5 tips for selling your time share
Tread carefully: Scammers abound in the time share resale market. And don't expect to get back what you put into it.
This post comes from Angela Colley at partner site Money Talks News.
The American Resort Development Association says that in 2010, the last year for which data are available, there were 197,700 time shares at 1,548 resorts, and 8.1 million "intervals" under ownership. An interval is usually defined as a week or two.
While getting into a time share will be easy, don't expect the same if you decide to get out. Time shares often plunge in value, and the resale business is riddled with scams. In the video below, Stacy Johnson has tips for selling your time share. Then read on for more.
First, if you're thinking of buying a time share:
Now let's tackle selling your time share:
Sell where you bought. Stacy suggests starting with the company you bought your time share from. Some time share companies have a resale program. Others may provide you with a list of interested buyers. But most won't help you at all.
Post a free classified ad on a local buying and selling site like Craigslist or the online classified section of the local newspaper where your time share is located. By posting an ad in the time share's location, you'll attract buyers interested in that area.
If you need to sell quickly, use an auction site like eBay. Starting an auction on eBay costs $70, including a $35 insertion fee and a $35 final value fee. The auction can run from one to 10 days. Here are some tips for writing that ad:
- Find your selling point. Research other time shares and hotels in the area and find something your time share has that other vacation options don't.
- Price competitively. As Stacy said, time shares in the same resort can be nearly identical. Check local ads for other time shares for sale in your building and price yours lower.
- Time your sale. List your time share a month or two before the start of the vacation season, when the majority of potential buyers will be looking.
Watch out for resale companies that offer to "take the time share off your hands" or want large sums of money upfront -- they're likely scams. Do your research before signing up. Contact the Better Business Bureau to see if the company has complaints against it. Compare prices with other resale companies and get everything in writing -- including contract terms, marketing plans, refund policies and costs -- before you agree to anything.
Bottom line? If you want to buy a time share, make sure it's something you'll be able to use, enjoy and afford for life. And if it passes that test, don't buy it from a high-pressure on-site salesman. You'll find plenty of owners looking to get out and willing to sell cheap.
And if you're selling, tread carefully and keep your expectations low.
More on Money Talks News and MSN Money:
- Vacation houses at hotel room prices
- 6 family vacations for under $1,000
- Cheap but fun travel destinations for 2012
- How much house can you afford?
- Americans don't use vacation days
- Get a tax refund from your vacation
Without a doubt, is the best option to get rid of an unwanted timeshare. Once the timeshare contract is properly cancelled, there are no further financial obligations attached to the resort, which means:
Let’s face it; there are no easy ways when it comes to sell a timeshare, regardless of what some people can tell you. Actually one of the biggest is that the units are very difficult to sell, not to say almost impossible. The main reason is because the supply greatly exceeds the demand. Statistically speaking, there are about 600 timeshare owners wanting to sell their properties for every prospective buyer in USA.
That along with the struggling economy and the terrible reputation that the timeshare industry has gained, represent the biggest difficulties when selling a timeshare. Also, do not get your hopes up for a big profit. Timeshares lose over 50% of their original purchase price at the moment the is made and the contract is signed.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
ABOUT SMART SPENDING
LATEST BLOG POSTS
A new study finds that raising the minimum wage would reduce food stamp expenditures by 6 percent.
VIDEO ON MSN MONEY
BLOGS WE LIKE
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'