If you no longer want your timeshare, you may be desperate to unleash the burden of ownership. Selling time shares can be incredibly hard, especially if you tackle it alone, but it is not a completely lost cause. Your first strategy is to speak to a reputable agent that deals with the buying and selling of time shares. They will be experts at knowing the best ways to sell for you. Bear in mind, however, that some timeshares are easier to sell than others. Big brand names in popular locations will sell quicker than those that have little appeal. If you are struggling to shift your timeshare, there are other options to consider, however.
Sell back to the resort
See if the resort would be willing to buy the timeshare back from you. If they are not willing to buy it back, ask if they would consider taking it from you without charge. While it is not the most favourable option to give your timeshare away, it releases you from the burden and means you no longer need to pay the annual maintenance fees. In some cases, you may at least be able to get the resort to cancel your contract for you.
Give the timeshare away
If the resort won’t take your timeshare off your hands, and you are keen to get rid of your timeshare quickly, consider selling it for peanuts or giving it away. Obviously, this should be your last resort option, so do speak to a timeshare agent before you even contemplate this idea.
Rent it out
Consider renting your timeshare unit out, to at least cover the costs whilst you try to sell it. In fact, renting it out could be worthwhile if you are still undecided whether to sell or not or are no longer using the property. There tends to be more activity on the rentals market than the resales market, so do look into this option.
If you have friends or family who might be interested in holidaying at your timeshare, invite them to use it while you are trying to sell it. That way, at least you will know that your week is being put to good use. You never know, your friends or family might enjoy it so much that they decide to buy it off you.
Donate to charity
Some people donate their timeshare to charity. Although charities are not in a position to use the timeshare, in some cases they may be able to sell it for you and keep the proceeds. This means that at least you will be doing your bit for a charitable cause. If your timeshare is not worth much, however, this is not likely to be a worthwhile option, so is only viable in some circumstances.
Don’t stop payments
Although it can be frustrating trying to sell timeshare, make sure that you keep on top of annual maintenance fees while you’re trying to sell. If you miss payments, you will get chased for them eventually, and you will likely end up with a bad credit rating.
- Thursday, 09 July 2015 07:24