are selling? Look for a broker for sure on this one. – Michael J. Polk, Polk Properties / Matrix Properties
3. Check With The Resort About A ‘Deedback’
Most timeshares are, realistically, not going to sell for anywhere near what you paid for it. Many times you will need to give it away and then at least you will avoid the maintenance fees. Check with the resort and see if they will take a “deedback.” Renting it out could be an option, and many timeshare groups will allow you to convert to travel points each year. – Holly Williams, MQ Ventures, LLC
4. The Resale Value Of A Timeshare
Owners of timeshares should be realistic about how much it is worth. Keep in mind that timeshares are not investments and generally, their value goes down not up. The best case when you want to sell a timeshare may be to explore the option of returning it to the resort with no exchange of money and get out from under the persistent burden of maintenance and Home Owner Association fees. – Joe Houghton, RE/MAX Results/The Minnesota Property Group Team
5. Finding A Buyer Will Take Time
Remember it’s going to take forever to sell a timeshare because it’s a niche-type industry. Not many people know about it and understand it, so it may take a while to sell. – Engelo Rumora, List’n Sell Realty