Selling your timeshare is not as straight forward as it might seem, although there is a fairly good market for timeshare resales, if you know what you are doing. The key element to remember when selling your timeshare is why you bought it in the first place. Timeshare ownership is not meant to be a financial investment whereby you make an incredible profit; on the contrary your returns are not economic but experiential. So, it is important to bear that in mind if you are opting to sell your timeshare.
Perhaps the wisest action to take before you sell your timeshare is to assess your reasons for selling. A quick sale may not actually be in your best interests once you get to the bottom of your motives for selling.
Economic Motives
After the financial crisis of 2008, many families found themselves in financial trouble, making it less likely to be able to go on regular vacations and take advantage of a timeshare property. Selling your timeshares under these circumstances may seem like the best short term solution, while in the long run, if you are able to ride the storm, you will be glad that you never gave up your dream of vacation ownership. Once you have made the initial investment, selling out makes your purchase a waste of money while sticking firm means you will still have your unit once things pick up again.
In cases where you cannot afford to take vacations regularly, an alternative to selling would be to join a vacation club so that you can bank your timeshare week and use it less frequently, let’s say every other year. That way you carry over your points and can stay in a bigger accommodation or for a longer period of time. If you opt for a larger unit, you may be able to invite friends and split the costs, making it more affordable.
Change of Scenery
Some people have gone to the same resort for years and years and feel like they need a change. However, there is no need to sell your timeshare to be able to go to different destinations. You can swap your timeshare and therefore stay anywhere in the world. A vacation club is a great way to do this, although you can also do so privately. The great thing about some vacation clubs like Interval International is that you can choose to exchange your timeshare for a cruise vacation too.
Personal Reasons
If you have emotional reasons for selling your timeshare, such as a bereavement or divorce, you would do well to wait before taking any rash actions. To avoid old memories you may wish to exchange your timeshare for new destinations, or even lend it to family and friends while you decide what you want to do with your property in the long run.
Left in a Will
Some people find themselves with a timeshare property they wish to sell after being left it in a will. Before negating the idea of owning a timeshare, at least try it out and see if vacation ownership could suit your lifestyle. Rather than selling you may wish to make a profit by renting, or at least lending it to friends and family.