Okay, so you’ve been kicking yourself for quite awhile now about buying that timeshare. “What was I thinking?” goes through your brain over and over again.
What you thought was going to turn into sun-kissed days on the beach and warm, starry nights sitting on the deck with a pina colada has just not materialized. The reason could be one of many:
* You never could plan ahead very well.
* You can never get enough time off
* Your mother-in-law became deathly ill the day before your vacation started.
And so on.
Or, maybe you just never took the time to read all the paperwork and find out what you really had signed up for. At any rate, you’ve made the decision to sell the sucker. The question is, how?
Many people have the misconception that they should be able to sell their timeshare for what they paid for it, or even a bit more—kind of like a house. Mistake #1! If you bought from the developer, you would probably be very lucky to recoup even 25% of what you paid for it.
If you bought it resale, you might be able to recover close to what you paid, depending on several factors which we’ll discuss in a bit. So right away, you need to realize that you are not going to make scads of money on this deal.
Of course, one alternative to selling is to perhaps give it another try. Read the paperwork, find out what you own, and change some of the problems that have surfaced when you try to use it. (This site will hopefully give you some ideas on how to do that.)
Another alternative would be to try to rent it. This comes with its own set of problems, and to be honest, we haven’t done much of that. Hopefully some of our readers can chime in on this.
But if you are determined to sell, you need to wrap your mind around the fact that if you do, you will not have to pay those maintenance fees every year! That alone will save you a lot of money, which eventually will make it worth your while to sell, even if you don’t get much money up front.
So, what are your options?
2) Get the word out. Talk to friends, co-workers, anyone that you think might be interested.
4) Advertise locally on the radio and/or newspaper.
5) Contact a realtor.
6) Post your timeshare on E-Bay.
7) Contact your timeshare company and see if they will buy it back.
There is another avenue you can explore if you are really desperate, and that is to contact what we call a postcard company. You can find these if you check the E-Bay timeshare listings. These companies charge you to take your timeshare off your hands–yes, you have to pay them money to sell it, and they keep the money from the sale! We would advise against paying anyone to sell your timeshare, but if you are really desperate. . .
You can also donate your timeshare, which will give you a tax break, but no money.
Keep in mind that the desirability of your timeshare will have a great deal of bearing on whether or not you sell it. The old location, location, location rule applies here. A timeshare in Iowa will probably be tough to sell. So will a week 2 in Hilton Head.