If like the many timeshare owners, you have become tired of your burdensome timeshare, or simply can’t continue to pay the mounting maintenance fees, you have probably thought about selling it. After all, you were told that when you no longer wanted to keep it you could sell it on and make a profit.
But before you enter into the murky waters of timeshare re-sales there are some important things to be aware of. Just as there are rouge sales reps and scammers when buying a timeshare, the same is true when trying to sell one.
If you own a timeshare at a ‘sought after’ resort there might be some resale interest. But the value of your unit will vary depending on what time of year it is, the size of your unit and the annual maintenance fees. The reality is though, that you will never get back what you paid for your timeshare. Timeshares are not investments and despite what a sales agent may of told you, highly unlikely to gain value. In fact, many people reselling will recoup less than 30% of what they originally paid. If you do find a buyer, you almost certainly won’t receive back as much as you paid.
Timeshare resale is a buyer’s market as supply far outweighs demand and this depresses prices. A perfect example of this is the amount of timeshares advertised on Ebay. People are so desperate to be rid of them, they are being advertised for as little as a penny.
In the unlikely event, you do manage to sell your timeshare, you will be asked by the resort to pay a transfer of ownership fee. And while some resorts can ask for a reasonable amount, some resorts have been known to ask for ridiculous amounts of money.
Once you do start making enquiries about resale and listing your timeshare, you will more than likely open yourself up to a lot of unsolicited phone calls from other rouge companies wishing to obtain your business and possibly even scam you. Never be tempted to use a company that cold-calls you out of the blue, and do not hand over any of your personal information to them.
Avoid any company that requests a mandatory advanced payment, even if they sound reasonable or for set up fees to list your unit. No legitimate organisation would ask you for a fee without first undertaking any work on your behalf.
Do not sign up to a resale company whilst on holiday, you need to take the time to check what is being offered to you is legitimate or not. Do not trust any company that tells you they can sell your timeshare for more than you paid for it, or that does not realistically represent the timeshare resales market.
People who enter into Timeshare agreements often find it difficult to keep up with the mounting maintenance fees and simply cannot afford it any longer. They may also find that the Timeshare no longer suits their needs and simply want to end the contract. There are too many individuals who are willing to take advantage of Timeshare owners and offer fake products, along with Timeshare exit schemes. Before agreeing to any Timeshare termination or exit procedure with an individual or company, seek independent advice and fully research any company you are thinking of working with.
It is also important to remember that purchasing a Timeshare should NEVER be viewed as a financial investment. Timeshare is an investment in lifestyle, in future holidays and family time together. There is almost no resale value to a Timeshare.
The mis-selling of holiday products is, unfortunately, common practice within the holiday industry and these type of crimes often go unreported by the most vulnerable in our society and criminal convictions are few and far between.
If you have purchased a Lifestyle / Concierge Service, a Timeshare or a ‘Holiday Points’ based product from a resort or company and feel unhappy with the service, or feel you have been mis-sold this product, please get in touch with us to discuss how we may be able to help you with a possible Timeshare Termination.