There are more than 200,000 timeshares in the U.S. alone, and there are tens of thousands more overseas. Many people enjoy having an ownership share in a timeshare and being guaranteed certain times when they can use the property. On the other hand, the maintenance and other fees required as part of timeshare ownership can become onerous, especially for those whose financial situations change. At some point, you may find yourself examining the process of how to sell timeshare property.
For those people who ultimately want to get out of their timeshare contract, most cite the maintenance fees as a main reason. In fact, a study in 2016 showed that two-thirds of time share owners cited maintenance fees being too high as a reason they wanted to sell their timeshare, and nearly half cited them as the main reason for wanting out of their contract.
Beyond fees, another reason people look into how to sell timeshare property is because they weren’t really comfortable with it in the first place. Timeshare companies often engage in high pressure sales tactics and people sometimes wind up buying a timeshare that they don’t really want and that they don’t regularly use. Surveys have shown that up to 85% of people who buy timeshares regret the purchase, while other research shows that the timeshare cancellation rate is 15%, meaning that more than one in eight people who agree to a timeshare purchase don’t go through with it and complete the process.
If you decide you do not want your timeshare and you want to sell it, you have to keep some things in mind. For one thing, selling a timeshare is not like selling a home. Timeshares are not owned property, and they do not appreciate like real estate. You should expect to break even at best on the sale of your timeshare. More than likely, however, you will have to accept more than you paid for it. You also need to make sure you understand the law and the policies of the timeshare company. Though you may consider how to sell a timeshare yourself, it could be better to work with a company that specializes in selling timeshares.
Before buying a timeshare, understand what you are getting yourself into. It should be considered a vacation perk for your family rather than an investment.
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