When timeshare owners want to get out of their timeshares, usually their first port of call is to sell it, but selling a timeshare is not as easy as it sounds and barely holds a financial value on the resale market. On the other hand, those who want to buy a timeshare might benefit from the current low prices and huge selection on the timeshare resale market. But why are Timeshare Resales so cheap?
The bad reputation of the timeshare industry in recent years, from pressure sales to increasing maintenance fees, has led to many people wanting to get out of their timeshares, and selling is often an option first considered. Consumers are so desperate to get rid of their timeshare, that people are listing their timeshares for a fraction of their worth, even using websites like eBay and gumtree to sell their timeshare weeks for as little as a few pence, just in the hopes that it is taken out of their hands. Due to the increase of supply, and a decrease of demand, there are thousands are timeshares listed for sale, and despite the bargain price, nobody is buying.
Buying a Timeshare on the resale market
If you are wanting to buy a timeshare, buying on the resale market is a way to get the the purchase lower than the initial price. Due to the huge amount of timeshares being sold, there will also be a wide range of destinations and properties to choose from. However, you must remember, buying on the resale market, despite the initial price being cheap, there is still other costs such as maintenance fees to consider and take into account. It is also important to remember that you are not buying an investment property, you are buying the right to use the property for a specific period of time.
Selling a timeshare
Although selling a timeshare might seem like an easy way out, they can often be virtually impossible to sell. Owners are trying to sell their timeshares in any which way, even for as little as pennies and pounds. Thousands of timeshare units are listed online with the more getting added each day, and barely any, if any at all get sold. You might list your timeshare for an extremely low price just to get rid of it, but the chances of it getting sold are very slim.
Due to the difficulty of selling timeshares, many people fall into the trap of getting scammed by resale companies, who for often a large upfront fee, promise consumer that they can sell their timeshare. Unfortunately more often than not, as soon as the upfront pee is paid, the timeshare never gets sold.
The fact that timeshare resales are so cheap, shows the state of the industry. Selling a timeshare might seem like an easy option, but more often than not, it is a waste of time that may end up costing you more money. Seeking timeshare legal advice is the only way to get the correct advice on how to properly get out of your timeshare.
- Thursday, 14 December 2017 11:14