If you made the wrong decision to buy a timeshare, you may have no idea how bad this investment really is. Don't get me wrong, timeshares can be blessings for some people, but it can also be a terrible surprise if you do not know the full extent of the financial obligations. And unfortunately some sales people are not forthcoming with this and there are cases where shady timeshare companies siphon of more money than you had anticipated.
At that point, people realize they just need to get rid of their timeshare. This leads to finding out timeshares on the secondary market sell for around 50% of what they paid for it. The secondary market is much like the used car market rather than the used house market.
The secondary market can sometimes be tough as far as finding a buyer. Most buyers don't actively look for timeshares. Rather, it's the other way around. Resorts spend a lot of money and resources to actively reach out to possible buyers. They throw big promotions and spend time and money training their sales people. For an owner wanting to sell his timeshare, that's a lot to go up against.
Here are some ways to remedy that situation for getting rid of your timeshare:
The price is right
The buyers that do look in the secondary market tend to be educated about the industry. They are familiar with what a timeshare is and all its financial obligations. They also probably know the secondary timeshare resell market will have units exchange hands at about 50% of the original price. This means you need to set a fair price and also be ready to haggle.
Remember, while figuring price, most timeshare resells will go for 30% to 70% less than the original price.
For your part, arming yourself with knowledge will help you discuss in detail your timeshare and be able to justify the price you are asking for. First you want to know what you're selling: the type of property, size of lodging, and all the amenities and features that go with your timeshare.
Include in your list the type of timeshare you have whether it is fixed, floating or rotating, location of your unit (fronting the beach or mountainside), the number of bedrooms and bathrooms, deeded or leased type of ownership, amount of yearly maintenance fees and the color time of your scheduled week. These can largely affect how you will advertise and sell timeshares. If the amenities are exclusive, private, and top class, you can definitely sell your timeshare higher.
Something else that will help is finding out what new timeshares are going for in the same area. Knowing the new price will help you price appropriately for your resale unit.
Having this information will help you sell your timeshares for the best price possible. You will be able to advertise it with a lot of favorable detail. In hiring a service to sell your timeshare, you will make sure you will be putting yourself in the best position possible.
If you can't sell, rent timeshares
Selling timeshares may be difficult, another remedy to this is to have it rented by a consumer. This way they will also get to see and experience for themselves the timeshare package you are offering for sale. You can accomplish nearly the same thing through renting and who knows, the consumer renting might be convinced to buy it all out.
The good thing about renting is that because a renter is not locked in to a purchase, the renting rate will be closer to your payment for that year. In fact, if you can make the time and effort to rent your timeshare each year, that would be a better financial alternative than selling.
If you can't sell, consider donations to charities.
One way to sell timeshares is to dispose it to charities. Charitable organizations are no longer new to donations which are eventually sold at auctions for a cause. This is an opportunity for you to sell timeshares to a charity and claim a tax deduction. You can be well aware that there is no such thing as fees in doing this. Neither do you need an appraisal. Because by doing this, you also transfer the responsibility of paying for the maintenance fee to the donation. With a donation, you may get a write-off. You will be rid of your financial obligation as well.
The problems with a timeshare comes only after a few years from purchase time, when you can no longer keep up with the financial responsibility that comes with it. There is no escape from this responsibility. So, if you feel like you are one of timeshare owners who are not using their investment properly while feeling drained from paying annual maintenance fees, the answer to that is simple. Get rid of your timeshare and get the best deal for it that you can.
At that point, people realize they just need to get rid of their timeshare. This leads to finding out timeshares on the secondary market sell for around 50% of what they paid for it. The secondary market is much like the used car market rather than the used house market.
The secondary market can sometimes be tough as far as finding a buyer. Most buyers don't actively look for timeshares. Rather, it's the other way around. Resorts spend a lot of money and resources to actively reach out to possible buyers. They throw big promotions and spend time and money training their sales people. For an owner wanting to sell his timeshare, that's a lot to go up against.
Here are some ways to remedy that situation for getting rid of your timeshare:
The price is right
The buyers that do look in the secondary market tend to be educated about the industry. They are familiar with what a timeshare is and all its financial obligations. They also probably know the secondary timeshare resell market will have units exchange hands at about 50% of the original price. This means you need to set a fair price and also be ready to haggle.
Remember, while figuring price, most timeshare resells will go for 30% to 70% less than the original price.
For your part, arming yourself with knowledge will help you discuss in detail your timeshare and be able to justify the price you are asking for. First you want to know what you're selling: the type of property, size of lodging, and all the amenities and features that go with your timeshare.
Include in your list the type of timeshare you have whether it is fixed, floating or rotating, location of your unit (fronting the beach or mountainside), the number of bedrooms and bathrooms, deeded or leased type of ownership, amount of yearly maintenance fees and the color time of your scheduled week. These can largely affect how you will advertise and sell timeshares. If the amenities are exclusive, private, and top class, you can definitely sell your timeshare higher.
Something else that will help is finding out what new timeshares are going for in the same area. Knowing the new price will help you price appropriately for your resale unit.
Having this information will help you sell your timeshares for the best price possible. You will be able to advertise it with a lot of favorable detail. In hiring a service to sell your timeshare, you will make sure you will be putting yourself in the best position possible.
If you can't sell, rent timeshares
Selling timeshares may be difficult, another remedy to this is to have it rented by a consumer. This way they will also get to see and experience for themselves the timeshare package you are offering for sale. You can accomplish nearly the same thing through renting and who knows, the consumer renting might be convinced to buy it all out.
The good thing about renting is that because a renter is not locked in to a purchase, the renting rate will be closer to your payment for that year. In fact, if you can make the time and effort to rent your timeshare each year, that would be a better financial alternative than selling.
If you can't sell, consider donations to charities.
One way to sell timeshares is to dispose it to charities. Charitable organizations are no longer new to donations which are eventually sold at auctions for a cause. This is an opportunity for you to sell timeshares to a charity and claim a tax deduction. You can be well aware that there is no such thing as fees in doing this. Neither do you need an appraisal. Because by doing this, you also transfer the responsibility of paying for the maintenance fee to the donation. With a donation, you may get a write-off. You will be rid of your financial obligation as well.
The problems with a timeshare comes only after a few years from purchase time, when you can no longer keep up with the financial responsibility that comes with it. There is no escape from this responsibility. So, if you feel like you are one of timeshare owners who are not using their investment properly while feeling drained from paying annual maintenance fees, the answer to that is simple. Get rid of your timeshare and get the best deal for it that you can.
About the Author:
Want to find out more about how to Buy A Timeshare Or Sell Timeshare? Come visit Emil's Blog for tons of helpful tips and information on timeshares!
No comments:
Post a Comment