If you are considering selling your timeshare, you will probably be wondering what the resale value is going to be. Ideally, you will want to recoup as much money back as you can, but the negative stories doing the rounds with regards to some sellers getting back next to nothing can be very daunting.
The reality is, if you are savvy about selling, then there is no reason that your resale should leave you massively out of pocket. There are instances where sellers have lost out but usually these are due to circumstances that could have been avoided with some careful planning.
If you want to maximise your resale value, then you need to think long term. Preferably, when you are buying your share in the first place, you need to think about how it would be appealing in the future to sell on. It might not seem the most obvious thing to think about, especially if you have no intention of selling, but it is still worth bearing in mind. A popular destination that has timeless appeal to tourists is likely to fare better than one that might be less attractive in years to come. Look at aspects such as whether there are any planning restrictions in the resort or any protected status areas. This will ensure that over-development will be less likely in the future, which is positive for resale potential.
When it comes time to sell, you need to be smart and clued-up. Sadly, there are scammers out there who will lure you to sell with them by touting false promises or too-good-to-be-true deals. Always make sure that you know who you are dealing with. Unknown organisations that raise suspicions in your mind should be avoided, or at least thoroughly checked out first before you feel satisfied that they are legitimate.
Consider using the services of a reputable dealer or broker, who has the inside knowledge to help complete the sale for you. Choosing someone like this, stands you in good stead for achieving the optimum resale value, as they will have the expertise to know where to advertise and find the right buyer to purchase from you.
Many people trying to sell assume that they will get a better financial return if they try to do it all by themselves. This is fine if you already have the expertise to know where and what price to pitch at, but often what happens is that sellers advertise in a saturated place, such as an online auction site, and with so much competition, often the resale value gets driven down.
It is always a good idea to see how much similar property shares are selling for in similar locations, so you can get a rough idea of what the value of yours could be. Getting the balance right is crucial, because if you aim too high you are not likely to attract buyers, but pitch too low and you could end up losing out financially.
- Wednesday, 22 October 2014 13:01